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CtownMikey

By CtownMikey
in Providence

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CtownMikey Burg

CtownMikey

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PBN usually posts any news of companies that are HQ'd in R.I.

I wanted to say that i've noticed how so many companies in Rhode Island are having HUGE increases in earnings compared to a year ago. Textron(Helped out by companies like Hasbro and CVS wanting private company jets), Hasbro (helped out by the new star wars movie), CVS (helped out by the Eckerd acquistion), Washington Trust (is that r.i. based)? Anyways.. I just wanted to point out that these companies are seeing increases between 16% to 30%! which is pretty awesome.

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Baines Hamlet

Baines

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PBN usually posts any news of companies that are HQ'd in R.I.

I wanted to say that i've noticed how so many companies in Rhode Island are having HUGE increases in earnings compared to a year ago. Textron(Helped out by companies like Hasbro and CVS wanting private company jets), Hasbro (helped out by the new star wars movie), CVS (helped out by the Eckerd acquistion), Washington Trust (is that r.i. based)? Anyways.. I just wanted to point out that these companies are seeing increases between 16% to 30%! which is pretty awesome.

<{POST_SNAPBACK}>

Wouldn't it be great if a developer proposed a corporate tower in Downcity that would house CVS, Hasbro, Amica, Washington, etc - you know a 430' tower with 7 parking floors and 30 office floors...a dream, but possible.

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Garris Town

Garris

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Wouldn't it be great if a developer proposed a corporate tower in Downcity that would house CVS, Hasbro, Amica, Washington, etc - you know a 430' tower with 7 parking floors and 30 office floors...a dream, but possible.

<{POST_SNAPBACK}>

You know what I'd like to see more? RI/Prov lure one, just one recognizable company (or even a division) to the area from somewhere else...

- Garris

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Baines Hamlet

Baines

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You know what I'd like to see more?  RI/Prov lure one, just one recognizable company (or even a division) to the area from somewhere else...

- Garris

<{POST_SNAPBACK}>

Absolutely, but that would require several things all to converge at the same time...developer interest (now here), city interest (now here), a reason to leave the current location (big challenge given the cost of labor here), and a reason to come here (a Providence connection, unique labor/market/promotional advantage).

Wow, tough one. The best hope is a Boston outfit that wants a more livable city for it's employees.

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AriPVD Hamlet

AriPVD

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Rather than attracting existing corporations, we need to grow them at home. In this day and age, we see too many cities trying to woo big corps. that often only stay in one place until they get a better offer. While there is of course prestige with landing a Fortune 100, I would posit that a better strategy is to incubate creative businesses in Providence, roots and all. If the company is willing to move from its historical home, roots can't be so important to the company's identity. These guys (CEOs begging for incentives and subsidies) are no different than tumbleweeds waiting to be blown to the next town.

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Frankie811 City

Frankie811

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PBN usually posts any news of companies that are HQ'd in R.I.

I wanted to say that i've noticed how so many companies in Rhode Island are having HUGE increases in earnings compared to a year ago. Textron(Helped out by companies like Hasbro and CVS wanting private company jets), Hasbro (helped out by the new star wars movie), CVS (helped out by the Eckerd acquistion), Washington Trust (is that r.i. based)? Anyways.. I just wanted to point out that these companies are seeing increases between 16% to 30%! which is pretty awesome.

<{POST_SNAPBACK}>

This weeks Providence Business News featured Providence with development articles and a special section. Next week they'll feature retail in downtown. It appears there are a lot of plans in the works concerning retail downtown.

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Garris Town

Garris

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Rather than attracting existing corporations, we need to grow them at home.  In this day and age, we see too many cities trying to woo big corps. that often only stay in one place until they get a better offer.  While there is of course prestige with landing a Fortune 100, I would posit that a better strategy is to incubate creative businesses in Providence, roots and all.  If the company is willing to move from its historical home, roots can't be so important to the company's identity.  These guys (CEOs begging for incentives and subsidies) are no different than tumbleweeds waiting to be blown to the next town.

<{POST_SNAPBACK}>

Excellent point. One of the problems that Providence (and New Haven and Hartford, as discussed in other sections recently) have is that they are small cities with big city costs. I'm sure companies would love to be here, but our taxes, utility costs, salary differentials, etc must seem mighty unfavorable to growing a company here.

If I didn't care where I lived in the US and I had to compare Providence to, say, another hot city like Madison, WI for where I'd start my company, I'd probably choose Madison in a heartbeat. Low taxes, great QOL, super-low costs, access to tons of educated workers and a huge local university that loves to do joint projects.

There was a recent good editorial about this in the Projo. This entire region somehow has to find a way to be a better business incubator...

- Garris

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CtownMikey Burg

CtownMikey

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This may be hard to explain...Lets say that the cost to build had a rating system of 1 to 5.. 5 being the most expensive.

Now lets say that Boston and Prov. are both number 5. Why can't the city and state cover some of the costs to build here so were are bumped up to a number 4?? just so we appear a bit attractive to businesses.

I understand it would be costly..but that seems to be a major issues now. That, and taxes

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runturtlerun Unincorporated Area

runturtlerun

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I don't know how expensive this would be.. and it's probably a childish comment, but why can't they city and state just make the cost to build here a little cheaper?? Lets say they paid for 10% of what it would now cost.. just to become more attractive to companies who may be looking to move.  The cost to build here seems to be one of the biggest issues.. that along with taxes.

I assume that after all of these current developments are completed.. we may see some sort of tax relief... :( i hope

<{POST_SNAPBACK}>

The city does this all the time. RIEDC and cities and towns around the state seem to love giving out tax breaks. And what happens when the tax relief period is done and its time to pay up? The company threatens to move somewhere else. Frankly, i'm a little tired of that! I agree with AriPVD, the city needs to grow creative companies itself. I think that's where the future of Providence lies.

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  • 3 months later...
Cotuit Megalopolis

Cotuit

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Carcieri is the best thing to happen to this state in a while.. Him and Cicilline are the right mix of leaders the state needs for a long time.. I hope they both get reelected..

I love him on the economic side, it's his social views that give me pause. Depending who he's up against, it'll be a tough decision in the voting booth. I wish he was more of a Bloomberg republicrat, that wasn't such a hard decision in the voting booth for me.

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CtownMikey Burg

CtownMikey

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Rather than attracting existing corporations, we need to grow them at home. In this day and age, we see too many cities trying to woo big corps. that often only stay in one place until they get a better offer. While there is of course prestige with landing a Fortune 100, I would posit that a better strategy is to incubate creative businesses in Providence, roots and all. If the company is willing to move from its historical home, roots can't be so important to the company's identity. These guys (CEOs begging for incentives and subsidies) are no different than tumbleweeds waiting to be blown to the next town.

Are there any examples of companies now that are small but doing well/growing and getting their name out there from RI?

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gregw Hamlet

gregw

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Enjoy reading Providence Business News online now for free, because in March their going to a paid online subscription system. :angry:

I think that's a dumb decision on their part. I just means that their content will have a more limited reach and impact.

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Frankie811 City

Frankie811

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I think that's a dumb decision on their part. I just means that their content will have a more limited reach and impact.

Perhaps I've misinturpeted this whole situation. Here's a partial quote from their website.

Electronic Subscriptions

Check this out - for the next two months starting January 1st, you can read Providence Business News on line for FREE!

All the interviews, features, columns and up-to-the-minute, local business news are now available on pbn.com. Every page, the photos, the advertising - everything - is accessible right on your desk top.

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markOne Whistle-Stop

markOne

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Perhaps I've misinturpeted this whole situation. Here's a partial quote from their website.

Electronic Subscriptions

Check this out - for the next two months starting January 1st, you can read Providence Business News on line for FREE!

All the interviews, features, columns and up-to-the-minute, local business news are now available on pbn.com. Every page, the photos, the advertising - everything - is accessible right on your desk top.

Somehow Frankie811 didn't post a link. Is the world ending?

PBN notice of free trial period

Viewing any of PBN

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