economic indicators

Lardaro: R.I. economy ends year on upswing

COURTESY LEONARD LARDARO
RHODE ISLAND produced the highest level of the Current Conditions Index seen in nearly a decade, as the state's economy shifted into a higher gear, according to University of Rhode Island economist Leonard Lardaro.
Posted 2/11/13

SOUTH KINGSTOWN – December 2012 brought reason to celebrate Rhode Island’s economic performance, as last year’s fourth quarter showed broad-based positive economic activity, according to University of Rhode Island economist Leonard Lardaro’s December Current Conditions Index.

“It is now safe to conclude that as 2012 ended, Rhode Island’s economy shifted into a higher gear,” Lardaro said. “As 2012 ended, we witnessed a broadening of economic activity that produced greater momentum.”

That momentum, Lardaro said, is evidenced in the rates of change of CCI indicators and the state’s economy. However, he cautions that the CCI, which puts a figure to the state’s economic performance over a dozen metrics, measures momentum and not the metrics’ values, some of which, including payroll employment, he said, remain below the levels they attained during the last economic recovery.

“According to the fourth-quarter CCI performance, we are moving toward our peak more rapidly,” Lardaro said. “Sustaining our positive momentum will require us to change.”

A CCI indicator greater than 50 indicates progress while a value less than 50 signals setbacks. The CCI for December was 92, up from 83 in November.

It’s a number Lardaro said hasn’t been seen since November 2003. Lardaro was also able to stop assigning two measurements to the CCI after, he said, flawed data on the state’s unemployment rate from the R.I. Department of Labor and Training became less so as the fourth quarter progressed.

In December, 11 of the 12 measured CCI metrics showed improvement, with the largest gains coming from a 35. 1 percent increase in single-use permits, an 8.4 percent increase in employment service jobs, and a 4.9 percent decrease in new unemployment claims.

The only metric to show negative change was government employment, with a 1.8 percent decrease in December.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    See who the Healthiest Employers in RI are! And save the date - August 14th - at ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement