April 20, 2009

Rhode Island Economy

Providence is the Hardest City For People to "Get By"

Marc Comtois

According to Forbes (h/t Buddy Cianci), the Providence metro area (Providence-Fall River-Warwick, R.I.-Mass., metro area) is the toughest for people to get by in.

There are few smiles among those who live in Providence, R.I., these days.

In February, the metro area reported an 11.6% unemployment rate, one of the highest in the country. Construction--one of Providence's major industries--is down; traditional manufacturing has been struggling for years. Like many across the country, few are spending at retailers. And while the area's median income is $54,064--about $4,000 higher than the national average--its cost of living index is steep, 22 points above the national average of 100.

All this means it's hard to catch a break in Providence. {Emphasis added}

First, it seems unfair to lump Providence (and Warwick) with the poor economic performing area of Massachusetts around Fall River and then basically lay all of the woe at the feet of Providence. Regardless, whether or not we agree with Forbes, the fact is that yet another national publication is proclaiming how bad it is to be in Rhode Island.

11:30 AM | TrackBack (0)
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