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