Rhode Island’s Congressional delegation, State and local leaders joined the Quonset Development Corporation (QDC) to release the findings of the 2019 Bryant University Economic Impact Report, in an event last Friday. State and local leaders noted Quonset’s tremendous growth, and the public investment in Quonset’s infrastructure that has expanded Rhode Island’s economy, providing thousands of jobs for R.I. residents and leveraging over $1 billion in private investment.
The report confirmed that Quonset continues to be a major driver of job growth and economic development in Rhode Island. The findings show that Quonset generates nearly 7% of state GDP with $4.3 billion in economic impact, $1.28 billion generated in household income annually for Rhode Island families and $128.8 million in state and local taxes. Prepared by Dr. Edi Tebaldi, a Professor of Economics at Bryant University, the report also establishes Quonset as the manufacturing capital of the region – one of every six manufacturing jobs in the state is at the Business Park.
In a statement, Governor Gina Raimondo said “The new economic activity we have brought to Quonset over the past few years has been key to Rhode Island’s comeback. From over a thousand manufacturing and engineering jobs at Electric Boat to new, 21st Century wind energy jobs, Quonset is a hub of design and innovation. I look forward to continuing to work with businesses and community partners in creating jobs and building on this success.”
“The growth of Quonset Business Park has been a generational endeavor,” said Steven King, Managing Director of the QDC. “The figures announced today reflect the work of many people collaborating to improve Rhode Island’s economy and create a world class business park where companies can succeed and our people can prosper. There is still work to be done but by continuing to work together, we can achieve much more growth and success.”