Horowitz: Raimondo’s Economic Development Strategy Paying Big Dividends
Tuesday, December 20, 2016
The recent announcements that Wexford Science & Technology and Virgin Pulse will locate here, resulting in the creation of close to 2,000 jobs, and that Johnson & Johnson will expand its Rhode Island footprint are convincing demonstrations that Governor Raimondo’s sound and proactive economic development strategy is beginning to pay big dividends.
This trifecta of great economic news comes on top of General Electric’s(GE) decision earlier this year to open a Digital Technology Center in Providence and bring an initial 100 high technology jobs with the potential for hundreds more.
Of particular note is Wexford Science and Technology moving forward with its robust first phase, a nearly 200,000 square foot “Innovation Center, whose largest tenant will be Cambridge Innovation Center a highly regarded incubator of new technology and biotechnology companies, along with a nearly 80,000 square foot hotel and retail shop area. This substantial $158 million investment in the 195 zone does include $32 million of public subsidies-a combination of money from the 195 fund and state tax credits. But the estimated benefits to the state far outweigh the initial costs and establish a strong foundation to attract other companies and talented entrepreneurs. To compete with other states in the economic development arena today, unfortunately, requires state economic incentives.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThese impressive results are being generated by a sound economic development strategy—one that is based in large measure on evidence and best practices, drawing on: policy approaches that have succeeded in other states, including targeted tax incentives to encourage businesses to locate here, an overhaul of job training, and long-overdue investments in infrastructure.
Governor Raimondo is leveraging our State’s strengths, including our top-flight universities, strong medical community, excellent location between New York and Boston and our high quality of life in a highly focused effort that is bearing major fruit.
Further, Governor Raimondo’s strongly positive national reputation is a door opener for conversations with CEO’s and others. Contrary to those parochial voices that have actually attempted to argue that she gets too much national publicity, Raimondo is using her national profile to deliver jobs to our state.
There is still much more to do to make our state economically competitive for the long-term, beginning with substantially improving our public schools. But give credit where credit is due. Governor Raimondo is movingRhode Island in the right direction.
Rob Horowitz is a strategic and communications consultant who provides general consulting, public relations, direct mail services and polling for national and state issue organizations, various non-profits and elected officials and candidates. He is an Adjunct Professor of Political Science at the University of Rhode Island
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