Number of R.I.-based jobs hit record high in late 2024, as unemployment rate held steady, report says
The increase put Rhode Island at an all-time high for in-state jobs — a total of 514,300, data included in the briefing shows.
The largest job gains in the fourth quarter were in the leisure and hospitality industries, which picked up about 2,300 jobs, followed by 'trade, transportation, and utilities' with 1,400 jobs, and 'professional and business services' with 600 jobs, the report states.
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Notably, the state's largest sector, education and health services, saw a decrease of about 200 jobs, while the construction and manufacturing sectors respectively lost 200 and 300 jobs last quarter.
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'While some sectors faced slight declines, Rhode Island's economy continues to show resilience, with substantial year-over-year job growth in its largest and most relevant sectors,' Edinaldo Tebaldi, professor of economics and vice president of strategy and institutional effectiveness at Bryant University, said in a statement.
Overall, the state economy closed out last year with strong growth in several key indicators, although there are 'some signs of weakening,' according to RIPEC.
'The fourth quarter of 2024 represents a continuation of primarily positive quarterly results,' Michael DiBiase, president and CEO of RIPEC, said in a statement. 'We added a significant number of jobs, and more Rhode Islanders are working compared to last year. Our recent [gross domestic product] growth has also been impressive given that Rhode Island has historically lagged the region and nation in this measure.'
According to RIPEC, the state's gross domestic product for the third quarter of 2024 grew by 3.6 percent 'an increase that exceeded both the New England region (2.9 percent) and the U.S. (3.1 percent) for the third straight quarter.' Data for the fourth quarter was not available on Tuesday.
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Yet, DiBiase added the state is seeing 'some cautionary signs, with a dip in labor force participation this quarter.' The rate fell by 0.4 percent to 64.8 percent last quarter.
'We are also watching the unemployment rate — which has now been higher than both the New England and U.S. rates for the last four quarters,' DiBiase said.
Indeed, Rhode Island's unemployment rate hovered at 4.6 percent last quarter after increasing for five consecutive quarters. While the rate remains historically low, it is still above the national rate of 4.1 percent, and significantly higher than the regional rate of 3.5 percent, the report states.
The number of employed Rhode Islanders, meanwhile, dipped in the fourth quarter to 561,900 from 564,600 the previous quarter, when that number hit a record high, according to Justine Oliva, manager of research for RIPEC.
'There's still a lot of a lot more Rhode Islanders working, and a lot more Rhode Island jobs year over year, relative to historic levels,' Oliva said Wednesday.
Christopher Gavin can be reached at
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