R.I.’s income growth trails behind the rest of the US, report finds
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PROVIDENCE — Rhode Island’s economy and income are lagging behind the growth seen nationwide, according to a Rhode Island Public Expenditure Council report released Monday. Between fiscal years 2019 and 2024, Rhode Island’s per capita personal income grew more slowly than the nation’s — 25 percent vs. 32 percent — and Rhode Island fell in that national ranking from 16th to 22nd. As a result, the state’s tax and spending rankings rose when measured against residents’ ability to pay: In total spending, Rhode Island rose from 24th to 18th highest, relative to personal income, and in tax revenues, it rose from 15th to 13th. “The cost of state and local government is outpacing Rhode Islanders’ ability to pay,” RIPEC president and CEO Michael DiBiase said in a statement. “Because our economy is growing more slowly than the nation’s, the same level of taxing and spending is taking a bigger bite out of Rhode Islanders’ incomes.”Get Rhode MapA weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter EmailThe business-backed group released its annual 50-state comparison as it prepares to hold its 83rd annual meeting at 5 p.m.
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R.I.’s income growth trails behind the rest of the US, report finds - The Boston Globe
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