SOUTH KINGSTOWN – Economic momentum picked up in March in Rhode Island in spite of “weather-related distortions,” positioning the state for better future performance, according to Leonard Lardaro, an economist with the University of Rhode Island.
Lardaro’s Current Conditions Index, released last week, registered a 67 in March, higher than both January’s and February’s measurement of 58 and last March’s number, also 58.
The index measures economic momentum using 12 key indicators. Indices higher than 50 suggest economic growth, while a value below 50 reflects contraction.
The “atypically harsh winter” appears to have had the biggest influence on a statistically weak index, Lardaro said.
As he did for February, Lardaro provided two measurements, 67, when the impact of winter weather on single-unit building permits is factored in – but 75 if that is accounted for as a distortion. In February the measure of 58 similarly improved to 67 once storm-related effects were accounted for.
