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REGIONAL ECONOMIC DATA
Economic Recovery Indicators
Unemployment Rate, 2020-Present
Source: Rhode Island Local Area Unemployment Statistics, 2020-2023
Source: Fourth Economy retrieval of Lightcast Data September 12, 2023
Source: RITBA, unaudited numbers, includes revenue-generating and non-revenue-generating vehicles
Demographics
Rhode Island’s population is 1.36 million and growing.
Source: Census Population Estimate 2021
Migration
The region is a destination for International and Domestic relocation. This provides opportunities for talent attraction for our business community.
Source: Census ACS 2016-2020
Workforce and Industry
6 Sectors Growing Faster than the U.S.
Source: QWI, 2011-2021, Annual Averages, All Private Employment
Median Wage Trends, 2016-2020
The median wage in Newport and Bristol Counties increased from 2016-2020 and performed better than the state overall.
Source: Source: U.S. Census, ACS 2020 5-Year Estimates
Blue Economy
36% growth in Blue Economy Establishments, 2014-2021. The Blue Economy in the Greater Newport Region grew from 370 establishments to more than 500 in 2021.
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The highest growth sectors were Defense, Shipbuilding, and Maritime IT-Software Cyber-Physical Systems which added a combined 137 establishments.
Source: BLS Quarterly Census of Employment and Wages, 2014-2021 + Fourth Economy Analysis
Education
The region is home to Salve Regina University in Newport and Roger Williams University in Bristol. These two institutions have a total enrollment of over 7,400 students, in subjects ranging from law to biomedical sciences.
Newport and Bristol counties have high rates of degree attainment, outpacing both the state and the U.S.
47,309 working age adults in the region have bachelor’s degree or higher. This is not fueled by retirees -- this is the working age population, those 25 to 64 years old.
Source: Source: U.S. Census, ACS 2020 5-Year Estimates
Fall 2020 Enrollment
*Source: National Center for Education Statistics Integrated Postsecondary Education Data System, 2020