Study: RI won’t get back to pre-recession job count before 2018June 5th, 2012 at 5:00 am by Ted Nesi under Nesi's Notes, On the Main Site
Rhode Island won’t add enough jobs to regain its pre-recession employment level until sometime after 2017, more than five years from now, according to a new analysis by IHS Global Insight reported by The Wall Street Journal.
Only two other states – Michigan and Nevada – are facing a comparably long slog to recovery. Even then, the WSJ’s Phil Izzo notes, “getting back to where a state started doesn’t account for the jobs needed by new entrants to the labor force over the past four years.”
Employment in Rhode Island fell from 496,400 in December 2006 to 457,000 in November 2009, a drop of 39,400 or nearly 8%. The number has barely budged since then, with employment up by just 800 jobs as of April – still 38,600 away from the December 2006 peak.
The IHS forecast suggests Rhode Island’s job market will spend at least 11 years suffering from the recession and its aftermath.
• Related: Providence area won’t recover lost jobs for another 6 years (June 20)
(map: IHS Global Insight, via WSJ)