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Economy
Home » Rhode Island » Rhode Island Overview and History » EconomyRhode Island’s largest industry is health services. Hospitals and personal care services are the largest employers in the state. Amgen, one of the more prominent biopharmaceutical companies worldwide, has invested over $1.5 billion in Rhode Island and employs more than 1,300 people.
Tourism is the second largest and fastest growing industry in Rhode Island. Visitors to Rhode Island contribute over two million dollars to travel and tourism annually. Tourism provides over 39,000 jobs in the state of Rhode Island.
Known as the birthplace of the American Industrial Revolution, manufacturing is the third largest industry. The state’s first mill was set up in the city of Pawtucket, in 1790. At one time, Rhode Island was one of the leaders in the textile industry but that has changed in recent years. Many of the abandoned textile factories have been converted into offices, housing for artist, and housing for the elderly. Rhode Island is a manufacturer of jewelry, fabricated metal products, electric equipment, machinery, shipbuilding and boatbuilding. Rhode Island is home to the headquarters of CVS, Hasbro, and Tiffany’s.
Farming contributes $100 million a year to the economy of Rhode Island and provides high quality home grown produce to the local consumers. Commercial fishing is a big business in Rhode Island generating more than $3 billion in related economic activities a year.
The Naval War College and Naval Undersea Warfare Center is located in Newport and Middletown, Rhode Island. These facilities bring many jobs to private engineering and research facilities in the area.
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