Quonset, R.I. – The Quonset Development Corporation “QDC” released a new economic impact study by Bryant University today showing that Quonset Business Park continues to be the leading engine of job creation and economic growth in Rhode Island. The report found that Quonset supports $5.9 billion in economic output annually, or 8.3% of the state’s Gross Domestic Product, $1.72 billion in annual household income, and $169.1 million in annual tax revenues in Rhode Island.
To read the full Bryant University report, click here.
“Quonset is a leading example of Rhode Island’s economic momentum. The Business Park’s growth over the past two decades can be attributed to public infrastructure investments that have attracted significant private investments. I commend the leadership team at Quonset on the results they have continued to deliver,” said Governor Daniel J. McKee.
The study’s findings were unveiled to kick off Quonset Day at the State House. State leaders also had the opportunity to meet with 18 Quonset businesses to learn about the innovative products made each day at the Business Park.
President of the Senate Dominick J. Ruggerio said, “Quonset has long been a model of economic growth for Rhode Island. The latest Quonset Economic Impact Report findings are further proof that Quonset companies continue to generate new jobs and income for Rhode Islanders, and momentum that keeps Rhode Island moving forward.”
“Quonset’s growth, continued job creation with high wages, income generation, and tax revenues demonstrate its vital role as a driver of Rhode Island’s economic prosperity,” said House Speaker K. Joseph Shekarchi.
The Quonset Economic Impact report highlights the importance of collaboration between government and the private sector in fostering a resilient and inclusive economy in Rhode Island,” said Liz Tanner, Rhode Island Commerce Secretary and Chair of the Quonset Development Corporation Board of Directors. “Quonset serves as an exemplary model for statewide accomplishments, showcasing what can be achieved through collaborative efforts.”
The Quonset Business Park has experienced significant investment and expansion. From 2005 to 2023, it expanded its developed area by 627 acres and added 4.2 million square feet of new facilities. The park has attracted private investments exceeding $1.85 billion since 2005.
“The growth of Quonset Business Park reflects a generational commitment from our partners in government,” said Steven King, Managing Director of the QDC. “The figures announced today are evidence that investments made at Quonset are an investment in Rhode Island jobs and continued economic development.”
The Business Park hosts 13,033 full- and part-time jobs at 229 companies, the study found. 7,680 workers or 19 percent of all manufacturing jobs in the state are at Quonset, the study showed. Further, the average wage at Quonset is 10% percent higher ($69,656) than the average wage in Rhode Island ($62,979). These wages created nearly $1.72 billion in income for Rhode Island households in 2022. The new figures show that statewide, Quonset supports more than 24,681 full-time equivalent (FTE) jobs, which represents 5% of total employment in Rhode Island. The study projects that the Park will support 30,564 jobs in Rhode Island by 2030, create $2.1 billion in annual income for Rhode Island households and produce $7.2 billion in Gross Domestic Product.
“The continued economic expansion at the Quonset Business Park has a significant impact on Rhode Island’s economy,” said Dr. Edi Tebaldi, Ph.D., Professor of Economics at Bryant University. “The Quonset Business Park creates high-paying jobs, labor income, and output at its over 200 companies, which continue — via the multiplier effect — to stimulate and strengthen economic activity throughout our state’s economy.”