Economy
Providence was one of the first cities to industrialize in the United States. By 1830, the city had manufacturing industries in metals, machinery, textiles, jewelry, and silverware. Though manufacturing has declined, the city is still one of the largest centers for jewelry and silverware design and manufacturing. Services, particularly education, health care, and finance, also make up a large portion of the city's economy. Providence also is the site of a sectional center facility, a regional hub for the U.S. Postal Service. Since it is the capital of Rhode Island, Providence's economy additionally consists of government services.
The Fortune 500 conglomerate Textron and Fortune 1000 company Nortek Incorporated are both headquartered in the city, and GTECH's world headquarters has recently been moved to downtown Providence. Citizens Bank, the 15th largest bank in the country, is also headquartered in Providence. Another company whose origins were in the city is Fleet Bank. Once Rhode Island's largest bank, it moved its headquarters to Boston, Massachusetts, after acquiring Shawmut Bank in 1995. Before its acquisition by Bank of America, Fleet merged with BankBoston to become New England's largest commercial bank.
The city is home to the Rhode Island Convention Center, which opened in December 1993. Along with a hotel, the convention center is connected to the Providence Place Mall, a major retail center, through a skywalk. The Port of Providence, the second largest deepwater seaport in New England, handles cargo such as cement, chemicals, heavy machinery, petroleum, and scrap metal.
Read more about this topic: Providence, Rhode Island
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)