Defense spending in R.I. grows 225% since 2007

PROVIDENCE – The annual value of defense contracts awarded in the state has more than tripled since fiscal 2007, bucking a downward national trend in the value of such contracts, according to a report by the Department of Defense’s Office of Economic Adjustment.

Since fiscal 2007, the total value of contract awards performed in Rhode Island has grown 225 percent, from $400 million to $1.3 billion. Rhode Island is the only state to have seen continuous growth in spending on defense contracts from fiscal 2007-2014, according to the report released late last month.

“In the face of strong headwinds depressing defense spending at the national level, the southeastern New England defense industry continues to innovate and grow, supporting thousands of high-quality, high-paying jobs,” Molly Magee, Southeastern New England Defense Industry Alliance executive director, said last week. Defense spending in the region totaled $6.8 billion in fiscal 2014. •

No posts to display