Rhode Island

Edward Mazze, Ph.D.

Distinguished University Professor of Business Administration

University of Rhode Island

SLOW ECONOMY IN 2007

•Three Hundred Fifty Net New Jobs A Month

•Population Decreases by 1000

•Labor Force Increases by 2000

RHODE ISLAND CHALLENGES

•Workforce Development, Affordable Housing

•Tax Structure, Declining and Aging

Population

•State Budget Deficit

GROWING EMPLOYMENT SECTORS

•Financial Services, Professional and Business Services

•Education and Health Services, Leisure and Hospitality

•High Tech

HOUSING MARKET

•Fewer Houses Being Sold

•Decrease in Median Price of a House/Condominium

•Decline in Construction Jobs

AFFORDABLE HOUSING

•Bond Issue Passed in 2006

•$50 Million + $300 Million

•Foreclosures and Bankruptcy

GREAT TIME TO BE BUYING A HOME

•Properties on Market Average of 93 Days

•House Sales Differ by Area: Providence (-) South County (+)

•Prices Decline in Most Areas

WHAT’S AHEAD

•More House Choices for Second Homes

•Need to Replace Skilled Workers Retiring

•New Opportunities for Entrepreneurial Businesses