There’s no question that housing is directly linked to economic wellbeing.
Rhode Island is also beginning to flip the script on the strength of our economy. After years of being the underdog, our state is now becoming a place of innovation and opportunity—and this is a point we’re emphasizing in our ongoing talks with Hasbro.
Rhode Island is attracting and fostering the expansion of companies in emerging industries like the blue economy, life science, and artificial intelligence.
Take Regent Craft for example. Located in Quonset, Regent manufactures all-electric, passenger vehicles that glide above the ocean, a new approach to coastal transportation.
Billy, the company’s founder, is here tonight and he has a great story to tell.
When I first learned about Regent, I did a little research into why they wanted to make Rhode Island their home. I’m going to borrow their words for this one.
They said: “The state offers best-in-nation coastal testing environments, maritime composites expertise, and access to top talent. Rhode Island has the potential to become the epicenter of the blue economy.”
Billy, I couldn’t have said it better myself.
And in 2024, Regent announced that they’re expanding their manufacturing right here in Rhode Island, creating over 300 jobs.
And Regent isn’t the only economic success story to tell.
Joe Brito is here tonight. Joe is a Bristol resident who took on the major task of transforming a rundown, abandoned mill into an economic driver for his community.
Thanks to Joe, Rhode Island Commerce and Bristol Town Administrator Steve Contente, Unity Park is now a vibrant community space that has restaurants, shops and a growing hub for blue economy businesses.
A $8.9 million project will soon transform over 45,000 square feet at Unity Park into a manufacturing, office, and warehouse space specifically to support the growth of blue economy companies.
I like Joe’s story because it reminds me of all the people who take great pride in our state and do everything they can to make it better.
The cornerstone tenant of the new blue economy hub at Unity Park will be Saab, a company in Cranston that manufactures self-driving undersea vehicles.
Saab recently announced their expansion, which will create nearly 50 new jobs with competitive salaries in Bristol. Erik, the President and CEO of Saab, is here with us tonight. Erik is a Roger Williams grad, by the way. I want to thank Erik and Joe for their commitment to Rhode Island.
These stories underscore Rhode Island’s commitment to fostering innovation and creating good-paying jobs.
Rhode Island is also positioning ourselves as a national leader in life sciences, thanks to the progress of our Rhode Island Life Science Hub, a project we put into the pipeline about two years ago.
Our Life Science Hub just celebrated a major success story when it finalized an historic agreement to launch Ocean State Labs, a cutting-edge biotech incubator. Ocean State Labs will be one of the tenants in our new 200,000-square-foot life science complex along with Brown University and our new State Health Lab.
Ocean State Labs and all the work happening at our Life Science Hub will spark innovation, promote economic growth, and build on Rhode Island’s progress in this emerging sector.
You’ll never hear me talk about Rhode Island’s economy without talking about our airport—it's ranked one of the best in the world[8].
This past year, Rhode Island T.F. Green International Airport had its own significant success story.
Breeze Airways announced a big expansion in our state, making Rhode Island their largest base of operations. They’ll be growing to 35 routes, creating 400 jobs, and supporting nearly 1 million passengers every year.
Rhode Island is also proud of the progress being we’ve made through our signature Minority Business Accelerator Program.
We’ve supported over 1,000 businesses with accounting and bookkeeping, marketing and communications, IT, and legal services.
In a short time, we’ve certified more than 50 new minority- and women-owned businesses to qualify for state contracts, and we’re distributing $2 million in direct grants to further support these local businesses.
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