Economy of Rhode Island

By | March 4, 2023

The economy of Rhode Island is an important part of the state’s overall success and prosperity. The state has a diverse economic base, including healthcare and education, tourism, manufacturing, financial services, and technology. It is also home to numerous universities and colleges that play a major role in the region’s economy.

Rhode Island has one of the highest per capita incomes in the United States. The median household income in 2018 was $62,765, which is higher than the national average. In addition, unemployment rates have been consistently lower than the national average for many years.

The healthcare industry is an important sector of Rhode Island’s economy. It employs over 44% of all workers in the state and generates nearly $10 billion in economic output annually. The education sector also plays an important role in Rhode Island’s economy. There are over 30 colleges and universities located in the state that offer a variety of educational opportunities to students from all backgrounds.

Tourism is an integral part of Rhode Island’s economy as well, generating more than $3 billion each year from visitors who come to enjoy its beautiful beaches and historic attractions like Newport Mansion or Roger Williams Park Zoo. In addition to tourism-related activities such as hotels, restaurants, attractions, retail stores and more benefit from this influx of visitors each year.

Manufacturing has long been an important part of Rhode Island’s economy as well with products ranging from jewelry to boats being produced here for decades. This sector provides thousands of jobs for people living throughout the state with companies such as General Electric (GE), Textron Inc., Hasbro Inc., United Natural Foods Inc., Amtrol Inc., Toray Plastics America Inc., Arpin Group Inc., CVS Health Corp., Fidelity Investments Corp., among others operating here.

Financial services are also a major source of employment and economic activity in Rhode Island with companies such as BankRI, Citizens Bank RI, Santander Bank N A providing banking services throughout the region while corporations like Fidelity Investments Corp provide asset management services to individuals and businesses alike across multiple industries here too.

Finally technology companies are increasingly making their presence felt here too with large tech firms like Microsoft Corporation having offices located here while small startups continue to grow rapidly too providing new opportunities for people living throughout Rhode Island who have skillsets related to software development or other technology-related areas like artificial intelligence or machine learning etc..

In conclusion it can be seen that Rhode Island boasts a robust economy with multiple sectors contributing significantly towards its overall success and prosperity both now and into the future no matter what challenges may arise.

Top 3 Counties in Rhode Island

According to, main counties in Rhode Island include:

1. Providence County: Providence County is the most populous county in Rhode Island, with a population of 626,667 as of 2019. It covers an area of 436 square miles and is home to the state capital, Providence. The county has a strong economy, boasting a variety of industries such as healthcare, manufacturing, finance and education. It is also home to several universities and colleges including Brown University and the Rhode Island School of Design. The county offers plenty of attractions for visitors including the Roger Williams Park Zoo, WaterFire Providence and the John Brown House Museum.

2. Kent County: Kent County has a population of 166,912 as of 2019 and covers an area of 430 square miles. It is located in the southwestern part of Rhode Island and borders Connecticut to the west. The county seat is East Greenwich which is known for its historic homes and buildings dating back to colonial times. Other popular attractions include Narragansett Bay, Colt State Park and Ninigret Park which offer beautiful views and outdoor activities like hiking, biking, fishing and boating.

3. Washington County: Washington County has a population of 128,852 as of 2019 and covers an area of 380 square miles in southwestern Rhode Island along the Atlantic coast. Its major towns include South Kingstown, Westerly, Charlestown and Narragansett which are all popular tourist destinations offering beaches, galleries and museums for visitors to explore. The county also boasts several state parks such as Beavertail State Park where visitors can enjoy activities like camping or take part in water sports like kayaking or sailing on Block Island Sound.

Economy of Rhode Island