I will work towards establishing programs to encourage business to come to the Islandand to stay here. In order to do this, we need to encourage innovative programs to foster local businesses:
We need to evaluate the 235 Tax Expenditure Programs on the books in RI. Which ones are encouraging increased employment? Which ones are really giving incentives for innovation and growth? How can we encourage reinvestment inRhode Island instead of business' taking their capital elsewhere?
We need to look at "Local First" procurement policies for cities and towns. For every dollar spent on a local business, 73 % of that goes back into our economy. For every dollar spent on an outside business, only 43% of that dollar comes back.
It is estimated that by 2015, the wage structure in China will only give them approx a 10-15% benefit over ours, not including transportation costs, timing efficiencies, etc. Rhode Islandneeds to be poised to take advantage of our statewide experience as manufacturers and with the underutilized space we have available. Supply Chain managers are starting to consider US locations again and see the advantage of having items "made in America ".
We need to incorporate state agriculture programs into the state economic development planning. Do you know that only 1% of the food consumed by Rhode Islanders actually comes from farms in Rhode Island