Over the last few decades Rhode Island’s economy has changed in fundamental ways. Like the rest of the nation, the state’s economy has shifted from a reliance on machinery and equipment to “knowledge workers” who generate ideas and information. The state must now compete in an economy where innovation and knowledge are the primary drivers of economic growth. Though daunting, the transition offers Rhode Island an opportunity to achieve greater prosperity now and in the years to come.
The Rhode Island Economic Development Corp.’s 2008 Economic Growth Plan described its strategy to accelerate economic transformation.

Top priorities have included programs to increase the availability of growth capital, a regional attraction campaign to promote company relocation and expansion. Others include a partnership to leverage property made available through the I-195 relocation, improvements to an expedited permitting program, programs that strengthen the workforce development platform, an effort to increase the state’s R&D capacity and stimulate new company creation, and a program to reduce the regulatory burden faced by small businesses.