Due to the numerous hospitals, finance-related companies, institutions of higher learning and being the state capital, the Providence economy is very dependent on service industries. Regarding the finance industry, Providence includes several major financial companies and numerous smaller financial firms.
Providence still retains manufacturing jobs. Industries providing employment include plastic goods, rubber items, instruments, fabricated metals, electrical equipment as well as supplies for the Department of Defense. The city is still a prominent location for jewelry and silverware design and manufacturing.
Providence is the headquarters for the Fortune 500 company Textron and the Fortune 1000 company Nortek Incorporated. The world headquarters for the noteworthy GTECH and the headquarters of Citizens Bank are also located in the city.
Rhode Island provides companies with job training tax credits that are equal to half a company's training expenses. The state also offers job training grants that can be customized to the needs of businesses.
In Providence, the fastest growing occupational groups are technical workers and professionals. The major employment segments in Providence are trade, transportation and utilities; educational and health services, manufacturing, government, leisure and hospitality, and financial activities. Management, professional and related occupations comprise about 30% of the workforce. About 19% of the labor force consists of production, transportation and material moving workers.
Noteworthy information regarding Providence, Rhode Island: Average salary in 2009: $32,000. Cost of living index in 2008: 107.8. (U.S. average: 100). Population 25 years of age and older holding a bachelor's degree: 24%.
Largest employers in Providence, Rhode Island:
- Rhode Island Hospital
- Brown University
- U.S. Postal Service
- Women & Infants Hospital of Rhode Island
- Miriam Hospital
- Bank of America
- Johnson & Wales University
- Roger Williams Medical Center
- Providence Journal
- Blue Cross and Blue Shield of Rhode Island
- Bank Rhode Island
- Charter One Bank
- Citizens Bank
- Lighthouse MD
- Rhode Island Convention Center
- WMCA of Greater Providence
Some of the organizations providing assistance to local companies are:
- Greater Providence Chamber of Commerce
- Providence Economic Development Partnership
- Rhode Island Economic Development Corporation
- Rhode Island Manufacturers Association
People interested in staying up-to-date with local business activities can read the Providence Business News.