RI Biz Winners and Flops
Monday, October 06, 2014
GoLocalProv Business Team
Rhode Island's economy continues to trail the rest of the country, which is rebounding from the six-year recession.
Unemployment continues to be a substantial issue and the failure of progress in the development of the 195 lands is a staggering missed opportunity. Instead of hundreds of millions of dollars being invested in new bio-medical, pharma or technology companies, the land remains vacant three plus years later and there has been little progress at attracting any major employer.
With the Superman building vacant, 195 lands barren, the opportunity for redeveloping Providence and the economic hub is profound.
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BIZ WINNERS
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BENRUS store
BENRUS - According to the Democrat and Chronicle, Rochester will be the site of the first BENRUS store. The RI-based lifestyle company was re-launched by Gio Feroce, the former CEO of Alex and Ani. After Rochester, BENRUS will open stores in Charleston, SC, Washington, DC and Newport, RI. The schedule of store of the store openings have not been announced.
Business Innovation Factory - This year was the 10th BIF Summit. Saul Kaplan and his team once again made Providence a point of destination for the best and brightest across the country. Speakers included Liza Donnelly, Cartoonist from The New Yorker Magazine; Ethan Zuckerman, Director, Center for Civic Media, MIT Media Lab; and Guy Wollaert, Senior Vice President, Chief Technical and Innovation Officer at Coca-Cola, to name but a few of the business stars who inspired and educated the audience at Trinity Rep.
RIPEC - Ezra Klein, Editor-in-Chief of Vox.com is the lead speaker at the 71st RIPEC Annual Meeting on Monday, October 20, 2014, at the Rhode Island Convention Center. The sometimes stodgy group has brought in the most interesting and relevant speaker in the state this year.
Alex and Ani - The Cranston firm continues to move functions from Cranston to its Providence space on Weybosset Street.
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Newport Casino
Jobs for Newport - The campaign to expand and grow the slots parlor in Newport into a full casino will be hosting an informational jobs fair on Wednesday, October 15 at the Newport Grand. The event will be held from 4 p.m. to 7 p.m. and will highlight the many employment opportunities that will be available following the completion of the $40 million project to create the Newport Entertainment Center.
The group recently released an economic impact study argues that the expansion of table games will result in an additional 300 jobs. “Our investment isn’t just about creating a world class entertainment center for Newport, it’s about preserving jobs and creating more, good paying positions for the residents of Newport and Rhode Island,” said Jobs for Newport partner Joseph R. Paolino, Jr.
GoGo Media Networks -- Scored an agreement with Doggiefood.com, which is expected to enhance Doggiefood.com’s ability to reach sought-after pet parent demographic groups, and influence consumers’ brand choices.
“We are thrilled to have the opportunity to extend the reach of Doggiefood.com beyond traditional advertising,” said GoGo Media Networks™ President and CEO David Paolo. “Doggiefood.com will now be able to connect and engage pet parents with brands cost-effectively.”
BIZ FLOPS
Newport Yachting Center Sale - A big loss to Newport. The facility had played many roles and was a magnet to bringing in visitors for multiple night weekend visits. Concerts and comedy shows like Bill Cosby brought patrons -- and tourist dollars -- from near and far, which helped fight Newport's reputation as just a day-trip location.
Governor's Race - Have we heard one big idea on improving the RI economy from Gina Raimondo or Allan Fung? For an election all about the economy, it is a shame that neither of the candidates have offered a big idea or even a small idea.
Related Slideshow: RI Business Rankings in US
See how Rhode Island stacked up.
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WalletHub
Rhode Island has 2015's eighth highest insurance premium penalties for high risk drivers, according to a WalletHub report.
Rhode Island ranks fifth overall in the category of speeding over 20 mph annual premium increase at $482. While ranking third overall in the category of 2 accidents annual premium increase at $2,721.
Rhode Island ranks ninth overall under the reckless driving annual premium increase at $749.
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WalletHub
Rhode Island has been ranked as the 8th most eco-friendly state in the country, according to a recent study by WalletHub.
Rhode Island ranks third in environmental quality and 16th in Eco-Friendly Behaviors Ran landing them in 8th overall.
RI is behind Washington and New Hampshire who are in the six and seven spots respectively, and in front of Connecticut and Hawaii who come in at the nine and ten spot.
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WalletHub
Rhode Island is 2015's 4th Worst State to be a taxpayer, according to a recent WalletHub report.
Rhode Island ranks 48th of 51 with an average state and local tax price of $7,159 which is good for a 27% difference from the national average.
The states that are directly behind Rhode Island are Wisconsin at $7,159, Nebraska at $7,298 and Illinois at $7,719 for a 37% difference from the national average.
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WalletHub
Rhode Island has the highest vehicle property taxes in the country, paying an average of $1,133 according to a report from WalletHub.
Virginia and Kansas are the two states just ahead of Rhode Island in the 49 and 50 spots, paying $962 and $905 respectively.
RI also ranks 42nd in average real estate tax, paying an average of $2,779, according to the WalletHub report.
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Gallup
Providence-metro ranks at the bottom for job creation in 2014
Rhode Island has been ranked amongst the worst in job creation, according to a recent survey done by Gallup.
Gallup gives the Prov-metro area an index score of 23, the lowest score is the New York- New Jersey area with 20.
Salt Lake City, Utah and Austin-round Rock, Texas rank the highest with a score of 37.
See the rest of the rankings here.
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Forbes
The 2014 state rankings by Forbes has just been released and Rhode Island moved up two spots from #48 in 2013 to #46 in 2014.
What does Forbes say about RI's business environment"
After Michigan and Illinois, Rhode Island has experienced the third worst net migration out of its state in the country over the past five years. With a recent unemployment rate of 7.6%—lower than only Georgia and Mississippi—residents are leaving the state in search of jobs. Rhode Island has been stuck in the bottom five overall for six straight years. One plus: labor costs are 5% below the national average, which stands out in the expensive Northeast.
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Tax Foundation
Findings from The State Business Tax Climate Index were released this morning by Tax Foundation which found Rhode Island to have the 45th best tax climate for businesses for 2015. The state's rank has not changed since last year after The Index analyzed 100 different tax variables in multiple categories.
Read more about the report here
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Thumbtack/Kauffman
Providence is the second worst city in America for small business, according to a new survey conducted by Thumbtack.com and the Kauffman Foundation.
More than 12,000 small businesses in 82 cities across the country participate in the survey. Providence received an overall "F" grade for small business friendliness.
Full Survey Results Here.
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The Economist
Small Business Friendliness Grade: F
The Economist grades states on an A+ to F grading scale for its small business climate. Rhode Island is one of just 6 states to earn an "F" grade.
Overbearing bureaucracy and excessive licensing is stifling small business in America.
Read More About The Economist Grade Here
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Forbes
Forbes ranks each state in business costs, economic climate, and growth prospects. RI is third worst in 2013.
The most damning in the commentary:
After Michigan, Rhode Island has experienced the second worst net migration in the country over the past five years.
Read More About Forbes Ranking Here
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Tax Foundation
#46 Tax Foundation
Tax Foundation ranks each state in corporate tax rank, sales tax rank, and unemployment insurance tax rank.
Rhode Island and the other states in the bottom ten suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.
Read More About Tax Foundation Ranking Here
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ALEC
#47 ALEC
ALEC ranks each state in economic performance and outlook.
Although Rhode Island ranked low in economic performance, a forward-looking forecast is based on the state’s standing in 15 important state policy variables. Some of these variables include top marginal personal income tax rate and sales tax burden.
Read More About ALEC Ranking Here
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Kauffman Foundation
#50 Kauffman Foundation
Kauffman Foundation ranks each state in entrepreneurship.
Entrepreneurial activity generally is highest in Western and Southern states
and lowest in Midwestern and Northeastern states.
Read More About Kauffman Ranking Here
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Free Enterprise
#47 Free Enterprise
Free Enterprise ranks each state in performance, exports, innovation + entrepreneurship, business climate, talent pipeline, infrastructure.
Rhode Island has continued to feel the direct impact and ripples from the recent recession—it ranks 47th overall in economic performance. However, positive rankings of 15th in talent pipeline and 16th in innovation and entrepreneurship suggest the existence of a foundation on which to build the future.
Read More About Free Enterprise Ranking Here
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Gallup
10th Worst in Gallup's Annual Ranking of State Job Markets 2014
Rhode Island has been ranked 10th worst for job creation in Gallup's annual ranking of state job markets in 2014 with a job creation index number of 21
Rhode Island is one of two (Connecticut) states to rank in the bottom ten each year since 2008.
The 2014 State level findings have were drawn from 201,254 interviews with employed adults across the nation.
See the full list of rankings here.
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