U.S. Department of Commerce released 2017 Fourth Quarter data on Friday
PROVIDENCE, RI - Signs of Rhode Island's economic comeback continue. On Friday, the U.S. Department of Commerce Bureau of Economic Analysis released data showing that Rhode Island's economy grew at a faster rate during the fourth quarter of 2017 than any other state in the Northeast. Rhode's Island's GDP grew 2.7 percent during the final three months of the year.
"Rhode Island's economy continues to grow, and companies are creating new opportunities for Rhode Island workers every day," said Governor Raimondo. "We've come a long way since 2014. We're investing in job training and education and have taken a new approach to economic development. This report is a sign that the state is moving in the right direction. We still have a lot more we're doing to ensure that every Rhode Islander has the economic security they deserve. That's why I'm working to protect the Real Jobs RI job training programs and fighting to make a once-in-a-generation investment in school construction."
The encouraging GDP data was released just one day after an announcement that Electric Boat will expand its Rhode Island operations, creating 1,300 new manufacturing jobs and 600 new construction jobs in the state. The new influx of good paying jobs and development is possible in large part because of an investment from the state under Governor Raimondo's leadership. According to the data, Rhode Island's manufacturing sector was the 10th fastest growing in the country at 7.1 percent, and manufacturing was the leading contributor to the state's overall GDP growth.
Workers and families throughout Rhode Island are feeling the strong growth of the state's economy. From January to December 2017, the average weekly earnings of Rhode Island workers grew by 5.7 percent, the fastest rate in the nation, according to recent data released by the Bureau of Labor Statistics.
GDP growth among Northeast and Mid-Atlantic states during the Fourth Quarter follows:
1. Rhode Island (2.7 percent) 2. Maine (2.6 percent) T3. New Hampshire (2.5 percent) T3. Pennsylvania (2.5 percent) T3. Virginia (2.5 percent) T6. Massachusetts (2.4 percent) T6. Connecticut (2.4 percent) 8. Vermont (2.3 percent) 9. New Jersey (2.1 percent) T10. Maryland (1.2 percent) T10. Washington, D.C. (1.2 percent) 12. Delaware (0.2 percent) 13. New York (0.0 percent)