Providence, R.I., Undertakes Initiative to Jumpstart Economy

Providence was listed among the top 50 cities in the U.S. in which to do business in a June issue of Forbes Magazine. Now, a new initiative to jumpstart economic development in the Rhode Island capital is aimed at solidifying the ranking.

Providence Mayor David Cicilline announced on July 1 the creation of the initiative in an effort to position Providence among the nation's best cities in terms of economic development. Under the initiative, the Providence Economic Development Partnership (PEDP) will be established as a public-private partnership to provide services ranging from logistical support for start-ups to loans for new and existing businesses.

The initiative also will implement the strategies outlined in Building Providence’s Creative and Innovative Economy, a report by the Providence Foundation, the Rhode Island Economic Policy Council and New Commons, Inc. Five industry clusters – biomedical research, knowledge creation, design and business innovation, technology-IT and creative elements, and arts and culture – power Providence's economy, according to the report.

It is the synergy of these industry clusters, and the co-location of these industries in Providence, that can create job growth and business development, Mayor Cicilline said in a press statement. The creative professionals in the five clusters represent 18 percent of the jobs in Providence, with 20,000 jobs anchoring another 40,000 jobs in the other sectors, to account for 54 percent of all jobs in Providence.

Building Providence’s Creative and Innovative Economy builds on the city's strengths, highlighting 52 projects for implementation over the next five years. Among the projects — grow Providence's scientific research capacity through its research institutions. Specifically, the report calls for increased support of Brown University's computer science, biomedical research, public health, brain science, and materials and manufacturing science research programs.

The report goes on to name such challenges as commercializing research more rapidly, facilitating improved access to capital and reducing the brain drain in Providence. The full report is available at: http://www.ripolicy.org/resources/index.asp?cat=4

Mayor Cicilline will chair PEDP. An extensive search for PEDP Executive Director is expected.