If you’re interested in healthcare and senior care (link), or want to live in the smallest state with the longest name, Rhode Island—technically, State of Rhode Island and Providence Plantations—might be a place to consider for your next franchising opportunity.
Where to Settle
There are 39 cities and towns in Rhode Island for you to choose from, all of them on the smaller side, with most having less than 50,000 residents. Here are a few for you to take a peek at:
Providence: The largest by far and capital of the state, Providence is one of the oldest cities in the country. It’s home to a bevy of hospitals and institutes of higher education, and is also known as the “Creative Capital.”
Cranston: Its repeatedly been named one of the best places to live in America, and is also one of the safest cities in the country.
Cumberland: A small town with about 33,000 residents, Cumberland is the northernmost town in Rhode Island and has a strong public school system.
The Rhode Island economy used to be driven by fishing and tool making, but now health services are the biggest moneymaker for the state. In addition, tourism is also a large part of the state’s economy, providing 39,000 jobs and bringing in $3.5 billion a year. Manufacturing—costume jewelry, shipbuilding, machinery—and agriculture are also significant.
Let’s Talk Taxes
Rhode Island used to have some of the highest tax rates, but they’ve been reformed and lowered in the past few years. Currently, there is a business corporation tax of 9 percent, but there are possible reductions that can bring it down as low as 3 percent. There is also a franchise tax that varies based on net worth. In addition, the state personal income tax ranges from 3.75 to 5.99 percent.
Business in The Ocean State
There are 95,400 small businesses in Rhode Island, which make up 95.9 percent of the state’s employers.
Of those, 2,422 are franchises, which employ 26,700 people.
Rhode Island has a GDP of $54.6 billion.