Rhode Island, once the cradle of the industrial revolution in the early 19th century, is today celebrating the re-emergence of a new brand of entrepreneurial energy.
Cutting-edge, innovation-driven companies are taking advantage of Rhode Island’s human, financial and infrastructure capital to thrive in such industries as advanced manufacturing, defence, renewable energy, digital media, health care, life sciences, consumer product design, IT and marine trades.
Leading international companies, including Greencore, IGT and Toray Plastics, recognise the Rhode Island advantage and have based major operations in the state.
Rhode Island’s strategic location – approximately 45 minutes from Boston and three hours from New York City – provides companies with direct access to the world’s shipping and transportation routes, research and development centres and key financial markets. The state’s location along a major interstate highway corridor makes for easy access to major metropolitan areas and to airports and shipping terminals that serve international markets.
The state’s compact size, accessible peer networks and strategic location in the densely-populated and resource-rich north east, form an ideal environment to explore new business models and collaborative partnerships and take advantage of well-established supply chains.
Major investments in the state’s infrastructure are enabling companies to manage supply chains with increased efficiency and deliver their products to market with greater ease. Home to over 175 great companies, the Quonset Industrial Park is one of the nation’s premier commercial/industrial zones with a major port, airport, rail service and public transportation network. The Port of Davisville at Quonset is one of the closest ports to Europe on the US east coast.
In addition to major recent highway and bridge improvements, Providence, Rhode Island’s capital city, has one of only two deep-water ports in New England and a newly expanded international airport with a commuter rail link within minutes of the city centre, several major hotels and a modern convention centre.
BUSINESS-READY INDUSTRY HUBS
In addition to the Quonset Industrial Park, Rhode Island is also expanding strategic business hubs around its key growth industries. The I-195 Redevelopment District, for example, is home to dozens of life sciences, health care, advanced manufacturing and digital media companies and research institutions that have transformed the district into a vibrant, mixed-use environment. Aquidneck Island boasts world-class U.S. Navy research laboratories and defence education/training commands with a thriving cluster of leading defence contractors and subcontractors.
The Warwick Station Development District is where planes, trains and ground transport come together to form an intermodal gateway to Rhode Island and New England. This is an ideal place to create a mixed-use, transit-oriented development (a residential/ commercial area designed to maximise access to public transport), and growth centre situated along the high-traffic north east.
From welders assembling nuclear submarines, software engineers developing inventory tracking solutions, to artists designing best-selling toys, Rhode Island has a diverse and well-trained workforce ready to meet the market demands of a 21st century economy. With eleven world-class colleges and universities, including Brown University, Rhode Island School of Design and the University of Rhode Island, the state offers an unparalleled talent pool.
ACCESS TO GROWTH CAPITAL AND CREDIT
Rhode Island has a well-developed capital continuum for businesses in all stages of growth and across all industries. Through a broad portfolio of direct loan and financing programmes, Rhode Island makes available tens of millions of dollars annually for projects that stimulate job creation and business expansion.
Rhode Island government, industry and labour leaders have collaborated to enact historic regulatory and tax reform that is making it easier to do business by eliminating government “red tape” and removing the barriers that stifl e the establishment and growth of companies. Rhode Island has an array of tools to help companies expand, locate and innovate in the Ocean State. These tools include tax incentives for construction and job growth, workforce training designed for today’s workplace, grants for research and development, and more. The Rhode Island Commerce Corporation’s staff works one-on-one with businesses to identify the mix of programmes that will optimise their opportunities. Contact us today to get started.