Rhode Island Falls Behind Nation in Economic Recovery, According to New Report
Friday, February 05, 2021
Rhode Island is in the midst of a protracted economic downturn and trails the rest of the nation, according to the Rhode Island Current Economic Indicator Briefing for the fourth quarter of 2020.
The report was published Friday by the Center for Global and Regional Economic Studies at Bryant University and the Rhode Island Public Expenditure Council.
SEE FULL CHART BELOW
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAccording to researchers, economic data for Q4 2020 are mixed, with evidence of a slump in December compared to November.
After expanding by 35.5 percent in Q3, Rhode Island’s Gross Domestic Product (GDP) is projected to have decreased by 2.0 percent in Q4.
While Rhode Island’s unemployment rate declined from 11.6 percent in Q3 to 7.5 percent in Q4, the state’s unemployment rate for December (8.1 percent) paints a more troubling picture than its November rate (7.3 percent). Driving relatively high unemployment were job declines in two of the state’s largest employment sectors: leisure and hospitality and education and health services.
Employment in financial services and manufacturing were also down in Q4, while employment was slightly up in professional and business services, construction, information, and trade, transportation, and utilities. Rhode Island saw positive gains in general sales and gross receipt taxes, which grew by 6.8 percent in Q4.
The Briefing also highlights that Rhode Island’s long-standing “growth gap” has persisted well into the pandemic; the Ocean State’s GDP growth has trailed that of both the U.S. and the New England Region since at least 2015, and a job-creation index of the last five years (pictured below) shows that both Rhode Island and New England lag the nation in this measure.
Related Articles
- Mark Zandi to Deliver Keynote Address at RIPEC’s 73rd Annual Meeting
- RI Should Move Towards Massachusetts Education Model, According to New RIPEC Report
- GoLocal 1-on-1 Interview with Moody’s Zandi at RIPEC Dinner
- Bryant and RIPEC Data Show RI’s Economy on the Upswing
- Bryant & RIPEC: “Strength of the State’s Economy Should Not Be Overstated”
- RIPEC Report Says Truck Toll Plan Raises Too Much Money, Mattiello Responds
- New RIPEC Report: RI Begins Post-38 Studios Recovery
- NEW: RIPEC Releases 50-State Expenditure Analysis
- RIPEC Report Questions Cost of Ballot Proposals
- NEW: RIPEC Releases Report on RI’s Health Benefits Exchange
- NEW: RIPEC, Senate Leaders Hope To Improve RI’s National Business Rankings
- Pollster Luntz Talks 4 Big Issues to Watch in 2018 - and More at RIPEC Annual Meeting
- Bob Woodward to Give Keynote Address at RIPEC’s 75th Annual Meeting
- RI Economy Expands 2% in 4th Quarter of 2019, But Growth Rate Lags—RIPEC Report
- “Troubling Equity Issues” in Reopening of RI Public Schools, Says RIPEC in New Report
- “RI in Much Weaker Position Than Before Pandemic,” Says RIPEC in Third Quarter Report
- Current and Former RIPEC Heads at Odds: One Says Tax Rhode Island Rich More, Other Says Don’t
- RI’s Economy Shows “Steady, Slow Growth” in Third Quarter, Says RIPEC-Bryant Report
- Why Woodward is a “Good Match” for RIPEC Annual Meeting: Simmons on LIVE
- RIPEC’s Simmons Calls for RI to Adopt MA Education Structures
- Bestselling Author Beschloss to Give Keynote Address at RIPEC’s Annual Meeting
- RIPEC Announces 2019 Public Service Award Winners
- RI Potentially Facing Over $500M Deficit For Next Fiscal Year, According to RIPEC Report
