The Greater Newport Economy has emerged relatively strong since the global pandemic tested the resilience of the business community and residents of the region. This key finding is supported by data and business community insights in the just released State of the Greater Newport Economy: Momentum and Opportunity report.
The Greater Newport Chamber of Commerce through its economic development initiative, Connect Greater Newport used the results of the 2024 Business Walk and Survey, data analysis and discussions held with community leaders throughout the year.
The analysis and information obtained for this report point to a few key themes.
Sector Growth
- The Professional, Scientific, and Technical Services sectors demonstrated the greatest growth by both number and percentage (an addition of 2,083 jobs and 64% growth). This growth outpaced the trend in RI and the US as a whole.
- Overall, the region has added 3,306 jobs since January 2020, a 4.9% rate compared to the state’s 5% job growth rate.
Educated and Changing Workforce
- The percentage of residents with a Bachelor’s degree or higher is above 50%, which is at least 10% greater than that of RI and even more than that of benchmark regions.
- The % of people who live and work in Newport County is decreasing, which means more people are commuting to the region for work, most likely due to housing market challenges.
- The region grew by 4% over the decade but also has 4,609 fewer ‘prime working age’ residents under age 54. While several factors are contributing to this change, it lessens the ability of regional employers to find workers in the region.
Housing Trends
- There has been significant growth in median household income as well as median housing values, with Greater Newport somewhat less than many peer regions.
The Voice Of Small Business – Business Walk and Survey
- Business owners told us about a strong 2024, not without the challenges of recruiting workers and dealing with rising costs.
- The region’s businesses are more confident in their current and future business outlook than their statewide and national peers.
The full report can be found at ConnectGreaterNewport.com under Business Resources.
