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Over 1 million people call Rhode Island their home, ranking it the 43rd most populous of the United
States. The state’s largest cities and towns are Providence, Warwick,
Cranston, Pawtucket, East
Providence, Woonsocket, Coventry, North
Providence, Cumberland, and West Warwick.
While Rhode Island’s economy does not rely heavily upon agriculture, important agricultural
products aid the state. These include dairy products, eggs, poultry raising (the state is famous for
its Rhode Island Red chickens), nursery and greenhouse items. Important seafood catches include
shellfish, flounder, and porgy. Other agricultural contributors include beef cattle, hogs, honey,
sweet corn, potatoes, apples, hay, the Rhode Island Greening apple, wineries, and turf grass.
Health care represents the strongest sector in the Ocean State’s industries. Tourism is the
second-largest industry, providing over $4 billion in revenue. Other vital industries include
defense; financial services; and marine related industries such as boatbuilding and repair,
shipbuilding, commercial fishing, aquaculture, marine electronics, and marine trades. Rhode Island
is also a chief center for marine and ocean environmental research. Increasingly, biotechnology and
life sciences contribute to the Rhode Island’s diversified economy.
Manufacturing continues as an economic strength for Rhode Island. The Ocean State is known for
jewelry making, silverware, textiles, primary and fabricate metals, machinery, electrical equipment,
and rubber and plastic goods.
Rhode Island touts attractive attributes for business. Labor costs, and commercial, industrial,
and residential real estate prices are all lower in Rhode Island than in much of New England.
Additionally, Rhode Island boasts a highly educated workforce, with more college students per capita
than any other state, and 50 percent more master’s degree recipients than the national average.
In 2005, the per capita personal income (PCPI) of Rhode Island was just over $35,324, ranking 17th
highest in the United States, at 102 percent of the national average. The 1995-2005 average annual
growth rate of PCPI was 4.3 percent, close to the average annual growth rate of 4.1 percent for the
nation. Rhode Island has a home ownership rate of 63.1 percent and an annual unemployment rate of
5.1 percent. The Ocean State’s median family income for 2005 was $51,458, with a cost of living
ranking above the national average. Rhode Island’s top bracket of personal income tax is 9.9
percent; the state levies a sales tax of 7 percent, with some exemptions.
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