FOR IMMEDIATE RELEASE: September 23, 2016
Drop in August “Prosperity” Drags RI Back to 48th on national Jobs & Opportunity Index
Providence, RI — Due to an increase in the ratio of tax dollars paid as compared with personal earnings, the Ocean State dropped back to 48th place in the August Jobs & Opportunity Index (JOI), a multi-data metric developed by the RI Center for Freedom & Prosperity.
Based on the release of new state and local tax collection data from the U.S. Census, Rhode Island lost ground on the national JOI metric, remaining – as it has for years – in the bottom five among all states. JOI is a broader and more accurate measure of employment and well-being than the traditionally cited and highly narrow unemployment rate, which has fluctuated more dramatically in recent years for Rhode Island, but which is not an accurate barometer of economic prosperity.
“Political leaders want us to believe that conditions are improving for families and businesses, but JOI shows this just isn’t true,” commented Research Director for the Center, Justin Katz. “Based on August data, our Ocean State remains worst in New England for each of the three JOI factors that measure employment, income, and independence. Lawmakers must adopt broad-based reforms that can make Rhode Island a state where all Rhode Islanders, not just government and targeted special interests, can truly prosper.”
The Ocean State’s second-quarter increase in taxes collected over the first quarter compared with New York’s decrease made the difference by decreasing its “Prosperity” factor, leading Rhode Island to lose ground against the U.S. and New England averages.
Supporting the conclusions from the JOI metric, Rhode Island also ranks 48th in the Family Prosperity Index, the broadest national measure of family well-being.
For the JOI homepage, click here.
For a description of JOI and its three sub-factors, click here.