Newport and Bristol counties don’t have enough commercial, flex and light industrial space to accommodate the jobs the region expects over the next decade, according to a report commissioned by the Greater Newport Chamber of Commerce.
The study, by Fourth Economy Consulting, projects nearly 1,700 high-paying jobs in ocean technology, engineering and professional services by 2035, requiring 1.47 million square feet of additional space. Industrial availability in Newport County currently sits at 2.74 percent and office at 5.98 percent, well below the 6 to 7 percent range the report describes as healthy. Bristol County is tighter still, with 2.41 percent industrial and 2.37 percent office availability.
“We will need to make a choice: support the strategic development of buildings and sites to accommodate this job growth or miss out on the opportunity to benefit from a diverse and growing economic base,” said Erin Donovan-Boyle, the chamber’s president and CEO.
The report identifies a mismatch between what’s zoned and what’s built. Across Aquidneck Island, fewer than half of the 3,152 acres zoned for commercial and industrial use are actually used that way, and less than 2 percent of all zoned land is set aside for light industrial operations.
It also flags a gap in the pipeline: companies that start at incubators such as Innovate Newport outgrow them and can’t find the next step up locally.
The report recommends converting underused properties — it names Aquidneck Corporate Park and the Route 114 and 138 retail corridors — into flex and light manufacturing space; updating zoning and dimensional standards; using state and federal financing tools including Rebuild Rhode Island tax credits, tax stabilization agreements and Opportunity Zone financing; and pursuing multi-municipal partnerships to ready sites for development.
The full report is at newportchamber.com.
