The Quonset Development Corporation released a new economic impact study by Bryant University today showing that Quonset Business Park continues to be the leading engine of job creation and economic growth in Rhode Island.
Here’s what they said in the press release issued today;
The report found that Quonset supports $4.3 billion in economic output annually, or 7% of the state’s Gross Domestic Product, $1.28 billion in annual household income, and $128.8 million in annual tax revenues in Rhode Island.
To read the full Bryant University Report, click here.
“The new economic activity we have brought to Quonset over the past few years has been key to Rhode Island’s comeback,” said Governor Gina Raimondo. “From over a thousand manufacturing and engineering jobs at Electric Boat to new, 21st Century wind energy jobs, Quonset is a hub of design and innovation. I look forward to continuing to work with businesses and community partners in creating jobs and building on this success.”
“Prepared by a respected Bryant University economist, this report confirms what we have long believed — that Quonset Business Park is a key economic generator for the State of Rhode Island,” said Rhode Island Commerce Secretary Stefan Pryor, who also serves as the Chairman of the Quonset Development Corporation Board of Directors. “Rhode Island is currently at an all-time high number of jobs and our unemployment rate is below the national average, and a key reason for that economic progress is the activity and growth Quonset. Under Governor Raimondo’s leadership, we will continue investing in Quonset — and continue supporting industrial development in Rhode Island — so as to build an ever stronger and more durable economy.”
The former navy base has been transformed into a major driver of the state’s economy with more than 200 companies employing nearly 12,000 people at the Business Park. Quonset’s Port of Davisville is one of the Top 10 auto importers in North America, handling over 241,851 cars in 2018, breaking their auto import record for the ninth time in the past ten years. Since 2005, over $1 billion in private investment has been made at Quonset.
“The billions in private investment at Quonset is a direct result of the commitment of State and Federal investments championed by our partners in government,” said Steven J. King, Managing Director of the QDC. “Businesses are confident about their future at Quonset Business Park, reflecting the strong support shown by Governor Raimondo, the General Assembly and our Congressional delegation,” King added.
Nearly 6,800 workers or 17 percent of all manufacturing jobs in the state are at Quonset, the study showed. Further, the average wage at Quonset is 19 percent higher ($59,235) than the average wage in Rhode Island ($49,795). These wages created nearly $1.3 billion in income for Rhode Island households in 2018. The new figures show that Quonset supports more than 22,000 full-time equivalent (FTE) jobs, which represents 4.5% of total employment in Rhode Island. The study projects that the Park will support 32,546 jobs in Rhode Island by 2030, create $1.87 billion in annual income for Rhode Island households, and produce $6.2 billion in Gross Domestic Product.
The figures were released at an event attended by the state’s elected leaders, including: Commerce Secretary Stefan Pryor, Senator Jack Reed, Senator Sheldon Whitehouse, Congressman James Langevin, Congressman David Cicilline, Representative Julie Casimiro, and Representative Robert Craven. The study was completed by Bryant University’s Professor of Economics Edi Tebaldi and was commissioned and funded by the Quonset Development Corporation.
“Quonset started off as a raw, unpolished gem and it took vision, perseverance, and wise investment at the state and federal level to turn into a crown jewel of economic development. From railways to harbor cranes to submarines, I’m proud to have delivered funding over the years to help transform this parcel of land into a multi-modal shipping and manufacturing hub and an economic engine for the state. Today, the economic impact and community benefit of Quonset is undeniable. And we must continue working to sustain this growth, attract new jobs and investment, and help ensure Quonset is well positioned to compete, both now and in the future,” said Senator Jack Reed, a member of the Appropriations Committee who has been working for over two decades to secure federal funds to upgrade Quonset, including $182 million in Federal Highway Administration (FHA) funds; $55 million for the Freight Rail Improvement Project (FRIP); $22.3 million TIGER grant for a crane and additional infrastructure that can support short sea shipping; and $3 million to support the Quonset Freight Rail Enhancements and Expansion (Q-FREE) project. And as the Ranking Member of the Armed Services Committee, Senator Reed has led the effort to help the Navy build the next generation of submarines, which are critical to the defense of our nation, and has led to increased production at Quonset.
“Strategic federal investments in Quonset Business Park have paid dividends in the form of job creation and economic growth,” said U.S. Senator Sheldon Whitehouse. “Quonset is a jewel of Rhode Island’s economy that is well-positioned to attract even more private investment in the years ahead.”
“The remarkable results we have seen at the Quonset Business Park demonstrate what can be achieved when local, state, and federal leaders work collaboratively with private sector partners to invest in our economy,” said Congressman Jim Langevin. “Bryant University’s study shows just how critically important the business park is to Rhode Island’s economic development, and it underscores why we must keep investing in Quonset’s future. I will continue advocating for smart federal investments that support local businesses and increase our state’s economic competitiveness.”
“Quonset has been a critical part of our state’s economy for years, and this report from Bryant University highlights the powerful economic impact of the Quonset Development Corporation and how bright the future will be at Quonset.” Congressman David Cicilline said. “I congratulate the QDC and the over 200 companies that call Quonset home on their continued success, and I look forward to continuing to work together to make Rhode Island a better place to live, work, and raise a family.”
“Quonset Business Park is one of the most important models for economic development and job creation that we have in Rhode Island,” said House Speaker Nicholas Mattiello. “It proves that with both Federal and State support, we can leverage our assets to help more companies grow here, create more jobs for Rhode Islanders and provide an environment for out of state companies to move here. It is essential that we keep this momentum going and ensure continued growth.”
President of the Senate Dominick J. Ruggerio said, “Quonset is a Rhode Island success story. The former Navy land is now an engine for economic growth. Home to nearly 12,000 jobs and 7% of the state’s GDP, Quonset’s tremendous success is a result of collaboration at all levels of government, strong public-private partnerships, and strategic development that has attracted billions in private investment. The business park is well positioned to continue fueling robust economic development and job creation well into the future.”
Quonset is an important asset to the North Kingstown community,” said North Kingstown Town Council President Greg Mancini. “They are a partner with the town in economic development that has created significant tax revenue for our town. They developed new youth athletic fields and a bike path. They also work to address local resident concerns that are brought to their attention.”
“Economic activity at the Quonset Business Park is having a significant impact on the Rhode Island economy,” said Dr. Edi Tebaldi, Ph.D., Professor of Economics at Bryant University. “The Park creates jobs, labor income, and output at its facilities, which stimulate the statewide economy and play a major role in Rhode Island’s growth.”
“The growth of Quonset Business Park has been a generational endeavor,” said Steven King. “The figures announced today reflect the work of many people collaborating to improve Rhode Island’s economy and create a world class business park where companies can succeed and our people can prosper. There is still work to be done but by continuing to work together, we can achieve much more growth and success. About Quonset Development Corporation: The Quonset Development Corporation (QDC) is a real estate development and property management company. Formed in 2005 it is responsible for the development and management of the 3,213 acre Quonset Business Park®. Quonset Business Park is the home to more than 200 companies, nearly 12,000 full and part-time jobs, and the Port of Davisville, which is a Top Ten auto-importer in North America.