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Meeting the Challenge of the New Economy - 1997 |
The Council spent most of 1996 analyzing data and listening to over 250 Rhode Islanders about the condition of the economy. The Council brought together labor, business, and government to develop a consensus on the condition of our economy, and more important, what we all must do to boost economic opportunity for Rhode Islanders. Our conclusion is that while Rhode Island has taken a number of important steps, we must do more to secure our long-term economic health.
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Section I -- Overview and Recommendations Section II -- Industry Sector Studies
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Section III -- Economic Development Foundations
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Foreword from Meeting the Challenge of the New Economy
In the United States, a New Economy is emerging: a knowledge and idea-based economy where the key to wealth and job creation is largely dependent on the extent to which ideas, innovation, and technology are embedded into services and manufactured products. If Rhode Island is to be a participant in this New Economy, with good jobs for all citizens, it must foster and master this transition.
Ensuring that Rhode Island's economic policies support our transition to that New Economy means that all parties, not just government, help shape policy. It means that just as New Economy businesses practice continuous improvement, Rhode Island must continuously improve its economic policies. It means that there needs to be an organization whose job it is to conduct analysis, recommend policies, and set a vision.
It was toward these ends that Governor Almond created the Rhode Island Economic Policy Council. The Council is composed of 19 members from the private sector, labor, higher education, health care and government, including the Governor and the leadership of the General Assembly. The Council provides objective, in-depth analysis of the on-going strengths, weaknesses, opportunities and threats facing the Rhode Island economy; develops creative strategies and recommends policies to address them; and advises the Governor, Administration and General Assembly. The Council is a non-profit corporation equally funded by the private sector and the state of Rhode Island.
If Rhode Island is to achieve its full economic potential going into the next century and if we are to build opportunity for all Rhode Islanders, we must continue to work co-operatively -- business and labor, government and the private sector -- to ensure that we lay a foundation for building the Rhode Island economy. At the Economic Policy Council we are working diligently on fostering this partnership to develop and implement the ideas and policies that will help Rhode Island businesses and workers surmount many of the barriers that have stood in the way of vibrant economic revitalization.
The Council spent much of 1996 examining in depth the competitive position of nine industrial sectors, representing a cross section of Rhode Island manufacturing and service industries. Through the input of industry-led cluster groups, discussions with hundreds of Rhode Islanders from industry, labor, government, higher education, and other organiza-tions, and by careful and objective analysis of information, the Council has developed findings and recommendations to guide economic policy. These include proven, state-of-the-art economic development strategies. A summary of the results of these efforts are presented here. This work is not just a plan or vision. The Council's work is a process of continuous and long-term strategic focus, of bringing the key players around the table to develop consensus, and of advising decision makers on critical next steps to building the Rhode Island economy. We hope that you will join with us in "Meeting the Challenge of the New Economy".
The Honorable Lincoln Almond
Lawrence K. Fish Governor Chairman, President and CEO Citizens Financial Group
Co-chairmen, Rhode Island Economic Policy Council, 1997