On November 9, Governor of Rhode Island Lincoln D. Chaffee announced a multi-agency effort to develop an integrated and statewide approach to economic development. Funded by a Regional Planning grant from the U.S. Office of Housing and Urban Development, the project will assess the state’s economic assets and situation to plan for future development.
“I agree with all Rhode Islanders that we need to take steps to improve the economic climate of the state. In 90 days we will have data analysis that we will use to inform decisions to use our assets wisely, prioritize our ideas and focus our resources in specific areas where we can make a real difference,” said Governor Chafee.
The analysis will look at five specific areas:
1. Business Climate Analysis: Analyze existing reports and compare Rhode Island’s rankings regionally. Break out the indicators used in these rankings to get a better understanding of what these indicators actually mean for the state.
2. Targeted Cluster Analysis and Validation: Identify existing industry clusters and provide insight into emerging opportunities for growth in the coming years.
3. State Regulatory Environment: In coordination with the Office of Regulatory Reform assess the State’s existing regulatory environment by identifying existing strengths as well as inefficiencies and inconsistencies within current regulations.
4. Financial Resource Assessment: Inventory and evaluate existing capital programs from federal, state and municipal sources. Identify gaps in financing.
5. Marketing Analysis: Identify and assess existing state, regional, and municipal business marketing efforts. The analysis should consider the various entities responsible for marketing, the messages conveyed and the target audiences.
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