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Rhode Island

A guide to help you understand the ins and outs of business in Rhode Island

Overview

Rhode Island is located in New England. Providence is the capital and the largest city. In correspondence with it being the smallest state in the US, Rhode Island has 1.06 million people, making it the 45th most populous state. Rhode Island’s GDP in 2019 was $61,884,000,000.

Key industries include life sciences, IT, defense and shipbuilding, business services, manufacturing, hospitality, and offshore wind. The marine, materials and machinery industry in Rhode Island has a 85% higher concentration than the national average. Also, higher than the national average is the state’s business services concentration, at 30% greater concentration. Rhode Island is home to many major headquarters, such as CVS, Textron, Amica, Hasbro, and Citizens Bank. Fidelity, IGT and MetLife have major branch locations in the state as well.

In 2019, Rhode Island imported $11,038 from Qatar. In 2019, Rhode Island exported $3,004,271 to Qatar with its top exports being: Optic, photo, medical/surgical instruments Nuclear reactors, boilers, machinery, etc. Miscellaneous chemical products

Rhode Island corporate income tax is a flat 7%. Rhode Island has a single free trade zone in Providence. Some of its 42 incentive programs include the Non-Trade Apprenticeship Incentive Program, the Small Business Capital Investment Tax Incentives, and the Slater Technology Fund.

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