NYT Article Concerning Rhode Island's Current Economic Situation (Providence: 2009, foreclosure)

[CaseyB]

"Smallest State Grapples With Oversize Problems"

"Rhode Island is in the midst of an especially grim economic meltdown, and no one can pinpoint exactly why.

The smallest state, it is saddled with some of the nation’s biggest problems: the second highest unemployment rate, at 10 percent, according to the latest federal figures; and among the highest foreclosure rates, widest budget gaps and most-vulnerable pension systems.

Rhode Island is arguably the most economically hobbled state after Michigan, whose troubles and 10.6 percent unemployment rate are far easier to explain as the auto industry collapses."

http://www.nytimes.com/2009/03/01/us/01rhode.html?_r=1

[POhdNcrzy]

Oh, but the summers are so nice here, Casey !!!!!!!!!!!!!!!!!!!!!!!!!

[JViello]

My take on it is this - and understand I am NOT slamming RI or picking on it, just making a realistic observation.

Comparing another similar city such as Hartford CT which is actually weathering this storm pretty well I see the following.

RI and Providence do not have many local large corporations. Most of the companies located there are "branches" of large companies located elsewhere.

Now before you go off on me and say "not so", let me at least tell you what I mean by large corporations.

In Hartford we have Pratt & Whitney, Hamilton Sunstrand, Sikorsky, Otis, Carrier, Loctite, The Hartford, ING, The Phoenix, Aetna, United Healthcare, Cigna, Stanley, Colt Firearms and more I'm sure I'm forgetting which are HUGE corporations all headquartered here. As a state, the list gets much larger and includes companies such as Pfizer, Bayer, General Electric, Electric Boat etc.

I think a lot of the larger companies are cutting back and when they do generally satellite offices suffer.

So that's my take on it anyway. And again, understand I'm not attacking your state. I like Rhode Island and hope you guys turn around soon!