By Kim Kalunian, WPRO News
Rhode Island “might be slowly emerging” from the recession.
According to a report from the Rhode Island Public Expenditure Council (RIPEC), the Current Economic Indicator (CEI) increased at a rate of 1.6 percent for the first quarter of 2013, something that reflects improving economic conditions. Still, the report says it is “too early to call a recovery, and the economic landscape remains difficult.”
The report goes on to say that the construction industry was hit particularly hard by the recession, and has yet to bounce back. Additionally, just last week, the state’ unemployment rate dropped to 8.8 percent, but the labor force also shrunk. Underemployment continues to be an issue, as does a sluggish manufacturing industry, says the report.
“Rhode Island faces structural economic issues that must be addressed if the state is be competitive in today’s economic climate," said John Simmons, executive director of RIPEC in a statement.
The report points out that Rhode Island’s economy has grown at a slower rate than the rest of New England, showing “the lack of internal economic vitality is not a short term phenomenon, but one that requires deep thinking regarding strategies to stimulate economic growth in Rhode Island.”
RIPEC is an independent, non-profit and nonpartisan public policy research organization.
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