Key Facts
- Per Capita Real GDP
- $36,543 Rank: 23/50 (2007)
- Population
- 1,050,790 Rank: 43/50 (2008)
- Per Capita Personal Income
- $37,388 Rank: 15/50 (2006)
- Unemployment Rate
- 5.70% Rank: 45/50 (2008)
- Business Tax Climate Index
- Rank: 50/50 (2008)
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Rhode Island: Introduction
America’s Northeast is home to the state of Rhode Island, or the “State of Rhode Island and Providence Plantations” as it is officially named. In the early years of its history, much of Rhode Island’s economic activities revolved around the manufacture of textiles, jewelry and silverware. The nation’s first successful water-powered textile mill is located in the city of Pawtucket, Rhode Island, which is commonly referred to as the birthplace of the Industrial Revolution in America. At just over 1,000 square miles Rhode Island is the nation’s smallest state. Despite its small size, Rhode Island still holds a population of over 1,000,000 individuals, giving it the second highest population density by state in the nation.
The past few decades have seen a shift in the state’s economy from manufacturing to services. Jobs in finance, insurance, and real estate have grown steadily, while the manufacturing sector has lost over 30% of its workforce over the past ten years. Despite the decline, manufacturing is still one of Rhode Island’s top three industries along with health services and tourism. Tourists to the state are attracted to the many beaches, recreational activities and historic sites. The contribute $1.4 billion dollars to the state economy every year. Agriculture and mining constitute a relatively small percentage of GDP.
