Early Economy and Independence
The early 1700s brought prosperity to Rhode Island through farming and sea trading. On May 4, 1776, Rhode Island became the first colony to declare independence. Rhode Island’s economy included agriculture, health services, tourism, and manufacturing. Farmland covers 10 percent of the state. Top products are greenhouse items, dairy, sweet corn, and apples. The climate impacted health in colonial Rhode Island, with short winters making disease less common.
Current Economic Drivers
Today, Rhode Island’s economy is shaped by several key industries. Health services and tourism are the two biggest sectors. The state’s coastline, which extends over 400 miles, is a significant attraction for tourism. Rhode Island also continues its legacy with a focus on manufacturing, including textiles.
Agriculture is another vital part of the state’s economy, though it now only encompasses 10% of Rhode Island’s land area. Leading agricultural products include:
- Greenhouse items
- Dairy products
- Sweet corn
- Apples
Industrial and Economic Growth
Present-day key industries help Rhode Island continue its economic growth. Such sectors include:
- Biomedicine
- Cybersecurity
- Defense
- Education
- Finance
- Healthcare
- Manufacturing
- Professional services
Additionally, transportation and tourism contribute billions to the state’s economy annually. Despite high taxes and housing costs, Rhode Island remains an attractive state to live in due to its low crime rate and picturesque landscapes.