RI’s Surprising Number: RI Budget Spending v. MA
Monday, June 12, 2023
GoLocal is now regularly featuring a piece of data that we find surprising -- and we believe readers will, too.
It's a number that provides an insight into a trend or an inside glimpse into Rhode Island’s economy, behavior, and competitiveness -- or, is just quirky.
Today’s number is tied to the size of Rhode Island’s budget. As we have previously reported, the size of the state’s budget has ballooned exponentially.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn the past five years, the size of the budget has grown by 48%, and when the 2024 Fiscal Year budget is finalized in the next week, the approved budget will be in excess of $14 billion.
Just across state lines in the Commonwealth of Massachusetts — a state that has a population of about seven million — 6.3 times larger than that of Rhode Island.
Thus, one might think Massachusetts’s budget should be about seven times larger and total $98 billion, but it is not.
It is “only” $56 billion for FY24. Both states have received billions in federal COVID dollars.
Per resident spending in Massachusetts is about $8,000.
And, wait for it, in Rhode Island, the per-resident spending is more than $12,700 or more than 50% higher.
