New Study Claims Quonset Business Park Creates $4.3 Billion in Economic Output

New Study Claims Quonset Business Park Creates $4.3 Billion in Economic Output

A new report from Bryant University found that Quonset Business Park creates $4.3 billion in economic output annually.

The report also claims that Quonset creates $1.28 billion in annual household income and $128.8 million in annual tax revenues in Rhode Island.

“The new economic activity we have brought to Quonset over the past few years has been key to Rhode Island’s comeback. From over a thousand manufacturing and engineering jobs at Electric Boat to new, 21st Century wind energy jobs, Quonset is a hub of design and innovation. I look forward to continuing to work with businesses and community partners in creating jobs and building on this success,” said Governor Gina Raimondo.

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Read the Report Here

The study was completed by Bryant University's Professor of Economics Edi Tebaldi and was commissioned and funded by the Quonset Development Corporation.

Quonset Business Park

A former navy base, Quonset hosts more than 200 companies employing nearly 12,000 people at the Business Park.

Quonset’s Port of Davisville handled over 241,851 cars in 2018, breaking their auto import record for the ninth time in the past ten years. Since 2005, over $1 billion in private investment has been made at Quonset.

“Quonset started off as a raw, unpolished gem and it took vision, perseverance, and wise investment at the state and federal level to turn into a crown jewel of economic development. From railways to harbor cranes to submarines, I’m proud to have delivered funding over the years to help transform this parcel of land into a multi-modal shipping and manufacturing hub and an economic engine for the state,” said Senator Jack Reed.

Reed added, “Today, the economic impact and community benefit of Quonset is undeniable.  And we must continue working to sustain this growth, attract new jobs and investment, and help ensure Quonset is well-positioned to compete, both now and in the future.”

According to Bryant’s study, nearly 6,800 workers or 17 percent of all manufacturing jobs in the state are at Quonset, the study showed. Further, the average wage at Quonset is 19 percent higher ($59,235) than the average wage in Rhode Island ($49,795).

These wages created nearly $1.3 billion in income for Rhode Island households in 2018. The new figures show that Quonset supports more than 22,000 full-time equivalents (FTE) jobs, which represents 4.5% of total employment in Rhode Island. 

The study projects that the Park will support 32,546 jobs in Rhode Island by 2030, create $1.87 billion in annual income for Rhode Island households, and produce $6.2 billion in Gross Domestic Product.