EDITORIAL: Raimondo’s Final Grades Just Came in From CNBC - See the Teacher’s Notes
Thursday, July 14, 2022
When Gina Raimondo was elected governor, Rhode Island was ranked 48th in the United States in CNBC’s ranking of the best states for doing business.
The newest rankings were released on Tuesday, and functionally reflect her last few months in office and her final ranking as Governor.
During her more than seven years in the Governor's office, she promised to make Rhode Island more competitive.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn 2022’s scoring, Rhode Island ranked 45th.
But a deeper dive is necessary to look at the state’s scoring and individual rankings. "To rank America’s Top States for Business in 2022, CNBC scored all 50 states on 88 metrics in 10 broad categories of competitiveness," said the study.
The Raimondo Legacy
In 2015 — the last year of then-Governor Lincoln Chafee, Rhode Island received high rankings in two categories — quality of life (#12) and education (#13), but overall Rhode Island was only trailed by West Virginia and Hawaii.
According to CNBC, Raimondo in her last year, Rhode Island received the following grades:
Workforce D+
Infrastructure F
Cost of Business D-
Economy D-
Life, Health & Inclusion C+
Tech & Innovation D+
Business Friendliness D
Access to Capital C-
Cost of Living F
Missed Opportunity
Rhode Island fundamentally did not change during the Raimondo era, and opportunities to improve rankings have been squandered.
Raimondo’s appointee Robert Davis, who chairs the 195 Commission, has shifted from its stated purpose as a center for innovation to primarily a collection of apartment buildings.
In 2014 - prior to Raimondo taking office, the 195 Commission marketed the project under the name of "The Link" and hyped the business opportunities.
“Rhode Island is home to many internationally-recognized industries, including marine sciences, manufacturing and tourism and hospitality, has financing programs for businesses in all phases of development,” said the website.
“From microloans, to incentives, to taxable bonds, a wide array of business financing solutions are available for all organizations looking to move into The LINK,” was the promise.
"Life sciences, information technology and digital media are currently the fastest-developing sectors in the state, with enormous potential for even more growth. Rhode Island offers business development assistance for these companies, including tax credits, as well as assistance with site selection, relocation, and workforce training," wrote "The Link."
Rhode Island desperately needed all of these things.
The 195 Commission, however, has been a failure at creating a new economy. It has instead become a bedroom community for Boston commuters. Apartments with $2,500 a month rent.
This failed strategy has neither improved Rhode Island’s competitiveness, improved the workforce nor enhanced the state’s ranking for tech and innovation. It is a perfect example of a significant opportunity and a failure to execute.
Similarly, despite spending billions, the state’s infrastructure received a grade of F in the 2022 ranking.
Peter Alviti, another Raimondo appointee, owns that grade of F.
Rhode Island needs to transform, not incrementally change. Being last -- last in New England, last in the Northeast, and last in the country -- needs to be unacceptable.
Raimondo might have left for the Biden Administration, but her final grades are in - and it is time for Rhode Island to face reality.
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