The state of Rhode Island can boast its perfect location in the Northeast, along with all the advantages of major commercial centers. That said, Ocean State allows you to reach Boston in under 45 minutes, and New York City in under 3 hours.
Rhode Island works hard to empower new small businesses by offering access to funding, red tape reduction, and other business tools that enable growth. The state provides easy access to innovative tech infrastructure with the best broadband service in the U.S.
Also, you can easily reach out to world-renowned companies, all kinds of transportation, and top-notch universities. This is where any type of small business can find a skilled labor force and promising talents to push the boundaries of productivity.
RI offers a number of incentive programs and all types of business assistance for new and existing businesses. These include:
Moreover, the state helps new companies connect to various workforce development programs, identify financial incentives and tax credits, navigate state and local zoning, and obtain the necessary permits, licenses, and regulatory concerns to grow their business.
RI is focused on the success of all businesses in the state, including yours. With that said, let's take a look at the numbers. This article provides the latest information about the most interesting Rhode Island small business statistics in 2022.
Table of Content
According to the U.S. Bureau of Labor Statistics, from May 2022 to October 2022, Rhode Island’s economy, including labor force data and nonfarm wage & salary employment data, looked as represented in the table below.
|Data Series||May2022||June2022||July 2022||August 2022||September 2022||October 2022|
|Labor Force Data|
|Civilian Labor Force (number of persons, in thousands, seasonally adjusted)||570.1||571.9||573.3||575.1||576.8||(P) 577.6|
|Employment (number of persons, in thousands, seasonally adjusted)||553.6||556.2||558.0||558.7||559.1||(P)558.1|
|Unemployment (number of persons, in thousands, seasonally adjusted)||16.5||15.7||15.3||16.3||17.7||(P)19.5|
|Unemployment Rate (in percent, seasonally adjusted.)||2.9||2.7||2.7||2.8||3.1||(P) 3.4|
|Nonfarm Wage & Salary Employment|
|Total Nonfarm (number of jobs, in thousands, seasonally adjusted)||496.4||496.1||496.3||498.5||497.4||(P) 496.2|
|12-month % change||3.7||3.3||2.6||3.3||2.6||(P) 2.6|
|Mining and Logging (number of jobs, in thousands, seasonally adjusted)||0.2||0.2||0.2||0.2||0.2||(P) 0.2|
|12-month % change||0.0||0.0||0.0||0.0||0.0||(P)0.0|
|Construction (number of jobs, in thousands, seasonally adjusted)||21.8||21.9||21.9||22.3||22.3||(P) 22.3|
|12-month % change||9.5||10.1||9.0||10.4||9.9||(P) 9.9|
|Manufacturing (number of jobs, in thousands, seasonally adjusted)||40.1||40.3||40.5||40.5||40.3||(P) 39.9|
|12-month % change||3.1||3.3||2.8||2.8||2.0||(P) 1.0|
|Trade, Transportation, and Utilities (number of jobs, in thousands, seasonally adjusted)||77.1||76.6||75.9||75.9||75.6||P) 76.2|
|12-month % change||2.7||1.7||0.7||0.7||0.3||(P) 1.9|
|Information (number of jobs, in thousands, seasonally adjusted)||5.5||5.6||5.8||5.7||5.7||(P) 5.7|
|12-month % change||3.8||7.7||3.6||1.8||1.8||(P) 0.0|
|Financial Activities (number of jobs, in thousands, seasonally adjusted)||33.8||34.1||34.2||34.3||34.6||(P) 35.0|
|12-month % change||-2.3||-1.4||-1.7||-1.4||-0.6||(P) 2.3|
|Professional & Business Services (number of jobs, in thousands, seasonally adjusted)||70.5||69.9||70.0||70.1||71.0||(P) 70.2|
|12-month % change||2.8||2.6||1.7||2.3||2.9||(P) 2.5|
|Education & Health Services (number of jobs, in thousands, seasonally adjusted)||104.9||105.1||105.0||105.3||106.1||(P) 105.5|
|12-month % change||2.9||2.5||2.8||3.0||3.8||(P) 3.4|
|Leisure & Hospitality (number of jobs, in thousands, seasonally adjusted)||56.8||56.8||57.0||57.4||55.7||(P) 55.2|
|12-month % change||11.8||10.3||8.4||8.1||4.5||(P) 2.8|
|Other Services (number of jobs, in thousands, seasonally adjusted)||22.2||21.9||21.7||21.7||21.8||(P) 22.1|
|12-month % change||8.3||7.4||4.8||3.8||4.3||(P) 3.8|
|Government (number of jobs, in thousands, seasonally adjusted)||63.5||63.7||64.1||65.1||64.1||(P) 63.9|
|12-month % change||0.8||0.3||0.5||4.2||0.6||(P) 0.9|
*P = Preliminary
According to the Executive Office of Commerce, between December 2021 and March 2022, Rhode Island’s unemployment rate fell from 4.5% to 3.4% (the largest decline among all 50 states).
According to Rhode Island's Department of Labor and Training, in October 2022, the state’s economy recovered 96,500 (89.3%) of the jobs that were lost during the shutdown.
According to the Observatory of Economic Complexity, RI exported $242M and imported $1.06B in August 2022. This resulted in a negative trade balance of $817M.
According to Growjo, the fastest growing companies in Rhode Island in 2022 are:
|Providence Equity Partners||Providence||Finance||237||$53.5M/year|
|North Kingstown School Dst||North Kingstown||Education||157||$31.1M/year|
|Feast and Fettle||Providence||Food||60||$14.6M/year|
|Coventry Public School||Coventry||Education||296||$58.6M/year|
|Upward Health||Providence||Digital Health||83||$11.6M/year|
|LGC and D||Providence||Accounting||155||$27.8M/year|
According to Zippia, RI's top 10 largest companies in 2022 are:
|Cohoes Fashions||Clothing Store||Cranston||$710,000||25|
|United Natural Foods||Grocery Store||Providence||$26.6B||19,000|
|Citizens Financial Group||Finance||Providence||$6.1B||18,100|
|State of Rhode Island||Government||Providence||$5.5B||12,000|
|Nortek||Electrical and Electronic Manufacturing||Providence||$2.5B||11,400|
|NTK Holdings||Lifestyle Innovations||Providence||N/A||<50|
|Care New England||Hospitals||Providence||$1.0B||8,000|
|University of Rhode Island||Education||Kingston||$170.0M||5,472|
According to IBISWorld, Commercial Banking, Colleges & Universities and Property, Casualty & Direct Insurance are Rhode Island's top 3 largest industries in 2022 by revenue. Thus, they generated $7.3b, $6.3b, and $5.8b, respectively.
|2||Colleges & Universities||$6.3B|
|3||Property, Casualty, and Direct Insurance||$5.8B|
|6||Third-Party Administrators & Insurance Claims Adjusters||$3.6B|
|7||Health & Medical Insurance||$3.2B|
|8||New Car Dealers||$3.0B|
|9||Supermarkets & Grocery Stores||$2.9B|
|10||Jewelry & Watch Wholesaling||$2.4B|
According to IBISWorld, in 2022, Rhode Island's top 3 largest companies by employment are Lifespan Health System, Care New England Health System, and the Roman Catholic Diocese of Providence. Thus, these companies employed 15,000, 7,500, and 7,500 people, respectively.
|Rank||Company||2022 Employment||2022 Employment %|
|1||Lifespan Health System||15,000||2.7%|
|2||Care New England Health System||7,500||1.3%|
|3||Roman Catholic Diocese of Providence||7,500||1.3%|
|4||CVS Health Corporation||7,500||1.3%|
|6||United States Postal Service||2,653||0.5%|
|8||The Home Depot, Inc.||1,754||0.3%|
According to IBISWorld, the biotechnological industry in the state is expected to decline to $493.6M over the 5 years to 2022, while the national industry will likely grow during the same period.
The most popular business structure in the United States is a limited liability company (LLC).
To legally open a Rhode Island LLC, you will need to complete and file your Articles of Organization (i.e. the main registration document) with the Secretary of State. Before you do that, make sure you check our list of the main fees and documents to consider when registering an LLC in RI:
|Sector||Employment||2022 Growth (%)||Annualized Growth 2017-2022|
|Healthcare and Social Assistance||98,585||1.9%||0.4%|
|Accommodation and Food Services||45,993||7.8%||1.7%|
|Professional, Scientific and Technical Services||40,786||4.2%||3.0%|
|Administration, Business Support and Waste Management Services||30,209||3.8%||3.6%|
|Other Services (except Public Administration)||22,962||2.7%||1.3%|
|Transportation and Warehousing||21,429||8.8%||7.1|
You can learn more about additional estimated taxes to the state and federal governments on the IRS website. Also, use the state's Business Assistant on the official website to estimate the regulatory costs of your business.
For more information on the Fee Schedule for Rhode Island LLCs, visit this page.
Also, if you’re planning to open a business entity in Ocean State, you can check out a list of useful business resources that provide useful information for emerging and existing small businesses, entrepreneurs, and startups.