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Rhode Island Plan Calls for Action

March 07, 1997

The Rhode Island Economic Policy Council has concluded a year-long examination of the state's economy with a call for nine recommendations to be implemented.

The Council found,"Our economy has performed poorly in this decade. We have lost population every year because large numbers of people have moved out of state in search of economic opportunity. Five years into a nationwide economic recovery, key economic indicators in Rhode Island...are all still below their peak from the late 1980s."

To strengthen the state's economy, the Council suggests that several steps be taken, including:

  • Creating the Samuel Slater Technology Corporation to help existing firms move forward technologically and new firms commercialize technology
  • Establishing a privately-operated early stage equity capital fund
  • Increasing the R&D tax credit to 22.5%
  • Expanding and merging multiple technical assistance organizations into an effective, coherent industrial modernization service

The Economic Policy Council is a non-profit corporation equally funded by 24 Rhode Island companies and the State of Rhode Island. It is co-chaired by Governor Lincoln Almond and Lawrence Fish, chairman, president and CEO of Citizens Financial Group.

Copies of the report can be obtained by calling the Rhode Island Economic Policy Council at 401/521-3120.

Rhode Island