Rhode Island celebrated good news this year when we joined governor Gina Raimondo, the state’s congressional delegation and business leaders at the State House to unveil new economic impact figures for Quonset Business Park. The study was completed by Bryant University, and the figures showed that investments made by the state and federal government at Quonset Business Park are producing stable, good paying jobs for Rhode Islanders.
With more than 200 companies employing nearly 11,000 people at the park, the former naval air station and construction battalion has been transformed into a major driver of job creation and economic development for the state. Quonset’s Port of Davisville is also one of the top 10 auto importers in North America. Since 2005 more than $500 million in private investment has been made at the Park.
According to the Bryant study, Quonset produced $2.85 billion in economic output, $1.26 billion in labor income, and $113.1 million in tax revenues in Rhode Island. It also showed that more than 5,700 workers, or 14% of all manufacturing jobs in the state, are at Quonset. Further, the average private sector jobs at Quonset paid wages 8.3% higher ($56,524) than the state annual average wage ($52,196). The study also projected that by 2030 the park will annually produce $4.5 billion in output, $2 billion in labor income, and $180.8 million in tax revenues for Rhode Island and municipalities. The park will also host more than 16,500 full-time equivalent jobs.
As governor Raimondo said at the event, “Quonset Business Park is a major part of Rhode Island’s economy and it is a great example of how public investments can lead to greater private investment and job creation.”
We could not agree more. Quonset Business Park is one of the most important models for successful economic development that we have in Rhode Island. It proves that with both federal and state support we can leverage our assets to help more companies grow here and create more jobs for Rhode Islanders. Quonset’s success is also the result of collaboration at all levels of government and public-private partnerships investing in the business park. Today, the private sector invests roughly $3 for every $1 invested by government.
To keep that momentum going at Quonset, Rhode Island must continue to invest in this key asset. That is why the General Assembly approved governor Raimondo’s $90 million modernization plan for Pier 2 at the Port of Davisville earlier this year, which was subsequently approved by an overwhelming margin in November’s election. This investment will ensure that Davisville continues to be a leading auto port in North America, preserve hundreds of jobs and position Rhode Island for future opportunities like expanded auto imports, wind energy cargo and cargo resulting from the new Panama Canal.
With more than 200 growing companies at the Park and nearly 11,000 people working there, Quonset is a shining example of all that is possible in our state. With its innovative site-readiness program and strategic lease incentives in place, continued growth at Quonset will help fuel robust economic development and job creation well into the future.
We look forward to more growth at Quonset and the Port of Davisville in the years ahead, and as the economic impact figures reflect, Quonset Business Park continues to be an example of what is possible in Rhode Island.
Rep. Nicholas Mattiello is speaker of the Rhode Island House of Representatives and Sen. Teresa Paiva Weed is president of the Rhode Island Senate.