RIEDC, Rhode Island Commodores Partner to Launch Attraction Campaign in High-wage Sector
February 26, 2008 | Print this page | Share This | Email this page
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RIEDC and Rhode Island Commodores partner on regional campaign to target expansion and relocation opportunities in Financial Services, Health and Life Sciences and Information Technology and Digital Media Sectors
The Rhode Island Economic Development Corporation (RIEDC) today announced the launch of Opportunity: Rhode Island, a regional attraction campaign aimed at identifying expansion and relocation opportunities initially focused in the Financial Services, Information Technology and Digital Media, and Health and Life Sciences sectors. The campaign, funded in part by the Rhode Island Commodores, will use direct marketing, industry events and peer outreach to generate new business development leads.
The Opportunity: Rhode Island campaign is a core component of RIEDC's Economic Growth Plan, which seeks to increase the percentage of jobs in Rhode Island that pay above the national average wage of $42,000 from 40 to 60 percent.
"Our Economic Growth Plan centers on job growth in target industry sectors that pay higher wages and provide workers with good opportunities to move from lower paying entry-level positions to higher-wage positions," says RIEDC Executive Director Saul Kaplan. "Rhode Island has significant strength and momentum in six target high-wage industry sectors: Financial Services, Information Technology and Digital Media, Health and Life Sciences, Marine and Defense Technology, Advanced Manufacturing and Industrial Products, and Consumer Products and Design. Building on this foundation through a regional attraction effort will enable us to strategically invest limited resources in areas where opportunities for success are highest."
RIEDC recently completed a comprehensive review of its activities and programs and has taken steps to modernize the agency's programs so that they better reflect the current needs of businesses looking to expand or relocate to the state and better support companies well positioned to create new high-wage, innovation economy jobs. RIEDC also has become a more client-facing organization and staffing has been restructured so that RIEDC team members are more active in the marketplace and working directly with companies to understand growth requirements.
In 2007, the RIEDC business development team made 4,200 calls on Rhode Island companies in order to better understand their needs and provide access to growth tools. In 2008, the team will increase its presence in the marketplace making 5,000 calls and will increase its contact with expansion prospects regionally and nationally. The nine-month Opportunity: Rhode Island campaign will be an important component of this expanded outreach effort.
"We are pleased to support RIEDC and the Opportunity: Rhode Island campaign," says Donna Cupelo, Verizon Regional President, who leads the Rhode Island Commodores. "While significant job growth will come from companies already located in Rhode Island, it's important that we continue to seek out attraction opportunities that bring new business and new jobs into the state."
The Rhode Island Commodores have pledged $30,000 in support of the campaign. The total budget for the campaign is $75,000 with the remaining funds coming from the RIEDC marketing budget. Funding from the Commodores will be used to support a series of regional industry dinners that will connect RIEDC with business leaders in the Financial Services, Information Technology and Digital Media, and Health and Life Sciences sectors and alert them to expansion and relocation opportunities in Rhode Island.
About the Initial Target Sectors for Opportunity: Rhode Island
Information Technology and Digital Media
The Information Technology and Digital Media sector (ITDM) is the fastest growing industry sector in the United States (expected to grow by 68 percent in 2012). In Rhode Island, the ITDM sector accounts for more than 15,000 jobs and more than $1 billion in wages. In 2006, the sector's average salary was nearly $70,000, making it the state's highest-paying industry. In 2007, 12 Rhode Island companies made Inc. Magazine's listing of America's 5,000 fasting-growing companies. Seven of those companies were ITDM companies (including the highest ranking Rhode Island company — North Kingstown-based TCMPI — coming in at number 74).
With strong resources in core disciplines such as design and computer science, it is no surprise that Rhode Island has been gaining momentum in the ITDM sector. Through new programs such as RIEDC's RI Nexus program and the Providence Geeks, Rhode Island is distinguishing itself as a place that embraces the ITDM industry and the unique entrepreneurial spirit it embodies. Continued growth in the sector is an important avenue to positioning our economy for growth and creating more high-paying jobs for our citizens. This sector is ripe for a targeted, regional attraction campaign.
Financial Services
Perfectly situated in the Northeast corridor between New York and Boston, Rhode Island has become a strategic location of choice for more than 1,400 financial services companies that provide more than 32,000 jobs. Ranked among the state's five highest paying sectors (average salary of $64,123), the financial services sector created more than $2.2 billion in wages in 2006.
Industry leaders say that Rhode Island's location, regulatory framework and tax structure have made the state a natural fit for financial services firms looking to grow. From 2004 to 2014, the Financial Services sector is projected to gain an additional 4,000 new jobs. Building on this momentum, Rhode Island has a strong position in attracting new financial services operations to the state.
Health and Life Sciences
The health and life sciences sector is one of Rhode Island's strongest sectors and has enormous growth potential. Today, more than 35,000 people are employed in the sector across the state in more than 115 businesses. The sector is also one of Rhode Island's highest paying, with an average salary of $51,852. The sector is growing because of Rhode Island's location, resources and talent. The sector is also diverse, including enterprises in drug manufacturing, basic academic research, biomedical devices, nanotechnology and biomedical textiles.
Over the last decade Rhode Island has experienced growth in the sector. We do not believe that the region is fully informed of the opportunities available in Rhode Island. Rhode Island also has put in place a series of development tools to assist health and life sciences companies that many outside of the state are not aware of. With costs of doing business on the rise in places like Boston, Rhode Island has an opportunity to attract health and life sciences companies to Rhode Island.
"The Opportunity: Rhode Island campaign offers us an opportunity to reach out to leaders in the region and bring visibility to the many good things happening in our state," says Kaplan. "Rhode Island can compete on its strengths and we can take advantage of our place in the Northeast knowledge corridor to create more high wage jobs and grow an economy that creates greater prosperity for all of the state's citizens."
