Brookings Report Released, Identifies “Growth Industries” for RI
Wednesday, January 20, 2016
The Brookings Institution released its strategy report on improving Rhode Island’s competitiveness on Tuesday, citing “five advanced industry and two opportunity growth industry areas” for potential growth in Rhode Island.
Last August, GoLocal’s Russ Moore wrote that Rhode Island native Mark Gallogly, whose private equity firm, Centerbridge Partners, manages $65 million in Rhode Island pension fund money, stepped forward to help fund the study by Brookings that's intended to recommend solutions to improve the state's economy.
Brookings released the following statement on Tuesday.
In the fall and winter of 2015–2016, the Metropolitan Policy Program at Brookings worked in association with Battelle Technology Partnership Practice (now TEConomy Partners, LLC) and Monitor Deloitte to advance a new competitive strategy for the state of Rhode Island.
This slideshow summary of the project’s final conclusions finds that Rhode Island possesses unique assets for building an advanced economy that works for all but stands weakened by the decline of its core “advanced industries.” Given that erosion, the slideshow asserts that five advanced industry and two “opportunity industry” growth areas hold out solid potential for growth in the Ocean State and recommends that Rhode Island should embark on a three-part strategy to strengthen its advanced industries and improve its statewide platform for growth.