256166711 Raimondo RI Decline PowerPoint 2015 .pdf

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Original filename: 256166711-Raimondo-RI-Decline-PowerPoint-2015.pdf
Title: Decline_Deck FINAL ABRIDGED
Author: Raimondo for Governor

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S TO P T H E D E C L I N E
RHODE
I S L A N D S PA R K T H E C O M E B A C K
A N D

OUR E CON OM IC ENGI NE IS OUT OF G AS
HIGH UNEMPLOYMENT
Currently 47th in the country
Highest for 9 consecutive months during 2013 - 2014

POOR GROWTH
48th in short-term job growth
48th in long-term job growth

MORE JOBS IN
LOW GROWTH INDUSTRIES
Disproportionate share of our jobs are in
low growth industries
[SOURCE: BLS, DEC. 2014, US Chamber of Commerce]

… AND WE’ RE RE LATI V E LY PO OR E R T H A N
NEI G HB ORI NG STATE S

LOWER PER CAPITA
INCOMES

MORE RELIANT ON
STATE ASSISTANCE

62,000

1 6

$60,658

IN

$57,248

53,333

44,667

Rely on food
stamps to put
food on the
table

$46,989

MA CT

36,000

RI
27,333

19.9%

18,667

of Rhode
Islanders’
income is from
aid, assistance,
benefits, etc.

P ER C API TA I NCOM ES
[SOURCE: BUREAU OF ECONOMIC ANALYSIS, PROVIDENCE JOURNAL 1/15, OFFICE OF REVENUE ANALYSIS 2014 Q3]

WE ’RE NOT EQUI P PI N G OU R ST U DE N TS W I T H
THE SK ILL S TH EY NE E D TO CO MP E T E
RHODE ISLAND HAS FEWER HIGH SKILL JOBS
AND WORKERS THAN NEIGHBORING STATES

Share of high-skills jobs

RI

MA

CT

32%

39%

36%

RI

MA

CT

High School Graduation
Rate

77%

83%

83%

NAEP Math Scores

283

299

287

NAEP Reading Scores

265

275

275

Percentage of CCRI students requiring remediation courses: 66%
[SOURCE: National Skills Coalition, 2011 National Center for Education Statistics, Providence Journal]

F I S C A L STO R M C LO U DS LO O M W I T H
N O AC T I O N
P R OJEC T ED GEN ER AL REV EN UE DEF ICIT
( IN M I LL I ON S)

500

$496.30

375

$382.80

250
125

$255.60
$190.40

0
FY2016

FY2017

FY2018

FY2019

State’s General Revenue budget is
growing faster than the rate of inflation
[SOURCE: OMB ANALYSIS BASED ON NOV 2014 REVENUE ESTIMATING CONFERENCE]

O U R M A N U FAC T U R I N G S E C TO R
HAS BEEN CUT IN HALF
STATES HA RD EST H IT BY MANU FACT UR I N G J O BS LOST
BY SH AR E OF STATE E M PLOY M EN T

North Carolina
Mississippi
Arkansas

RI is 4th worst
in the nation

Rhode Island
Michigan
Tennessee

Worst in New England. Loss
of 80,000 manufacturing
jobs since the 1980s  

Ohio
South Carolina
New Hampshire
Alabama
0%

3%

5%

8%

10%
[SOURCE: ECONOMIC POLICY INSTITUTE]

WE’VE LOST
MIDDLE CLASS JOBS

AND

REPLACED

THEM WITH LOWER
WAGE JOBS

43.5% 64.6%
of jobs lost were
middle wage jobs
($60,800 & UP)

of jobs created have been

lower wage jobs
($40,300 - $60,799)

[SOURCE: RHODE ISLAND NOV. 2014 REVENUE ESTIMATING CONFERENCE]

WE’ VE FAI LE D TO REPOSITION OU RS E LVE S
FO R JO B CREATION IN GR OWTH I ND U ST RIE S

th

25

Rhode Island has fewer higher wage
jobs and a lower innovation capacity
than neighboring states

RHODE ISLAND’S
INNOVATION RANKING
BY BLOOMBERG

FE D E R A L R & D CON T R ACTS I N F Y2 01 3

RI
MA
750,000,000.00

$0

$1B

1,500,000,000.00

$1.5B

2,250,000,000.00

3,000,000,000.00

$2B

Rhode Island received just $47 million in federal R&D
contracts compared to nearly $3 billion for Massachusetts
[SOURCE: BLOOMBERG, STEM REPORT CARD]

WE H AV E H I GH COSTS I N S E VE RAL AR EAS

2
2
3
4
8

ND

ND

RD

TH

TH

HIGHEST MEDICAID
SPENDING PER ENROLLEE IN THE COUNTRY

HIGHEST FIRE SAFETY COSTS IN THE COUNTRY
PER $1,000 PERSONAL INCOME

HIGHEST PUBLIC EMPLOYEE
COMPENSATION RATES IN THE COUNTRY

HIGHEST ROAD
COSTS PER MILE

BUT

HIGHEST
BUT
EDUCATION SPENDING

TH

45

IN ROAD QUALITY

TH IN EDUCATIONAL

27

ACHIEVEMENT

[SOURCES: REASON FOUNDATION, KAISER FAMILY FOUNDATION, RIPEC, US CHAMBER OF COMMERCE]


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