Stand of the Greater Newport Economy Report published

Profiled important data and insights into the region's economy

The larger Newport economy has developed relatively strongly since global pandemic, which has tested the resistance of the business world and the residents of the region. This important result is supported by data and business world insights in the just published state of the Greater Newport Economy: Dynamics and Opportunity Report.

Connect Greater Newport by the Greater Newport Chamber of Commerce was used by his initiative for economic development.

The analysis and information received for this report indicate some important topics.

Sector growth

• The professional, scientific and technical service sectors showed the greatest growth both according to the number and according to percentages (an addition of 2,083 jobs and 64% growth). This growth exceeded the trend in RI and the USA as a whole.
• In total, the region has added 3,306 jobs since January 2020, a rate of 4.9% compared to the employment growth rate of 5% of the state.

Educated and changing workforce

• The percentage of the residents with a bachelor's degree or higher is over 50%, which is at least 10% higher than that of RI and even more than that of benchmark regions.
• The % of the people who live and work in Newport County decreases, which means that more people commute to work into the region, most likely due to the challenges of the real estate market.
• The region grew by 4%over the decade, but also has 4,609 inhabitants of “Prime Working Age” under the age of 54. While several factors contribute to this change, it reduces the ability of regional employers to find employees in the region.

Apartment trends

• The average household income and the average living values ​​have significant growth, with a larger Newport being a little less than many peer regions.

The voice of the small company – Business Walk and Survey

• Business owners told us about a strong 2024, not without the challenges of recruiting employees and dealing with increasing costs.
• In their current and future business prospects, the region's companies are safer than their nationwide and national colleagues.

The full report can be found at Connectgreaternewport.com under Business Resources.

About Connect Greater Newport:

Connect Greater Newport is a regional initiative for economic development, which is headed by the Greater Newport Chamber of Commerce to serve the region's business world. Connect Greater Newports Mission is to support the growth of the region's existing companies and to serve as a resource to extract new companies in the region. More information about Connect Greater Newport Visit www.connectgreeterewport.com.