News and press releases from RIPEC, the Rhode Island Public Expenditure Council

News

• 5/10/2019 Providence (May 2019) – Today, the Center for Global and Regional Economic Studies at Bryant University and the Rhode Island Public Expenditure Council (RIPEC) jointly released the Rhode Island Current Economic Indicator (CEI) Briefing for the first quarter of 2019. The full briefing is available here. Revised data from the U.S. Bureau of Economic Analysis shows that Rhode Island GDP contracted unexpectedly in Q3 2018. On an annual basis, the Rhode Island economy showed relatively sluggish growth in 2018, expanding 0.6 percent and ranking 47th of 50 states in economic performance. With an increase of 0.5 percent, sluggish GDP growth is projected to continue throughout Q1 2019 and the “growth gap” between the Rhode Island economy and regional and national trends is expected to widen.  Weak GDP performance reversed job growth in Rhode Island, with a loss of 2,800 jobs between December 2018 and March 2019. The unemployment rate reached its lowest point since 1989 in March 2019 at 3.8 percent, but the Rhode Island CEI shows concerning signs regarding job creation in key economic sectors, with Q1 2019 job losses in education and health services, information services, leisure and hospitality, professional and business services, and trade, transportation, and utilities. Employment in manufacturing stagnated, while five of the eleven factors that comprise the Rhode Island CEI positively affected economic growth: general sales and gross receipts taxes, real wages and salary disbursements, initial unemployment claims, construction employment, and financial services employment.  The quarterly CEI, developed by economists at The Center for Global and Regional Economic Studies at Bryant University, combines several key gauges of economic activity in a single statistic that measures the overall current economic conditions in Rhode Island. It is calibrated to grow at the rate of the Real Gross State Product and, therefore, can be interpreted as the underlying growth rate of the state economy. The CEI is calculated using the most current available data for the state. For additional information, contact Edinaldo Tebaldi, Professor of Economics at Bryant University, at etebaldi@bryant.edu.
• 5/29/2015 PROVIDENCE – On Friday, May 29, the Rhode Island Public Expenditure Council (RIPEC) released comments on the Governor’s FY 2016 budget as proposed. The full report is available here. As the General Assembly debates the budget proposal, RIPEC believes that there are several components that deserve particular attention. These important considerations include the Governor’s proposed economic development initiatives, reforms to the Medicaid program, the use of one-time revenue sources to balance the budget and the impact of the improvement in the state’s fiscal condition resulting from projections at the May 2015 Revenue and Caseload Estimating Conference. A structural deficit in the state budget is expected to persist in future fiscal years. To address the structural deficit, policymakers should focus on two of the largest cost drivers in the budget: Medicaid and personnel. Rhode Island’s economy has shown some recent signs of recovery but continues to demonstrate lingering weakness from the impact of the Great Recession. With this in mind, the budget process offers policymakers an opportunity to improve the state’s business climate and adopt policies that will enhance Rhode Island’s economic competitiveness. The availability of revenues greater than initial estimates means that the state has greater flexibility to make vital investments that will promote economic growth. This funding allows for the possibility of making meaningful investments in infrastructure, education or other economic development initiatives. It also makes it possible for the state to establish economic development programs, such as those proposed by the Governor, that will provide policymakers with the tools needed to attract and retain businesses. At the same time, sufficient checks and balances, including reporting requirements and legislative oversight, must be in place to protect taxpayer investments. In addition to taking steps that will improve the state’s economy, policymakers also must be cognizant of the long-term structural deficit that exists in the state budget. As part of her approach to reducing this deficit, the Governor has proposed a number of reforms to the state’s Medicaid program that are intended to curb rapidly growing costs. While these reforms are undoubtedly necessary, consideration should also be given to the capacity of state government to implement these reforms as well as the ability of health care providers to absorb the proposed expenditure reductions. The state’s readiness to assist health care providers identify potential areas of savings that can be partially recouped through a new incentive program will be an essential component of Medicaid reform. The state must be ready and able to assist providers as the health care system transitions from a fee-for-service model to alternative payment methods. The budget process also affords policymakers with the opportunity to examine Rhode Island’s state personnel system. A specific area for consideration involves the classification system that determines whether state positions are subject to civil service merit requirements or appointment by the Governor. Any chief executive must have the ability to appoint individuals to key decision-making positions to ensure that the state bureaucracy is responsive to his or her policy agenda. To this end, the state should review the current classification system to ensure that this ability is afforded to the Governor. Additionally, policymakers should be mindful of the impact that the recent state employee pension settlement will have on the structural deficit. An analysis of the proposed settlement by the state’s actuaries indicates that the total employer contribution (split between the state and municipalities) will increase by $31.6 million in FY 2017. A review of the past ten years of inflation-adjusted expenditure categories demonstrates that the state’s total expenditures have increased by 9.9 percent. This growth is primarily driven by the grants and benefits expenditure category, which increased by 21.7 percent over the past ten years, and general operations expenditures, which increased by 5.5 percent during the same time period. Capital expenditures and debt service combined also resulted in expenditure growth, increasing by 18.0 percent and 10.9 percent, respectively. By contrast, local aid expenditures have declined by 14.1 percent on an inflation-adjusted basis since FY 2006. These trends suggest that grants and benefits and the state’s general operations budget should, therefore, be the focus of cost containment efforts.
• 2/1/2015 The RIPEC Joint-Board of Directors and Trustees meeting scheduled for Monday, February 2, 2015 has been cancelled due to inclement weather. Details about a rescheduled meeting date will be released in the coming days.
• 11/13/2014 The Rhode Island Public Expenditure Council (RIPEC) co-hosted an event with Rhode Island's Executive Office of Health and Human Services on November 24, 2014. The full agenda and registration form may be found here. The panelists presentations are linked below: David Blumenthal (link) President The Commonwealth Fund Chas Roades (link) Chief Research Officer The Advisory Board Company Ronald Smith (link) Legislative Director American Public Human Services Association Peter Andruszkiewicz (link) President & CEO Blue Cross Blue Shield of Rhode Island Dr. Timothy Babineau (link) President & CEO Lifespan Dr. Kathleen C. Hittner (link) Health Insurance Commissioner Rhode Island Office of the Health Insurance Commissioner
• 11/7/2014 PROVIDENCE, R.I. (November 2014) – According to the Rhode Island Current Economic Indicator (CEI) briefing released today by the Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council (RIPEC), Rhode Island’s economy has experienced growth over 2.0 percent over the past six economic quarters. The state’s economy grew by an annual rate of 3.0 percent in the second quarter of 2014 and by 2.3 percent in the third quarter of 2014. Growth is projected to continue into the fourth quarter, as the Leading Economic Indicator projects an expansion of 2.5 percent. Overall, the Rhode Island economy is projected to expand 2.4 percent in 2014, compared to 1.4 percent in 2013 and 1.3 percent in 2012. A copy of the press release is available here, and the full briefing is available here.
• 10/30/2014 PROVIDENCE – On Friday, October 31, the Rhode Island Public Expenditure Council (RIPEC) released a report titled “Constitutional Conventions in Rhode Island.” The report provides voters contextual information and questions to consider regarding Question 3 on the November 2014 ballot, which reads “Should there be a convention to amend or revise the Constitution?”  The full report is available here.
• 10/20/2014 PROVIDENCE, R.I. (October 2014) – Today, John C. Simmons, the Executive Director of the Rhode Island Public Expenditure Council (RIPEC), will be presented with the Tax Foundation’s annual Outstanding Achievement in State Tax Reform Award at RIPEC’s 71st Annual Meeting. The full press release is available here.
• 10/20/2014 PROVIDENCE R.I. (October 2014) – The Rhode Island Public Expenditure Council held its 71st Annual Meeting on Monday, October 20, 2014 at the Rhode Island Convention Center.  As part of the evening’s events, RIPEC honored this year’s public service award winners, Jeanne Boyle, Director of Planning and Development for the City of East Providence and Tom Mullaney, Director of the Rhode Island Office of Management and Budget.  The full press release is available here.
• 10/19/2014 PROVIDENCE – On Monday, October 20, the Rhode Island Public Expenditure Council (RIPEC) released “HealthSource RI: Status Updates and Upcoming Policy Choices.” The report is intended to provide stakeholders with background information on Rhode Island’s health insurance exchange, HealthSource Rhode Island (HSRI), and outline forthcoming policy decisions. The press release is available here and the full report is available here.
• 10/10/2014 Today the Rhode Island Public Expenditure Council (RIPEC) released an analysis of Rhode Island's budget outlook based on the preliminary FY 2014 closing, debt position, and 2014 ballot questions. The press release is available here and the full report is available here.
• 9/23/2014 As Rhode Island continues to recover from the Great Recession, and policymakers debate the role of public policy in advancing and promoting the economy, Ezra Klein, Editor-in-Chief of Vox.com, will deliver a keynote address on political economy at RIPEC's 71st annual meeting on October 20, 2014. The full press release is available here.
• 8/25/2014 PROVIDENCE, R.I. (August 2014) – According to the Rhode Island Current Economic Indicator (CEI) briefing released today by the Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council (RIPEC), Rhode Island’s economy grew by an annual rate of 2.2 percent in the first quarter of 2014 and by 3.0 percent in the second quarter of 2014—a rate significantly higher than recent quarters. Growth is projected to continue into the third quarter, as the Leading Economic Indicator projects an expansion of 2.5 percent.  Rhode Island’s 2014 second quarter economic expansion was driven by national growth trends and internal dynamics, including employment growth in the construction and professional and business services industries. A copy of the press release is available here, and the full briefing is available here.
• 8/25/2014 PROVIDENCE –The Rhode Island Business Coalition released a report today outlining business climate reforms accomplished in the General Assembly’s 2014 session.    The report, which focuses on legislative and budgetary changes that relate to the cost-of-doing-business in Rhode Island, commends General Assembly leadership for its emphasis on improving the business climate, and urges additional future reforms.  The press release is available here, and the full report is available here.
• 5/21/2014 According to the Rhode Island Current Economic Indicator (CEI) briefing released today by the Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council, growth was slower than originally expected in the fourth quarter of 2013, expanding at an annual rate of 2.3 percent. Rhode Island’s economy grew at an annual rate of 2.2 percent in the first quarter of 2014, and is projected to expand at an annual rate of 2.1 percent in the second quarter of 2014.  Rhode Island’s 2014 first quarter economic expansion was driven by employment growth in the leisure and hospitality, construction, and professional and business service industries. A copy of the full briefing is available here. Though growth in late 2013 and early 2014 was slower than originally predicted, Rhode Island’s economic recovery is generally keeping pace with regional and national economic rates, and Rhode Island’s 2014 first quarter growth exceeds regional and national rates (2.2 percent growth versus 1.7 percent and 0.1 percent, respectively).  In the first quarter of 2014, most CEI internal factors positively contributed to Rhode Island’s growth. However, initial unemployment claims were higher than recent quarters, and general sales and gross receipts taxes decreased in both 2014 Q1 and 2013 Q4. As noted by the CEI, Rhode Island’s recent labor market trends must also be considered when assessing Rhode Island’s economic recovery.  Recently released labor force data from the state’s Department of Labor and Training (DLT) suggests that although Rhode Island’s unemployment rate is improving, the state’s labor force is still 3.1 percent smaller than pre-recession levels. Additionally, the number of employed Rhode Islanders is still 5.5 percent lower than it was before the recession. These indicators suggest a fundamental opportunity to better align the state’s workforce with the demands of employers. John Simmons, Executive Director of the Rhode Island Public Expenditure Council remarked, that “The basic foundation of Rhode Island’s economy seems to have stabilized, as we continue to have positive employment growth in selected areas. However, other indicators, such as recently-released local labor force statistics, and the income and growth potential of some major industries, remain a concern. A continued focus on ways to structurally improve Rhode Island’s economy will be required in the coming quarters.” The quarterly CEI, developed by economists at The Center for Global and Regional Economic Studies at Bryant University, combines several key gauges of economic activity in a single statistic that measures the overall current economic conditions in Rhode Island. It is calibrated to grow at the rate of the Real Gross State Product and, therefore, can be interpreted as the underlying growth rate of the state economy. The CEI is calculated using the most current available data for the state.
• 5/16/2014 PROVIDENCE – On Monday, May 19, 2014, RIPEC released a report outlining a performance management framework for state government, specifically the Rhode Island Department of Business Regulation (DBR).  The report, which focuses on DBR’s Banking Division, discusses the challenges associated with measuring state government effectiveness, and includes a RIPEC-developed effectiveness index for DBR’s banking regulation. The full report is available here. With the intent of enhancing overall efficiency and effectiveness, the DBR commissioned RIPEC to review its current performance measurement process in the context of neighboring states, and to develop a performance measure index intended to measure the effectiveness of the Department’s Banking Division. RIPEC’s review of similar state regulators found that while many northeastern U.S. states have transparent structures in place to report on performance in terms of output or outcomes, very few states report on performance indicators such as efficiency, and none report on agency effectiveness. For these reasons RIPEC’s index intends to further define effectiveness indicators for DBR’s banking division by aggregating various indicators into one index with three pillars: measuring the health of the banking industry in Rhode Island; the proficiency, or intrinsic ability of DBR; and the status of the environment being regulated.  Specifically, RIPEC’s index relies upon seven components to achieve these goals. However, metrics like the index developed in this report, provide meaning only in context—either through historical development over time or by benchmarking to other entities. RIPEC encourages the continued use of this index, and other performance management monitoring by the state over time. As the demand on public resources grows, state and local governments will be required to be more efficient and effective with limited resources. Performance management frameworks, such as this, provide a quantitative-based tool for monitoring the accomplishment of this goal. DBR intends to seek industry input on the index before fully implementing.  Since this is a new model for DBR, and since no other state is using such an index, it will be up to DBR to continuously monitor the index over time in order to develop the useful trend indicators to improve the Department’s effectiveness.
• 4/3/2014 The Rhode Island Public Expenditure Council (RIPEC) was approached by the honorable Mayor Donald Grebien to begin work on the Pawtucket Benchmarking and Management Study. RIPEC has conducted in-depth research on areas to increase efficiencies and has collaborated with Pawtucket’s members of the Executive, Finance, Planning, Public Works, and Public Safety departments to implement more efficient practices. This document seeks to offer additional and holistic insight into Pawtucket’s City Administration management, as well as capture the changes made over the past year within the City Administration as a result of its collaboration with RIPEC. To see a full copy of the report, click here. In this document, you will find the following sections: •    Overview; •    Baseline Analysis; •    Organizational Analysis; •    Financial Forecast; •    Labor Management; •    Best Practices; •    Mergers and Consolidations; and •    Considerations and Recommendations.
• 4/2/2014 On May 27, 2013, the Providence City Council (the “Council”) approved a resolution establishing a 15-member City of Providence Task Force on Economic Development (the “Task Force”).  As stated in the resolution, the Task Force’s mission was: Recommending an implementation plan for identified economic development strategies for Providence, taking into account current assets, challenges, and opportunities for long-term growth and stability; Benchmarking and setting goals for funding priorities, including Downtown and neighborhood-based economic development opportunities; and Studying and making recommendations regarding the future of 111 Westminster, including reviewing the economic impact, examining and recommending various options, and financing. The Rhode Island Public Expenditure Council (RIPEC) was hired to provide research and data on the city’s economy and to write a final report outlining the Task Force’s findings and recommendations.  RIPEC also assisted the Task Force by facilitating discussion during public meetings, briefing the Task Force on policy issues, and providing relevant reports and other documents.  A complete schedule of the public meetings that were held and a list of the documents provided to the Task Force is included in the Appendix. To see the full report, click here. The report includes six sections: An “Executive Summary” summarizing the key findings and recommendations in the report; The “Overview and Recommendations” section provides a brief history of Providence and presents the Task Force’s proposed economic vision statement for Providence and other recommendations to aid economic development in the city; The “Demographic Data” section presents key demographic and economic statistics for Providence County; The “Providence Economic Development System” section describes the governmental agencies responsible for economic development in Providence and the programs that they currently administer; A “111 Westminster Street” section is devoted entirely to issues surrounding the building commonly known as the “Superman Building;” An “Appendix” consisting of supplemental data, including an industry-analysis for Providence, sample ordinances, and a model of the tax stabilization agreement proposal made in this report.
• 2/14/2014 PROVIDENCE, R.I. (February 2014) – The Rhode Island Current Economic Indicator (CEI) was revised upward in the third quarter of 2013, expanding at an annual rate of 2.7 percent.  Rhode Island’s economy grew at an annual rate of 3.0 percent in the fourth quarter of 2013, and is projected to expand at an annual rate of 2.7 percent in the first quarter of 2014.  A copy of the full briefing is available here. According to a briefing released today by The Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council (RIPEC), growth in the second half of 2013 was faster than originally predicted.  The 2013 third quarter overall CEI was revised up from 2.2 percent growth to 2.7 percent, and the 2013 fourth quarter CEI grew at a faster-than-expected rate (3.0 versus the anticipated 2.4 percent).  This increase was chiefly driven by better than anticipated employment statistics in industries such as leisure and hospitality, and national economic improvements (third quarter national gross domestic product grew at a 4.1 percent annualized rate). However, the fourth quarter ended with worse than expected wage and salary disbursements. The state’s economic expansion sustained momentum during the fourth quarter of 2013 and is predicted to continue in the first quarter of 2014.  The observed fourth quarter growth is a combination of internal indicators including increases in total wages and salaries disbursements, and employment growth in some sectors of the economy. For example, negative third quarter growth in general sales and gross receipt tax revenue was offset by positive employment growth in construction, leisure and hospitality, and professional and business services.  Moreover, positive national economic conditions such as U.S. GDP may be contributing to Rhode Island’s positive fourth quarter growth.   While recent trends suggest that Rhode Island has been able to sustain short-term growth, John Simmons, Executive Director of the Rhode Island Public Expenditure Council remarked, that “the state’s biggest economic challenges continue to lie with its changing labor force, misalignment of labor supply and demand, and long-term structural deficits. In addition to focusing attention on these challenges, the state must strategically plan to develop ways in which it can nourish high-paying industries and their associated jobs.” The quarterly CEI, developed by economists at The Center for Global and Regional Economic Studies at Bryant University, combines several key gauges of economic activity in a single statistic that measures the overall current economic conditions in Rhode Island. It is calibrated to grow at the rate of the Real Gross State Product and, therefore, can be interpreted as the underlying growth rate of the state economy. The CEI is calculated using the most current available data for the state. For additional information about the RI CEI or the newsletter, contact Edinaldo Tebaldi, associate professor of economics at Bryant University, at etebaldi@bryant.edu.
• 2/4/2014 PROVIDENCE, R.I. (February 2014) -- The Rhode Island Public Expenditure Council (RIPEC), Rhode Island Commerce Corporation (Commerce RI), Rhode Island Senate and Rhode Island House of Representatives announced the continuation of a partnership that formed last year to jointly maintain a database for tracking business-related legislation. 2014 House Legislation 2014 Senate Legislation Legislation that is expected to have considerable influence over the state’s tax structure, regulatory climate, public safety or economic development programing will be monitored and listed in the database, which will be updated bi-weekly to reflect new legislation and posted to RIPEC’s website. “The collaboration between RIPEC and Commerce RI directly aligns with my Transparency and Accountability Initiative by making legislation more visible to our businesses,” said Governor Lincoln D. Chafee. “The database is one of many efforts to show businesses that Rhode Island is proactively working to improve our business climate and make it easier to do business.” President of the Senate M. Teresa Paiva Weed said, “Positioning Rhode Island for long-term economic prosperity will take a cooperative effort among all of us working together to address our unemployment rate and the wellbeing of our residents. It is important to ensure that the potential positive and negative impacts of legislative proposals are fully understood. On behalf of the Senate, I am proud to be a part of this collaborative effort and look forward to working with all of our partners in the future.” Speaker of the House, Gordon Fox added “The last legislative session proved to be effective as the House took several necessary steps at improving our business climate while creating efficiencies that will benefit new and existing small businesses in our state.  I am proud to continue in this collaborative effort in making certain that the public, and especially the business community, is well informed about the impact of business-related legislation. The House is committed to enacting initiatives this session to improve our economic outlook and our business climate.  Ensuring that all of these bills are categorized and readily available is consistent with my goal of increasing transparency and public participation in the legislative process.”   Proposed legislation should be evaluated, in part, by the impact it has on the state’s business climate and cost of doing business, and this tracking database will assist in these efforts.  This legislative tracking initiative is aimed at assisting the business community and legislators by identifying which proposed policies may affect the cost of doing business in Rhode Island. To this end, the four organizations seek input and suggestions from the business community regarding the inclusion of pieces of legislation that have a significant business climate impact.   “RIPEC commends the Governor, Commerce RI, Senate, and House for committing to make the state’s economic competitiveness a top priority this legislative session,” said John Simmons, RIPEC Executive Director. “If the state is to improve its competitive position there must be a thorough examination of how the state fares on economic competitiveness and business climate policies, and tracking pertinent legislation is an important step in this endeavor.” “The collaboration between Commerce RI, RIPEC, the Governor’s office and the General Assembly highlights the importance of helping the business community by providing quality service through access to timely and useful information,” said Marcel A. Valois, Executive Director of Commerce RI. “We want to ensure that businesses are aware of what legislation is impacting them and how, and this database will be an important one-stop resource for issues that affect Rhode Island’s business climate.”
• 1/14/2014 RIPEC hosted a forum on Medicaid service delivery and payment reform, sponsored by CVS Caremark, featuring presentations by national and local experts on the ways in which public and private sector stakeholders have successfully implemented healthcare delivery and payment reform.  The discussion focused on how Rhode Island’s Medicaid reform efforts compare with those in other states. The event's program is available here. Opening Remarks: Thomas M. Moriarty, Executive Vice President and General Counsel, CVS Caremark John C. Simmons, Executive Director, Rhode Island Public Expenditure Council Steven Costantino, Secretary, Rhode Island Executive Office of Health and Human Services National Review Panel: Melissa Hansen, State Health Policy Specialist, National Conference of State Legislatures (presentation) Charles D. Phillips, Senior Vice President, Medicaid, CVS Caremark Corporation (presentation) Audrey Shelto, President, Blue Cross Blue Shield of Massachusetts Foundation (presentation) Anya Rader Wallack, President, Arrowhead Health Analytics (presentation) Local Review Panel: Charles Jones, Chief Executive Officer, Thundermist Health Center (presentation) Elena Nicolella, Medicaid Director, Rhode Island Executive Office of Health and Human Services Mark Waggoner, Senior Vice President and Chief Contracting Officer, Blue Cross Blue Shield RI WHAT:     The three-hour forum focused on national and local trends in Medicaid service delivery and payment reform.  There was a question and answer period after each panel. WHEN:     Thursday, January 23, 2014.  Registration began at 8:15 a.m. WHERE:    CVS Caremark, 1 CVS Drive, Woonsocket, RI 02895
• 12/18/2013 RIPEC hosted a forum on higher education in Rhode Island, sponsored by Fidelity, featuring presentations by national and local higher education authorities.  The discussion focused on how Rhode Island’s higher education system compares nationally, upcoming challenges, the current funding structure, and projections for the future of higher education both in the Ocean State and nationally. The event's program is available here. National Review Panel: Julian L. Alssid, Senior Workforce Strategist, College for America (presentation) Lara Couturier, Program Director, Postsecondary State Policy, Jobs for the Future (presentation) Sarah Flanagan, Vice President for Government Relations and Policy, National Association of Independent Colleges and Universities Carlos Santiago, Senior Deputy Commissioner for Academic Affairs, Massachusetts Department of Higher Education Local Review Panel: Dan Egan, Executive Director, Association of Independent Colleges and Universities of Rhode Island Jane Gerety, RSM, President, Salve Regina University Clark Greene, Rhode Island Office of Higher Education (presentation) Eva-Marie Mancuso, Chair, Rhode Island Board of Education (presentation) WHAT:     The three-hour forum focused on the future of higher education.  There was a question and answer period after each panel. WHEN:      Friday, January 10, 2014.  Registration began at 8:15 a.m. WHERE:     Fidelity Investments, 900 Salem Street, Smithfield, Rhode Island
• 12/5/2013 PROVIDENCE, R.I. (December 2013) – The Rhode Island Current Economic Indicator (CEI) was revised downward in the second quarter of 2013, expanding at an annual rate of 1.6 percent.  Rhode Island’s economy grew at an annual rate of 2.2 percent in the third quarter of 2013, and is projected to expand at an annual rate of 2.4 percent in the fourth quarter of 2013.  This is the first time since the creation of Rhode Island’s CEI in 2010 that both the CEI and leading indicators are above the 2.0 percent expansion threshold.  A copy of the full briefing is available here. According to a briefing released today by The Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council (RIPEC), growth in the first half of 2013 was slower than originally predicted.  The second quarter overall CEI was revised down from 1.7 percent growth to 1.6 percent. This slight decline was chiefly driven by worse than anticipated employment statistics in the leisure and hospitality industry. However, the second quarter ended with better than expected growth in wage and salary disbursements, and national economic conditions such as gross domestic product (GDP). In particular, U.S. GDP growth was revised up from 1.7 percent to 2.5 percent. The state’s economic expansion gained momentum during the third quarter of 2013, and is predicted to grow even further in the fourth quarter.  The observed third quarter growth is a combination of internal indicators such as tax revenue figures, increases in total wages and salaries disbursements, and job creation in some sectors of the economy. Negative third quarter employment growth in industries such as professional and business services was offset by positive employment growth in trade, transportation and utilities and construction.  Moreover, positive national economic conditions such as U.S. GDP may be contributing to Rhode Island’s positive third quarter growth.   Despite this positive economic momentum, Rhode Island continues to struggle with a number of internal structural issues. “While some third quarter results suggest positive trends, quarter-over-quarter employment declines in industries such as professional and business services, and slowdown in general sales and gross receipt taxes suggest that growth is not entirely consistent. These inconsistencies, combined with the state’s significant labor force declines and relatively high unemployment require continued, focused attention,” said John C. Simmons, Executive Director of RIPEC. The quarterly CEI, developed by economists at The Center for Global and Regional Economic Studies at Bryant University, combines several key gauges of economic activity in a single statistic that measures the overall current economic conditions in Rhode Island. It is calibrated to grow at the rate of the Real Gross State Product and, therefore, can be interpreted as the underlying growth rate of the state economy. The CEI is calculated using the most current available data for the state. For additional information about the RI CEI or the newsletter, contact Edinaldo Tebaldi, associate professor of economics at Bryant University, at etebaldi@bryant.edu.
• 11/19/2013 PROVIDENCE R.I. (November 2013) – The Rhode Island Public Expenditure Council held its 70th Annual Meeting on Monday November 18, 2013 at the Rhode Island Convention Center.  David Gergen of the Harvard Kennedy School and CNN delivered the keynote address on public leadership.  Attendees also heard remarks from Lt. Governor Elizabeth Roberts, Senate President M Teresa Paiva Weed and Speaker Gordon Fox. As part of the evening’s events, RIPEC honored this year’s public service award winners, Peter A. DeAngelis, Jr., Manager, town of Barrington and Peter M. Marino, Director of the Rhode Island Office of Management and Budget.  Paula Twidale, Chair of the Public Service Award Selection Committee said, “This year’s nominees are true examples of what it means to work in public service.  We are proud to be able to honor them as a part of this year’s annual meeting.” The Board of Directors and Trustees also approved the organization’s operating program for the next two years.  The program will focus on four key areas: Rhode Island’s business climate; education and workforce development; transportation and infrastructure; and state and local fiscal policy. The full operating program is available here. Council officers, directors and trustees were also elected at the evening’s event: Officer Elections: Robert A DiMuccio, President and CEO of Amica, was re-elected as RIPEC’s President; James H. Hahn, Partner, Partridge Snow & Hahn LLP, was re-elected Secretary; and Sean Lynch, Office Managing Partner – Providence, Ernst & Young was re-elected Treasurer. Directors Re-elected: Timothy J. Babineau, MD, President & Chief Executive Officer, Lifespan; Stephen J. Carlotti,, Partner, Hinkley Allen & Snyder LLP; Michael DiBiase, Senior Vice President—Government Relations and Public Policy, Fidelity Investments; Robert A. DiMuccio, President and CEO, Amica; Jonathan D. Fain, President and CEO, Teknor Apex Company; Christopher D. Graham, Partner, Edwards Wildman Palmer LLP; James H. Hahn, Partner, Partridge Snow & Hahn LLP; Timothy F. Horan, President—Rhode Island/New Hampshire, National Grid; Rob Masson, CFO—Seapower Capability Systems, Raytheon Integrated Defense Systems; Shivan S. Subramaniam, Chairman & CEO, FM Global; and Deborah M. Thomas, CFO, Hasbro. New Trustees: John P. Kennedy, Senior Vice President—Tax, CVS Caremark Corporation; and Kevin P. Tracy, Senior Vice President—Market Executive Business Banking, Global Commercial Banking, Bank of America, N.A.
• 11/5/2013 PROVIDENCE, R.I. (November 2013) -  RIPEC will hold a forum on the state’s business climate, sponsored by Fidelity, which will focus on the steps Rhode Island can take to improve the perception that the state is not a good place to start or grow a business.  Key policymakers and stakeholders, from within Rhode Island and representing national organizations, will discuss how Rhode Island measures up on a number of metrics relating to the business climate. Speakers on the national review panel will offer specific suggestions for improving the state’s business climate. WHO:     National Review Panel Jonathan Haughton, Senior Economist at the Beacon Hill Institute for Public Policy at Suffolk University will discuss the Beacon Hill Institute’s annual State Competitiveness Report. Joseph D. Henchman, Vice President of Legal & State Projects at the Tax Foundation will discuss the Tax Foundation’s annual State Business Tax Climate Index. Melissa Loeb, Senior Policy Analyst and Author at the Federal Funds Information for States will discuss the State Policy Reports’ economic vitality index, The Camelot Index. Aaron Renn, Urban Analyst, Entrepreneur, and Writer, will discuss urban affairs research and data from the Urbanophile. Local Review Panel Leslie Taito, Director of the Office of Regulatory Reform at the Rhode Island Office of Management and Budget will discuss the business climate priorities and opportunities of the state’s Office of Regulatory Reform.   Marcel Valois, Executive Director of the Rhode Island Economic Development Corporation (RIEDC) will discuss the business climate priorities and opportunities of the RIEDC. WHAT:     The three-hour forum will focus on the state’s business climate and will include a national and local review panel.  There will be a question and answer period after each panel. WHEN:      Wednesday, November 20, 2013.  Registration will begin at 8:15 am. WHERE:     Fidelity Investments, 900 Salem Street, Smithfield, Rhode Island
• 11/5/2013 PROVIDENCE, R.I. (November, 2013) - RIPEC's 70th Annual Meeting will be held at the Rhode Island Convention Center, starting with a reception at 5:30 PM.  The keynote address will begin at 7:30 PM.  Remarks are to be provided by the legislative leadership; and in keeping with tradition, RIPEC will recognize this year's recipients of the Distinguished Public Service Awards, and elect Council Officers, Directors and Trustees. WHO:             David Gergen, Professor of Public Service;                         Codirector of the Center for Public Leadership at the Harvard Kennedy School; and                         Senior Political Analyst for CNN WHAT:           The 70th Annual Meeting of the Rhode Island Public Expenditure Council WHEN:           Monday, November 18, 2013, event begins at 5:30 pm WHERE:         Rhode Island Convention Center
• 8/13/2013 RIPEC is now accepting nominations for the Robert M. Goodrich and the Gary S. Sasse Distinguished Public Service Awards. More information may be found here.
• 5/29/2013 RIPEC will hold a forum on the future of education reform in Rhode Island, sponsored by Fidelity Investments.  See the full media alert.
• 5/20/2013 PROVIDENCE, R.I. (May 2013) – The Rhode Island Current Economic Indicator (CEI) indicates that the fourth quarter indicator for FY 2012 was revised downward, contracting at an annualized rate of 0.04 percent.  However, estimates for the first quarter of 2013 indicate that the state experienced more robust growth than previously predicted. Based on the CEI, Rhode Island’s economy grew at an annual rate of 1.6 percent, compared to the 1.1 percent expansion projected by last quarter’s CEI.   The leading indicator, which projects the next quarter growth rate, estimates the state economy will continue to increase at an annualized rate of 1.8 percent in the second quarter of 2013.  A copy of the press release is here and the full briefing is available here.
• 5/16/2013 As a part of the RIPEC forum, sponsored by Fidelity Investments, on Improving Customer Service through Regulatory Reform at the Department of Environmental Management (DEM), the Department has developed a feedback survey available here.  Survey results will help DEM as Department works to improve customer service and responsiveness.
• 5/13/2013 RIPEC will hold a forum on improving customer service through the Rhode Island Department of Environmental Management (DEM)’s regulatory reform efforts, sponsored by Fidelity Investments.  See the full media alert.
• 4/11/2013 STATE HOUSE, Providence – The Rhode Island Senate today passed a central component of the “Moving the Needle” package of economic development legislation. In a unanimous vote, the Senate passed (2013-S0712aa) to require that upon the election or re-election of the governor a long-term, strategic vision be developed for economic development. See the full release here.
• 2/7/2013 PROVIDENCE, R.I. (February 2013) – Based on the Rhode Island Current Economic Indicator (CEI) for the fourth quarter of 2012, Rhode Island’s economy grew by just 0.3 percent, compared to a 1.9 percent expansion in Q3.  Despite this slow growth, the leading indicator, which projects the next quarter growth rate, estimates the state economy will increase at an annualized rate of 1.1 percent in the first quarter of 2013.  The full release is here and a copy of the full briefing is available here.
• 1/15/2013 STATE HOUSE, Providence – President of the Senate M. Teresa Paiva Weed was joined at a news conference today by Rhode Island Public Expenditure Council Executive Director John C. Simmons, Greater Providence Chamber of Commerce President Laurie White, and others where they unveiled a report and recommendations to address Rhode Island’s rankings on business competitiveness surveys. Entitled “Moving the Needle,” the report reviewed the individual factors that often cause Rhode Island to rank poorly compared to other states, and made recommendations to begin to improve the state’s ranking and overall business climate. The report was a joint effort of the Rhode Island Senate and RIPEC.  The full release is available here.  The report is available here.
• 11/13/2012 Based on the Rhode Island Current Economic Indicator (CEI) for the third quarter of 2012, Rhode Island’s economy in the first and second quarters of the year expanded faster than previously published.  The leading indicator, which projects the next quarter growth rate, estimates the state economy will increase at an annualized rate of 1.8 percent, more than three times higher than previous estimates.  The full press release is here and the full briefing is here.
• 10/17/2012 The Rhode Island Public Expenditure Council will hold its 69th Annual Meeting on Thursday, October 18, 2012 at the Rhode Island Convention Center.  Cook Political Report editor Jennifer Duffy will deliver the keynote address on the nation’s political landscape and the upcoming elections’ effect on Rhode Island.  Attendees will also hear remarks from Governor Lincoln Chafee, Senate President M Teresa Paiva-Weed and Speaker Gordon Fox.  As a part of the evening’s events, RIPEC will also honor this year’s public service award winners, Anthony Pesare, Chief of Police in Middletown, and Sharon Reynolds Ferland, Fiscal Advisor for the Rhode Island House of Representatives.   Anthony M. Pesare, the Chief of Police for the Town of Middletown, is this year’s recipient of the 2012 Robert M. Goodrich Distinguished Public Service Award.  Chief Pesare’s career in law enforcement began with the Rhode Island State Police in 1974, where he served for 24 years.  Prior to joining the Middletown Police Department, he was Dean of the School of Justice Studies, and Associate Professor of Criminal Justice at Roger Williams University.  He joined the Middletown Police Department as Chief of Police in 2004. In 2007, he received the Gerhard O.W. Meuller Innovator’s Award in Criminal Justice from the Northeastern Association of Criminal Justice Sciences, and, in 2008, he received the Community Service Award from the Newport County Community Health Center.  Chief Pesare received his B.S. degree in Administration of Justice from Roger Williams University, his Master of Public Administration from the University of Rhode Island, and his Juris Doctor from the New England School of Law.   The Gary S. Sasse Distinguished Service Award will be presented to Sharon Reynolds Ferland, the House Fiscal Advisor.  Ms. Ferland joined the Fiscal Advisory Staff to the Rhode Island House of Representatives in 1997.  In 2001, she was promoted to Deputy House Fiscal Advisor and became the House Fiscal Advisor in December 2009.  During her tenure at the House Fiscal Office, Sharon has worked on a number of issues, including the school funding formula, restructuring of the state’s personal income tax system, and pension reform.  In 2009, Ms. Ferland was the recipient of an NCSL National Association of Legislative Fiscal Offices Achievement Award. Ms. Ferland received her undergraduate degree in Political Science from the University of Rochester in 1990 and a Masters in Public Administration from the University of Rhode Island in 1995. The Chair of the Public Service Award Selection Committee, Paula Twidale said, “This year’s nominees are true examples of what it means to work in public service.  We are proud to be able to honor them as a part of this year’s annual meeting.”
• 10/4/2012 RIPEC’s 69th Annual Meeting will feature keynote speaker Jennifer Duffy, a native Rhode Islander and Senior Editor for The Cook Political Report, an independent, non-partisan newsletter that analyzes U.S. elections and campaigns, as well as American political trends.  The New York Times has referred to The Cook Political Report as "a newsletter that both parties regard as authoritative", while Bob Schieffer of CBS News calls it “the bible of the political community”.  See the full press release here.
• 9/25/2012 Our report on the Economic Development Corporation was released today at 10am in the State Room at the State House.  A PowerPoint summary of our findings and recommendations is available here and the full report is available here.
• 8/15/2012 The Rhode Island Current Economic Indicator (CEI) for the second quarter of 2012 indicates Rhode Island’s economic growth slowed significantly over the first half of 2012.  The leading CEI indicates that, at least in the short term, Rhode Island’s economic difficulties will continue.  See the full press release here.  The full briefing is available here.
• 8/6/2012 RIPEC’s 69th Annual Meeting will be held at the Rhode Island Convention Center, starting with a reception at 5:30 PM.  The keynote address will begin at 7:30.  Remarks will also be made by Governor Lincoln D. Chafee and the legislative leadership.  In keeping with tradition, RIPEC will recognize this year's recipients of the Distinguished Public Service Awards, and elect Council Officers, Directors and Trustees.  See the full media alert.
• 5/10/2012 According to a briefing released today by Bryant University’s Center for Global and Regional Economic Studies and the Rhode Island Public Expenditure Council (RIPEC), the CEI for the first quarter of 2012 increased 1 percent (annualized rate).  Rhode Island’s economy continues to expand at a rate significantly slower than the regional and national average: The U.S. Gross Domestic Product increased at an annualized rate of 2.2 percent in the first quarter of 2012, and the New England economy expanded during the same quarter at an annualized rate of 3.3 percent.  See the press release.  See the briefing.
• 2/20/2012 RIPEC will hold a forum, sponsored by Fidelity, on the state’s business climate.  Key policymakers and stakeholders, from within Rhode Island and representing national organizations, will discuss how Rhode Island measures up on a number of metrics relating to the business climate, as well as steps the state can take to improve the perception that the state is not a good place to start or grow a business.  See the media alert.
• 2/10/2012 According to a briefing released today by Bryant University and the Rhode Island Public Expenditure Council (RIPEC), the CEI for the fourth quarter increased only 0.7 (annualized) – roughly the same increase seen in the third quarter and significantly lower than the 2.6 percent in the second quarter. In addition, projections show that the state’s economy will expand just 0.9 percent in the second quarter of 2012.  A PDF of the report is available here.
• 11/4/2011 The Rhode Island Current Economic Indicator (CEI) shows that the pace of the economic recovery slowed significantly in the third quarter of 2011, creating a dark cloud looming over future growth.   According to a briefing released today by Bryant University and the Rhode Island Public Expenditure council, the CEI increased 0.9 percent (annualized rate). This is significantly lower than the 2.2 percent in the second quarter and much slower than projected in the 2011 Q2 Briefing.  A .pdf of the briefing is available here.
• 11/2/2011 We need the same spirit of unity today to meet this challenge. When Americans set aside their individual interests and pursue a common vision built around a thriving economy and a strong middle class there is nothing this country can't do.  And nowhere does the spirit of shared responsibility offer greater promise than in the field of education.  For America to move forward, our educational and political leadership must come together on behalf of children—speak openly and honestly about our educational challenges—and work together to solve them.  Click here to read the full speech.
• 10/19/2011 RIPEC will hold a forum on pensions, sponsored by Fidelity, which will focus on the challenges facing the state’s pension system and efforts at reform.  Key policymakers and stakeholders will put the issue in context and discuss steps the state should take to ensure long-term sustainability and equity in the pension system.  See the full media alert.  See the full program.
• 8/25/2011 As Rhode Island continues to implement far-reaching education reforms, and as the debate around the national reform agenda continues, Arne Duncan, Secretary of Education, will visit Rhode Island to deliver the keynote address at the 68th RIPEC Annual Meeting.  Secretary Duncan, who has also served as the chief executive officer of Chicago Public Schools, will also speak at a town hall meeting prior to the RIPEC dinner. See the full press release.
• 8/9/2011 Despite a significant slowdown in the U.S. economy in the first two quarters of 2011, Rhode Island sustained its economic recovery and expanded faster than the national economy. Moreover, the Rhode Island Leading Economic Indicator projects the economy will expand 2.2 percent (annualized rate) over the next two quarters. See the press release. See the briefing.
• 6/29/2011 Two bills before the Senate and House today seek to change the status quo by mandating binding arbitration for school district employees in the event that contract negotiations reach an impasse.  It is RIPEC’s position that binding arbitration would divert attention from the much-needed education reform that is currently occurring.   See the press release.
• 6/15/2011 It is widely recognized that the state’s current sales tax system does not receive high marks on national business climate or tax surveys, and that changes to the tax structure are necessary.  Any changes, however, must be part of a thoughtful and deliberate process.  The discussion about how best to move the state’s tax policy into the 21st century should be driven by policy – not the need for revenue.  See the full press release.
• 5/10/2011 The Rhode Island Current Economic Indicator for the first quarter of 2011 increased 1.9 percent (annualized rate). This rate is about the same rates observed in the third and fourth quarters of 2010 as illustrated in Figure 1 and Table 1. This suggests that the Rhode Island Economy has sustained a very much needed economic expansion over the last few quarters. See the briefing.
• 9/28/2010 RIPEC will hold a forum on the State’s current business climate, sponsored by Fidelity, which  will feature presentations from The Tax Foundation and the four gubernatorial candidates.  The  discussion will provide insight into how Rhode Island ranks vis a vis to the rest of the country  and the methodology behind these rankings, and what the State can do to improve the perception  that Rhode Island is not a good place to start and grow a business. Joseph Henchman from the Tax Foundation will discuss Rhode Island's business climate and the four gubernatorial candidates will respond. See the press release.
• 8/16/2010 RIPEC to host forum on education:  Key decision-makers will present their thoughts on the future of education in Rhode Island. See the media alert.
• 8/10/2010 RIPEC's 67th Annual Meeting will be held Monday, October 4, 2010.  The speaking program will begin at 6:30.  Due to high interest, the event has been moved to the Rhode Island Convention Center, One Sabin Street, Providence RI.   See the press release.
• 6/6/2010 Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System will deliver the keynote address.  U.S. Senator Jack Reed will introduce Chairman Bernanke. See the press release.