CEO Guide to Site Selection

#33

Rhode Island

CEO Rank on Best & Worst States for Business

GROWING OPPORTUNITIES IN THE OCEAN STATE

Things are looking up in the Ocean State. Fidelity Investments, which now employs 3,200 people in Rhode Island, announced in April 2021 the creation of 500 jobs at its campus in Smithfield as part of a new Regional Center for Fidelity’s Personal Investing busi- ness. In September 2020, Infosys also doubled down its commitment to the state, announcing it would hire an additional 500 tech workers by 2023.

“We’re writing Rhode Island’s next chapter now. National assessments show that Rhode Island is, for once, a leading state as we emerge from the Covid-19 pandemic. If we invest soon and invest wisely, we can continue to lead rather than follow, creating opportunities for Rhode Islanders as a result. Rhode Island Rebounds represents a crucial, initial, short-term investment in Rhode Island’s families, workers and small businesses to keep our economic comeback going strong.”
Dan McKee
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Qualified Jobs Incentive Tax Credit: Offers up to $7,500 per job per year for up to 10 years for companies that expand the workforce in or relocate jobs from out of state.

Rebuild Rhode Island Tax Credit: Fills financing gaps with redeemable tax credits covering up to 30% of project costs for commercial office, industrial, residential, mixed-use development, ground-up construction or historic rehab for projects of at least $5 million.

Innovation Voucher Program: Offers up to $50,000 for companies with 500 employees or less to support R&D projects that commercialize a new product, process or service, support scale-to-market development or new expertise.

EDCs

Rhode Island Commerce Corp.

commerceri.com

City of Providence Business Portal 

providenceeconomicdevelopment.net/business-portal/index.php

Providence Economic Development

pvdbusiness.com

HIGHLIGHTED PROGRAM OR INITIATIVE

Rhode Island Innovate 2.0, the state’s latest Comprehensive Economic Development Strategy equivalent, calls for policy and investment in new opportunities. Areas of focus for the strategy include: the blue economy, offshore wind as targeted industry cluster, the back office market, creating a minority business accelerator and transition to the future of work via a new Technology Adjustment Initiative.

BIG DEALS

  • Green Development announced in March 2021 a $6 million facility in Quonset Business Park.
  • Orsted and Eversource announced in April 2021 a wind farm manufacturing facility at the Port of Providence.
  • Fidelity Investments announced in August 2021 it would add another 350 jobs at its offices in Smithfield.
  • Market Basket opened a $30 million store and created 400 jobs in Johnston in August 2021.
  • Amazon started construction in October 2021 on a $290 million distribution facility in Johnston.

BIG COMPANIES

Six Fortune 500 companies headquartered in state: 

  • CVS Health
  • United Natural Foods 
  • Textron
  • Citizens Financial Group 
  • FM Global
  • Hasbro