The Unadulterated Projection of Relative Decline for Rhode Island

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The word “mixed” in the headline for a Ted Nesi report on WPRI.com seems misplaced.  Michael Lynch’s report for the state government, by way of consultant IHS Markit, seems pretty negative to me:

Through 2022, Lynch predicts Rhode Island payrolls will grow by just 0.4% a year on average, a rate that would rank near the bottom among the 50 states, at 48th. …

Overall, IHS expects Rhode Island’s population and labor force to grow about 0.1% a year on average of the next 10 years. “This will rank among the lowest in the country,” Lynch noted, and is “reflected in our forecasts for lackluster employment growth.” …

“This would provide a useful crop of young and well-educated workers ready to enter the labor force and fill vacancies left behind by the aforementioned retirees,” he wrote. “Our forecasts indicate that the state will fail in this area – its 20- to 29-year-old cohort will contract over the next decade.”

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Nesi touts a “silver lining” in the “booming” housing market, but in context, that’s a negative.  Regulations and taxes are keeping the housing inventory in Rhode Island from growing (which means construction jobs are restrained, too).  In context, the more-accurate characterization would be that, however pitiful Rhode Island’s economy may be, the government is keeping our housing market even more suppressed.

This isn’t a mixed picture.  It’s an unadulterated portrait of how an overbearing government can drag down a state.



  • Guest

    The house prices in my suburban neighborhood are increasing, but from discussions with local realtors, the increase in demand has more to do with flight from some less savory areas in RI.

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