Newport Comprehensive Land Use Plan - Existing Conditions | Page 49
4 Economic Development
Services
Newport’s Professional, Scientific, Management, Administrative, and Waste Management Services Industry had 1,674
employees in 2014. This industry consists of a wide range of diverse occupations, including finance and insurance,
professional and scientific services, and management. The educational services and health care and social assistance
sector in Newport pays relatively higher median wages and employed 2,975 persons in 2014. Information services
include network maintenance, computer and data services. The 2011 reported median earnings for information
sector was $54,531. Computer and data processing, along with engineering and management services, are major
sources of jobs at the regional level. One of the larger service sectors regionally is professional, scientific and technical
services, providing opportunities for well-paying professional employment with median earnings of $73,615 in 2014.
Much, though not all, of these services are associated with defense-related and high technology industries. These
sectors are key targets in the city’s economic development
strategy.
Retail Trade Industry
The retail trade industry employs 1,273 people and
represents 10.1% of the total Newport civilian labor pool.
The median earnings for those in the retail trade is $22,617
(2014 inflation adjusted). Retail serving year round
residents naturally tends to reflect the incomes, needs and
preferences of that population, while tourist oriented
products are more specialized. Changes in the makeup of
the market (i.e. growing elderly cohort) impact both
demand and desired product types. Manufacturing,
although relatively small compared to other Newport
industry sectors, employs 804 people and comprises only
6.4% of the total civilian labor force in Newport. The
manufacturing sector is vital to Newport and provides high
paying jobs with a significant multiplier effect.
Compared to other local
communities, Newport is not a
major retail provider. Shops
which depend on seasonal
tourists must close during the
off season. While retail jobs
serve local demand, they are
also closely tied to and
dependent upon seasonal
tourism. There is little demand
for additional retail on
Aquidneck Island primarily due
to stagnant or declining
populations and limited growth
in wages and incomes.
Maritime and Waterfront
Newport's marine industry continues to preserve Newport’s sea-faring legacy. Traditional maritime uses currently
include: a major shipyard, boat repair, sail making, chandlery and other marine services. Pier 9, located in the Long
Wharf neighborhood, is operated by the Department of Environmental Management (RIDEM), has accommodations
for 40-45 vessels and hosts dockside sales.
Personal Income
According the U.S. Census American Community Survey
The escalating cost of land and
(ACS), the City of Newport median household income in
property taxes on the Newport
2014 was $61,320. In planning for increasing personal
waterfront has been incentive
income for Newport residents, public policy relies upon
for some fishing and marine
providing information and services to those who currently
businesses to sell their property.
lack resources, skills, and guidance regarding their
employment options. Another important issue is
underemployment. The services and retail sectors are large
employers in the Newport economy. These jobs are
relatively lower paying and are the principal sources of part-time employment in the community.
Draft Existing Conditions (March 2016)
Page 4-7