Rhode Island Overview The nation's smallest state, Rhode Island is one of the more densely populated and heavily ...
Rhode Island Overview
The nation's smallest state, Rhode Island is one of the more densely populated and heavily industrialized for its size. The Ocean State's economy centers on healthcare, financial services, marine products, defense and manufacturing. Also a center for higher education, Rhode Island is home to Brown University, the University of Rhode Island, Johnson & Wales and the Rhode Island School of Design. The Rhode Island job market and economy are expected to improve gradually for the state's more than 500,000 workers.
Rhode Island Job Opportunities
Rhode Island's 400 miles of shoreline and 100 beaches are the foundation for the state's tourism and marine businesses. One of the strongest employment sectors in the state is health and life sciences. Other employment segments include manufacturing, financial services, government and information technology.
Representing more than 20 percent of employment in Rhode Island, the education/health services sector provides the most Rhode Island jobs. Trade, transportation and utilities; professional/business services; and government are also significant employment sectors. While most sectors reported some job constrictions in the first half of 2012, professional/business services and information continued to expand.
Rhode Island Employment Trends
Peaking at nearly 12 percent in early 2010, Rhode Island's unemployment rate was still hovering around 11 percent in mid-2012. After expanding since mid-2010, state payrolls showed constriction in late 2011 into 2012. However, online hiring has been improving in 2012 and even showed some job expansion in mid-2012.
Jobs in Rhode Island are projected to increase 0.8 percent between Q2 2012 and Q2 2013, below the 1.3 percent growth expected in the nation's job supply, Moody's Analytics forecasts.