Business Climate

Today, much of the economy of Rhode Island is based in services, particularly healthcare and education, and still manufacturing to some extent. The state’s nautical history continues into the 21st century in the form of nuclear submarine construction.

The headquarters of Citizens Financial Group, the 14th largest bank in the U.S., is located in Providence. The fortune 500 companies CVS Caremark and Textron are based in Woonsocket and Providence, respectively. FM Global, GTECH Corporation, Hasbro, American Power Conversion, Nortek, and Amica Mutual Insurance are all Fortune 1000 companies that are based in Rhode Island.

Health Services are Rhode Island’s largest industry. Second is tourism, supporting 39,000 jobs. The third-largest industry is manufacturing. Its industrial outputs are submarine construction, shipbuilding, costume jewelry, fabricated metal products, electrical equipment, machinery, and boatbuilding. Rhode Island’s agricultural outputs are nursery stock, vegetables, dairy products and eggs.

Tax Climate  

The individual income tax rates range from 3.75% to 5.99%, and the top corporate income tax rate is 7%.

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