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Top 5 Industries in Rhode Island: Which Parts of the Economy Are Strongest?

By    |   Friday, 10 April 2015 02:31 PM EDT

Rhode Island may be the smallest of the 50 states with an area of 1,214 square miles, but it has the economy and industry to support a population of over a million. Industries in Rhode Island are diverse and range from tourism to manufacturing.

The top five industries in Rhode Island offering the strongest boost to the local economy include:

1. Healthcare: In the first 10 years of the 21st century, healthcare was the largest growing industry in Rhode Island. For every new state resident during that period, 2.5 healthcare workers joined the local job force. Nationally, only one healthcare worker was added for every 10 new U.S. residents.

VOTE NOW: Is Rhode Island Gov. Gina Raimondo Doing a Good Job?

2. Tourism: Tourism-related sales in Rhode Island exceed $5.75 billion per year and provide jobs for over 50,000 people. With over 400 miles of coastline, as well as cultural and historical attractions, tourism is the state's second largest industry, according to VisitRhodeIsland.com.

3. Manufacturing:
Rhode Island is known for manufacturing jewelry, boats, electronics, and ocean technologies. More than 1,000 manufacturers produce jewelry in the state. Hasbro is based in Pawtucket, and silverware made in Rhode Island is shipped all over the U.S. and Europe.

VOTE NOW: Should the Government Be Doing More to Promote Tourism in America?

4. Financial Services: The number one industry in Rhode Island is financial services. The city of Providence is the financial center of all of New England. Many insurance companies and banks, including Citizens and Fidelity, have headquarters in Rhode Island and jobs in this sector are expected to grow in the upcoming years, according to Netstate.com.

5. Education:
With over a dozen colleges and universities including Brown University, the Rhode Island School of Design, community colleges and technical schools, employment in education is on the rise. Thousands of students flock to the state for some of the nation's best universities., according to Greater Rhode Island Economic Development. Rhode Island has more colleges within a one-hour drive of each other than anywhere in the world, encouraging a high concentration of workers with advanced degrees.

URGENT: Do You Approve of the Job Gina Raimondo Is Doing as Rhode Island Governor?

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FastFeatures
Rhode Island may be the smallest of the 50 states with an area of 1,214 square miles, but it has the economy and industry to support a population of over a million. Industries in Rhode Island are diverse and range from tourism to manufacturing.
industries in rhode island, economy
366
2015-31-10
Friday, 10 April 2015 02:31 PM
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