Invest in, woo millennials to spur state’s economy

YOUTH NOT WASTED ON THE YOUNG: Travis J. Escobar, president of Millennial Professional Group of Rhode Island, would like to see the state make more of an effort to retain recent college graduates. He believes housing and student loan incentives can help keep young professionals here. / PBN PHOTO/ RUPERT  WHITELEY
YOUTH NOT WASTED ON THE YOUNG: Travis J. Escobar, president of Millennial Professional Group of Rhode Island, would like to see the state make more of an effort to retain recent college graduates. He believes housing and student loan incentives can help keep young professionals here. / PBN PHOTO/ RUPERT WHITELEY

Travis J. Escobar is president of Millennial Professional Group of Rhode Island, an entity “dedicated to increasing the amount of millennials who #ChooseRI and improving opportunities for those who make that decision,” according to its website.

The site provides the state’s 300,000 millennials – those born between 1980 and the mid-2000s – with information about workshops and social events, as well as resources for internships and job seeking.

What is your view of 2015 in Rhode Island in terms of the state’s economic health?

There were a couple of solid pieces I saw trying to make Rhode Island millennial friendly, spreading awareness that one of our state’s greatest natural resources is its college students. One is a tax-credit initiative, the “Stay Invested in Rhode Island Wavemaker Fellowship” program, which gives tax credits for student loans. It’s a small step but a major victory in alleviating student debt. Rhode Island ranks fourth, with an average of $30,000 in student debt, in the country. Student-loan debt is the top issue for our generation, and providing some relief is huge. This is just for STEM jobs (science, technology, engineering and math), but we hope it gets expanded for other careers.

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Another positive I saw was the Ocean State Grad Grant Program, which provides up to $7,000 for down payments on houses for recent college graduates. That’s huge, and I’d like to see the expansion of that program.

This year has been a mixed bag, but with more positives than negatives. 38 Studios is still in the back of a lot of minds, and hinders economic development. The “Superman Building” is still vacant. A lot of our conversation has been about the Pawtucket Red Sox’ [planned] move, instead of new, innovative initiatives. Rhode Island is not seen as a destination for a lot of young people; we have a stagnant population, an aging population to the point where in 2020 we’re losing a congressional seat. I believe we need to do a better job of retaining our millennial generation.

What do you see in 2016 in terms of Rhode Island’s economic health?

To be honest, it’s an election year – when a lot of people don’t like to say things publicly – and things can get stagnant because they’re less likely to take a risk. I don’t know what to expect in 2016, but in what we’ve organized, we’re continuously advocating for initiatives and policies focusing on converting recent college graduates into permanent investors in our community.

If you could, what one thing would you like to see happen in Rhode Island in 2016?

A game changer would be a state tax credit for any major, for any graduate, to live and work in Rhode Island for up to five or 10 years, whatever makes sense politically. That would be a monumental investment. You’d have young people wanting to move to Rhode Island for a benefit like that, maybe start their own business or buy a house.

And speaking of the Superman Building, which every year that it’s empty reduces the value of surrounding buildings, I’m big on developing micro lofts for graduates, and that could be used for that. Developers are out there looking to start projects in Woonsocket and Central Falls, creating communal spaces for young people. If you can turn around communities like those, that would be huge.

What’s the challenge in reversing the millennial unemployment rate?

There’s not one answer. Gallup did a recent poll that said about 18 percent of Rhode Islanders like living here, and talked about how ho-hum people are about their state. That’s why I’m bullish on trying to recruit recent grads. Longtime Rhode Islanders wouldn’t think about moving to Woonsocket or Central Falls, but recent college grads, if you give them affordable housing, wouldn’t care. I’d love to see a process to provide tax credits or incentives for the large number of young professionals commuting to Boston, giving them affordable housing, cutting the cost of the commute.

What’s the challenge in keeping millennials here?

There were 1,724 people ages 20-29 who moved out of state from 2006-2012. A lot of people say we need to create jobs, but Roger Williams University President Donald J. Farish said we need to convince employers to move here for the talent we have. It’s about going to colleges the same way you have college recruiters going into high schools. We should be recruiting there and asking, “What can we do to keep you here?” … Rhode Island is at the bottom of the economic ladder, but people here are entrepreneurial. We have to sell them on the opportunity to not just make a living here, but make a difference. •

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