Governor Gina M. Raimondo and Providence Mayor Jorge O. Elorza today joined fellow state and local officials at a welcoming ceremony to mark the relocation and opening of Trade Area Systems, a real-estate intelligence company. The company provides advance site location services for major retailers and property developers in the United States. Following approval for incentives from the Rhode Island Commerce Corporation, all 20 positions at the company have relocated to Providence from Attleboro, Massachusetts, and the company intends to add 8 new, highly-skilled employees.
"Trade Area Systems is yet another business that has recently chosen Rhode Island because we've made critical investments in Rhode Island's workforce and in making our state more business friendly," Governor Raimondo said. "I thank Trade Area Systems for bringing 28 jobs to Rhode Island. Through smart public policy decisions like the Rhode Island Promise proposal, we can keep that trend going and ensure that Rhode Islanders can get the jobs businesses are creating."
"Another company is investing in our city and bringing good-paying jobs," said Mayor Elorza. "I join my colleagues in welcoming Trade Area Systems to the state and I congratulate Governor Raimondo for her leadership in attracting yet another innovative company."
"We're thrilled to be setting up shop in Providence," said Bill Dakai, President and CEO of Trade Area Systems. "The city has a high-quality of life which is a magnet for the talent we are trying to attract. Combined with the competitive incentives from the Rhode Island Commerce Corporation, it's the perfect fit for our growing company."
"We are pleased to welcome Trade Area Systems to Rhode Island – and to our growing innovation economy," said R.I. Secretary of Commerce Stefan Pryor. "Tech companies like Trade Area Systems are finding that, in Rhode Island, they can access the talent and innovation ecosystem they need to thrive at an affordable cost. With Trade Area Systems and GE Digital now moved in, soon to be joined by others such as Virgin Pulse and Johnson & Johnson, our state is increasingly a destination for companies looking for a vibrant tech community."
Trade Area Systems entered into a Qualified Jobs agreement with the Commerce Corporation for a five-year period, totaling an estimated $520,000. The company has cited the increasing vibrancy of Providence and the economic development tools put to work this year as reasons for moving their company from Massachusetts to Rhode Island.
The move is expected to result in an annual GDP increase of $7.9 million for the state. New state revenues are estimated to be $719,000 over their six-year commitment period.
The Qualified Jobs Incentive program encourages new job creation by providing a base tax credit (1) for companies relocating to the state and creating a minimum number of new jobs and (2) for current Rhode Island companies growing their in-state workforce. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. ###