Rhode Island and our entire nation have made significant strides to recover from the 2008 financial and economic collapse.
As a country, we’ve added more than 11 million private-sector jobs over the last five years. We’ve seen the greatest expansion of manufacturing jobs in decades, as American companies have created almost 800,000 new jobs since February 2010. And Rhode Island’s February unemployment rate was 6.3 percent – down from a high of 11.3 percent in August 2009.
But this welcome news comes with cause for concern. Rhode Island continues to lag the rest of the nation in job growth. Our employment rate for “prime-age” workers (25-54 year-olds) is 5 percentage points lower than it was in 2007. And the size of our state’s labor force is almost 25,000 people less than in 2007.
I recently requested the House Committee on Appropriations fund the Hollings Manufacturing U.S. Extension Program, provide $25 million for the Economic Development Administration’s Regional Innovation Program and support the National Network for Manufacturing Innovation. These three important initiatives will support Rhode Island manufacturers, create economic growth and put more people back to work.
Through the Hollings Manufacturing Extension Partnership, small and medium-sized manufacturing firms are given the tools and expertise to improve productivity and competitiveness. For every $1 of federal investment, the Manufacturing Extension Partnership delivers $32 in economic growth.
The Regional Innovation Program was funded with $10 million in fiscal 2014 and fiscal 2015, but funding it at a minimum of $25 million will really allow EDA to continue its investment in high-growth regional industry clusters, and leverage other public and private resources.
Robust funding for the National Network for Manufacturing Innovation will empower state, local, and regional partners, bolster the competitiveness of domestic manufacturers, spur the creation of new products and businesses, strengthen this vital sector of our economy, and help create and sustain manufacturing jobs here in America.
Funding for all three initiatives will help Rhode Island companies leverage existing resources, spur regional collaboration and support economic renewal and job creation in high-growth industries. •
