Title: The Changing Importance of Rhode Island'sCoastalEconomyAcross Time and Relative to Other States
1The Changing Importance of Rhode
Island's Coastal Economy--Across Time and
Relative to Other States
- Presentation to the
- Rhode Island House Bay Trust Commission
- Gary Ciminero
- RI House Policy Office
- January 14, 2004
2Todays agenda
- Updated Rhode Island OutlookNew England Economic
Project
- Rhode Islands Comparative PerformanceWaterborne/
Marine-Based Perspectives
- The Coastal Economy of Rhode Island
- References
3I. Updated Rhode Island Outlook1Current
ConditionsMonthly Rhode Island Job Trends
January, 1985December, 2003
4I. Current Conditions Monthly Massachusetts Job
Growth January, 1985November, 2003
5I. Current Conditions Housing Price Comparisons
6I. NEEPs Updated Rhode Island Outlook for Jobs
Growth1
7II. Rhode Islands Comparative PerformanceWaterbo
rne/Marine-Based Perspectives2,5,6
8II. Total Economic Perspective5Real Gross State
Product Growth 1990-00RI Ranks 37th, CT 43rd
9II. RI Sectoral Economic Perspective5Real GSP
Growth 1990-00
10II. Nonfarm Agricultural Perspectives5CT 26th
RIs Declining Fisheries Activity Ranks It 49th
11II. Waterborne Transportation Sector Real GSP
Originating in 20005CT Ranks11th RI Just
33rdBased on Relative ImportanceCT Ranks 8th
RI 19th
12II. Waterborne Transportation SectorState Port
Activity vs. CT6RI Ranks 38th , CT 33rd
13II. Waterborne Transportation SectorGauging RIs
Expansion Potential Port Activity vs. CT2
If RI Had Port-Related Activity Simply Equaling
that of CT Our Economy would be Improved by (at
1999 levels of activity and prices)
- 391.8 million higher state Gross Regional
Product, a 1.4 increase
- 6,100 more RI jobs
- Average state prices reduced by about 1/2
- A 286 million increase in Personal Income, a
1.1 gain.
- Approximately 20-25 million more per year in
state tax revenues.
14III. The Coastal Economy of Rhode
Island3--Definition of Sectors
- Rhode Islands Ocean Economy
- Activities and resources that are directly or
indirectly tied to the ocean, coastal, and
watershed environment.
15III. The Coastal Economy of Rhode
Island3--Definition of Sectors
- Marine Waterways
- Waterborne Transportation Movement of freight
and passengers.
- Boat-Building
- Living Marine Resources
- Commercial Fish Harvesting Processing
- Economic Activity and Recreational Enjoyment
- Coastal-Related Tourism Recreation whether
conducted on land or water
- Construction
- Marine Coastal Infrastructure
- Piers, wharves, dredging, restoration of beaches,
etc.
- Government
- Research, Ocean Management, etc.
- Military Defense-Related
- US Navy Activities
16III. The Coastal Economy of Rhode
Island--Alternative Definition of SectorsThe
Marine Cluster4
17III. The Coastal Economy of Rhode Island3--Total
Scope and Value Base Study Year 1997
- Conservative Values Based on observed market and
economic data, excluding Non-Market Values for
recreation, amenities, etc.
- Gross State Product
- Direct Effects Only425.5 million or 1.9 of
total
- Including Direct/Indirect/Induced Effects515.1
million, 2.3 of total
- Compare CA at 2.0 and ME at 5.4
- ME did not suffer big decline in naval
shipbuilding as RI did
- Wages
- Direct Effects Only227.0 million or 2 of
total
- Including Direct/Indirect/Induced Effects2.4 of
total
- Employment
- Direct Effects Only8,317, 1.8 of state total.
- Including Direct/Indirect/Induced Effects17,254,
3.6 of total
18III. The Coastal Economy of Rhode Island3--Value
by Major Sector Base Study Year 1997
- Conservative values based on observed economic
data
- Gross Product Originating and Employment
- Totals 425.5m, 8317 jobs
- Tourism Recreation--140.1m, 3688 jobs
- Government118.6m, 2342 jobs
- Marine Waterways/Transportation 57.6m, 1483
jobs
- Living Marine Resources103.2m, 687 jobs
- Construction Rehabilitation5.9m, 117 jobs
19III. RI Coastal Economy Perspectives31997Gross
State Product, Wages Employment
20III. RI Coastal Economy Perspectives31997Average
Annual Wage by Ocean Sector
21III. RI Coastal Economy Perspectives3--1990s
Employment Wages Decline then Turn Up
22III. The Coastal Economy of Rhode IslandImpetus
for the Marine Cluster study4
Bay Summit Concluded (4/2000)
- The economic role of Narragansett Bay is
declining, although the reasons for this trend
are not fully understood. Summit participants
concluded that opportunities exist to make better
economic use of the Bay while improving the
quality and productivity of its ecosystem...
23III. The Coastal Economy of Rhode
Island3--Including Non-Market Values for Tourism
Recreation
- Ocean-Related Tourism Recreation--5.6 billion
- Conservative EstimatesValues based on observed
economic data
- GPO 140.1m
- Employment 3688 direct jobs 5300 direct
induced jobs
- Recreational Valueswalking/hiking, salt water
swimming, diving sightseeing, bicycling,
picknicking, jogging/running, nature photography,
sailing/windsurfing, etc - Additional economic value of 5.659 BILLION or
about 10-times the market value of GPO for the
entire coastal economy!
- Calculated from 185 million estimated
user-days
- Based on Colt, Tyrell, Lee study7
24IV. REFERENCES