Greater Newport Region Continues Economic Recovery Economic Pulse data shows a tight labor market and increasing wages
For immediate release
July 21, 2022
Greater Newport Region Continues Economic Recovery
Economic Pulse data shows a tight labor market and increasing wages
Newport and Bristol County, RI – Connect Greater Newport, the regional economic development division of the Greater Newport Chamber of Commerce, released its June monthly Economic Pulse data which shows the following:
- Regional unemployment sits at 2.1% - a historically low level.
- Over 2,200 more people were employed in May 2022 than before the pandemic
- Lower labor force participation rates seen during the pandemic have been eliminated with almost 500 more people available for work than in February 2020
- Newport Pell Bridge Traffic is still tracking slightly behind pre-pandemic levels - June saw 96% of the traffic as compared to June 2019
- Continued growth in the Blue Economy sector with a 36% increase in the number of establishments between 2014 and the end of 2021
Connect Greater Newport’s Economic Pulse is a monthly publication that tracks the region’s economic data to help inform regional leaders and investors. Additional information and data visualization can be found at Greater Newport Regional Economic Data https://www.connectgreaternewport.com/regional-economic-data
ABOUT THE GREATER NEWPORT CHAMBER OF COMMERCE
The Greater Newport Chamber of Commerce is one of the state’s largest business advocacy organizations, whose mission is to connect, innovate, enhance, and advocate for the businesses of Greater Newport. As a trusted and reliable institution for over 100 years, the Greater Newport Chamber is a vibrant collective body of the greater Newport business community with nearly 1000 members representing over 50,000 employees. The Chamber works to create valuable strategic partnerships, promote strong economic growth, diversity, and prosperity to serve its members and the Greater Newport region.
ABOUT CONNECT GREATER NEWPORT
Connect Greater Newport (CGN) is the economic development division of the Greater Newport Chamber of Commerce. CGN launched in 2018 to lead a public private partnership with resources from Bristol and Newport County. The mission of CGN is to support growth of existing businesses and to serve as a resource to attract new companies to the Greater Newport region. Through CGN, the Chamber has implemented a robust Business Retention and Expansion program and developed a 10-year regional economic strategy with recommendations to build a more competitive and resilient economy.