Providence, RI / New Bedford, MA

Demographics:

Stations:

WLNE	WJAR	WPRI	WLWC
WSBE	WRIW	WNAC	WPXQ

Market Profile:

Key Industry/Employment

• The Providence-New Bedford-Fall River, RI-MA Metro Area is a region covering six counties in two states.
  • The region is anchored by the city of Providence, which is the capital and most populous city of Rhode Island.
  • The area covers all five counties of Rhode Island and extends into southern Massachusetts.

• The region (especially Rhode Island ) is known for its consumer products Industry.
  • The product manufacturing Industry in the region has a skilled workforce of over 26,000.
  • Some of the strengths being product design, textile manufacturing, food production and jewelry making.
  • The region is home to renowned consumer product companies like CVS, Hasbro, AT Cross, Swarovski, Tiffany & Co. and Autocrat.

• The region has a large travel and tourism Industry.
  • Tourism is Rhode Island's fourth largest industry.
  • The hospitality and tourism business supports 66,145 jobs and created a total spending of $4.9 billion in 2009.

• Providence has a major defense industry presence.
  • Over 100 companies are located in the tiny region, representing over 16,000 jobs.
  • The sector generated revenues worth $1.75 billion in 2008. 

• Financial services constitute another key industry of the region.
  • The region has a strong banking, Insurance and real estate sectors, with the financial services industry comprises over 1400 companies.
  • Rhode Island's financial services sector contributes $5.6 billion to the state's gross product the fifth highest in the U.S for that sector's percentage of contribution to a state's economy.
  • It is one of the highest paying per capita industries in the area.
  • The region's Industry is characterized by the presence of Citizens Financial Group, Bank of America and Fidelity Investments.

• Healthcare is also a significant sector in the Providence region.
  • Several of the top local employers within the metro area are hospitals or HMOs (Health Maintenance Organizations).
  • These include Rhode Island Hospital and Women & Infants Hospital.

• Brown University also has a significant local economic impact in the region.
  • Brown directly and indirectly accounted for nearly 8,200 Rhode Island jobs in 2009.
  • It generated $660 million in statewide economic output.

Local Economy

• Providence - New Bedford - Fall River, RI-MA Metro Area had a total population of 1.6 million as per U.S Census 2010.

• Tourism contributes significantly to the economy of Providence and the rest of Rhode Island.
  • The Industry generates over $2.31 billion for the state's economy.
  • The region has over 100 beaches, 400 miles of picture perfect shoreline, historical and cultural attractions, and world-class dining.
  • Providence is becoming a popular destination for both business and leisure travelers with the Providence Place Mall, the Rhode Island Convention Center and a rich theater and cultural scene.

• The institutions of higher learning in the region have a significant impact on its intellectual, cultural and social life.
  • Eight colleges and universities have campuses in the Providence/Warwick area.
  • Some of the prominent institutions of higher learning are Brown University, Community College of Rhode Island, Johnson & Wales University, and Providence College amongst others.
  • Brown University spent $139 million on research in 2009, making it the leading center of scientific research and development in the region.

Unique Characteristics

• Greater Providence covers all five of Rhode Island's counties. It is the only metro region in the country to encompass an entire state.
• Brown University is one of the eight Ivy League universities. It is currently ranked amongst the 15 top national universities with a $2.01 billion endowment.
• Providence was voted as the third in the US for food and second for theater in Travel + Leisure's 2010 " America's Favorite Cities" poll.
• The region was also rated amongst the "Top Ten Up and Coming Travel Destinations in the World" by Wall Street Journal.
• Providence's Federal Hill is noted for its Italian-American population and culture. The region was referred to as "One of the Top Ten Little Italys in America." by Chef Mario Batali in USA Today.
• The region was also referred to as the " Mecca for Tourism and the Arts" by New York Times. This is owing to the region's wide range of world-class arts and entertainment for all ages & interests.