Rhode Island is arguably a lousy place to work. Business climate ranking and attitudes are hovering at the bottom of the barrel these days. Economic development in the Providence Metropolitan Area appears to have nowhere to go but up.
The R.I. unemployment rate, one of the worst in the nation, has reached 13 percent, according to the state’s department of labor and training. Results from a recent Providence citywide survey published from Brown University show that 87 percent of respondents say the local economy is not so good or poor. In September, Forbes Magazine ranked the Ocean State’s business climate dead last. With negative reports like these, the average reader may think that displaced workers and struggling businesses would fare better to leave the state altogether.
Focusing on a silver lining may prove to be the key to success, however. A leading Rhode Island economic indicators index rose for the fifth consecutive month in September, as noted in Providence Business News earlier this month. Rises in the indicators turned the growth rate forecast positive for the first time in 36 months. The PBN/e-forcasting.com index boosted hopes that the recession, which began in 2007, may finally be over or near an end. according to a PBN editor. Some of the factors responsible for the reported September increase include month-over-month rises in new building permits, stock prices, and manufacturing exports.
The number of new local businesses is also growing, especially within expanding economies such as renewable energies and digital media. A great place to find resources and support for existing or start-up businesses is the Rhode Island Economic Development Corporation. The place is teeming with upbeat, success-building networkers.
The RIEDC offers a wide spectrum of services and financing programs to help companies, ranging from small business guidance to government procurement assistance. One example, RIEDC’s Every Company Counts, is a public/private partnership of more than 150 business development organizations connecting small businesses to the tools they need to succeed. Training grants offered through Workforce Development is another example.
Without a doubt, the Ocean State still faces economic woes. R.I. foreclosure filings rose 55 percent in October compared to last year, according to real estate tracking firm RealtyTrac. The U.S. Bankruptcy Court reported that September bankruptcy filings in the state more than doubled since the same month in 2007. Nevertheless, making use of the services offered by the RIEDC may be the silver lining sought by struggling business owners and unemployed workers. It’s a lot better than being dragged down by street surveys.
For more information, check out these resource pages offered by the RIEDC:
www.riedc.com/business-services
www.riedc.com/industry-sectors
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