- 2,020 more businesses
- 29,813 more employees
- 32.7% increase in total wages
- $9,612 in additional annual wages per employee
- 23.3% increase in wages per employee
Since 2009, the number of businesses in Rhode Island has grown by 5.8% (3.7% less than the national average of 9.5%). Employment in Rhode Island has grown by 7.7% (6.8% less than the national average of 14.4%). Wages have grown by 23.3% since the end of the Great Recession. This wage growth is 0.7% greater than the national average of 22.5%.
The average weekly wage in Rhode Island of $979 is 8.0% below the national average of $1,064. The gap between the national average has widened from 8.4% a widening of 0.4% since the end of the recession.
The Professional services sector has the most businesses in the state of Rhode Island . Since the end of the recession, the number of businesses has grown from 4,145 to 5,138, a gain of 24.0%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||3,084||2,815||9.6%|
|Finance and insurance||1,699||1,643||3.4%|
|Real estate and rental||1,103||1,138||-3.1%|
|Transport and warehousing||771||723||6.6%|
|Arts and entertainment||599||572||4.7%|
|Agriculture and forestry||173||168||3.0%|
|Mining and oil extraction||16||19||-15.8%|
Data reported thru the BLS for Rhode Island is a bit suspect, but we will do our best to provide our assessment as we wait for the data to be updated for 2018. Several sectors have not performed well since the recession, in particular the Manufacturing sector. This sector had a reduction in the number of businesses in the state of 16.2%, a loss of over 300 businesses. The Real estate and rental sector lost 3.1% of its businesses. In addition to the Professional services sector a couple of other sectors did well, including Healthcare (+26.8%), Waste services (+20.7%) and Company management (+42.2%_
The Healthcare sector employs the most workers in the state of Rhode Island . The number of jobs has increased 4.0% since the end of the recession from 76,949 to 79,990. The table below illustrates the change in employment in each sector:
|Accommodation and food services||48,811||41,334||18.1%|
|Finance and insurance||26,551||23,629||12.4%|
|Transport and warehousing||10,147||9,000||12.7%|
|Arts and entertainment||9,372||7,632||22.8%|
|Real estate and rental||6,207||5,979||3.8%|
Since the recession there are several sectors in the state which lost workers. Manufacturing, which was the 3rd largest employer lost 3.4% of its workers and dropped to 4th. The Information sector lost 39.5% of its workers which accounts for over 4,000 workers. Several sectors added workers including Company management which increased by 46.5%, Accommodation and food services added nearly 7500 jobs increasing by 18.1% to become the states 2nd largest employer. Jobs in the Waste services sector increased by 29.7% since the recession,
The sector with the highest wages is the Company management sector at $2,319. Prior to the recession, the sector’s average weekly wage was $1,777. This is an increase of $542 per week or 30.5%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,916||$1,307||46.6%|
|Real estate and rental||$896||$696||28.7%|
|Transport and warehousing||$784||$675||16.1%|
|Arts and entertainment||$620||$449||38.1%|
|Accommodation and food services||$393||$306||28.4%|
While the average weekly wage increased in the state by 23.3%, several sectors did not keep page including Healthcare (+14.5%), Transport and warehousing (+16.1%) and Retail trade (+17.2%). The Finance and insurance sector has had an increase in wages of 46.6% since the recession, the Arts and entertainment sector increased by 38.1%, and the Accommodation and food services sector had an above average increase of 28.4%. This is the lowest paying sector in the state but employs the 2nd most people.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Services for the elderly and disabled which has grown 1,641.5%. The top industry that has contracted the most is Offices of physicians which has contracted by 21.9% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||1,540||1,628||-5.4%|
|Computer systems design and related services||1,454||871||66.9%|
|Residential building construction||982||1,034||-5.0%|
|Services for the elderly and disabled||923||53||1,641.5%|
|Offices of lawyers||765||799||-4.3%|
|Management consulting services||708||517||36.9%|
|Offices of physicians||654||837||-21.9%|
|Accounting and bookkeeping services||557||491||13.4%|
|Temporary help services||507||375||35.2%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Management of companies and enterprises which has grown 46.5%. The industry that has lost the most employees is Colleges and universities which has contracted by 6.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||18,143||18,385||-1.3%|
|Management of companies and enterprises||13,492||9,209||46.5%|
|Colleges and universities||11,259||12,016||-6.3%|
|Nursing care facilities, skilled nursing||10,101||10,244||-1.4%|
|Temporary help services||9,532||6,687||42.5%|
|Supermarkets and other grocery stores||8,901||8,990||-1.0%|
|Offices of physicians||8,287||8,099||2.3%|
|Computer systems design and related services||6,840||5,192||31.7%|
|Elementary and secondary schools||5,508||4,385||25.6%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Spectator sports which has grown 191.8%. The average weekly wage in the Industrial building construction industry has grown by 7.6% since the recession. This is the industry with the lowest wage growth among top industries in Rhode Island . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Professional employer organizations||$3,030||$1,358||123.1%|
|Electric power generation||$2,412||$1,733||39.2%|
|Management of companies and enterprises||$2,319||$1,777||30.5%|
|Pharmaceutical and medicine manufacturing||$2,271||$1,706||33.1%|
|Industrial building construction||$2,202||$2,046||7.6%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 250 to 499 employees. The number of businesses with this number of employees has grown from 67 to 79, which is an increase of 17.9%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 5,178 to 5,352, which is an increase of 3.4%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||23,925||22,061||8.4%|
|More Than 1,000 Employees||21||18||16.7%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 37,931 to 43,372, which is an increase of 14.3%.
The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 20,970 to 21,164, which is an increase of 0.9%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||32,989||30,877||6.8%|
|More Than 1,000 Employees||43,372||37,931||14.3%|
The biggest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,341 to $1,912, which is an increase of 42.6%.
The smallest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,034 to $1,251, which is an increase of 21.0%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$1,052||$794||32.5%|
|More Than 1,000 Employees||$1,506||$1,156||30.3%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.