Connect with us

Rhode Island

The Fed just cut rates. Here is what it means for Rhode Island – The Boston Globe

Published

on

The Fed just cut rates. Here is what it means for Rhode Island – The Boston Globe


For Rhode Island, the advent of a rate cut comes at a time when the unemployment rate has gone up while the labor market is seeing fewer jobs available for workers. Meanwhile, the housing market has registered record prices for homes amid elevated mortgage rates and limited supply of homes in the market.

Experts suggested that the Fed’s move would help stabilize the labor market in the state.

Advertisement

“We have seen some weakness, but we haven’t been seeing a whole lot of layoffs and hopefully this will continue to decrease the number of layoffs,” Lisa Murray, Citizens Bank’s Massachusetts president, told the Globe. “I think we got a little fat during the pandemic and that’s why we saw some of the activity that we’ve been seeing with layoffs. But I think people are going to continue to try to right-size their organizations for a much more measured economy going forward.”

Laurie White, the president of the Greater Providence Chamber of Commerce, told the Globe the Fed’s lowering of borrowing costs will help companies to source relatively cheaper capital to invest in their businesses.

“I think it could be euphemistically said hallelujah,” she said. “The reduction, the half-point reduction, is going to unleash additional capital expenditure activity.”

White described the Fed’s move as “aggressive” and anticipated more cuts over the coming months. She noted, however, how businesses react will be influenced by more than just what the Federal Reserve does, but also by the results of who will end up in the White House.

“I don’t think you’ll see anything, you know, truly, truly consequential from business in terms of making any moves until after the election in November, when it is determined what direction [of] the policy is,” White said.

Advertisement

One area of Rhode Island’s economy White said could be impacted by a drop in rates is the building sector, which could be helped by lower borrowing costs.

“The building and the construction industry is a very important sector to the Rhode Island economy,” she said. “There is a tremendous amount of pressure on homes, there is not…a lot of inventory. What we need is more inventory. But in order to get more inventory, you need to be able to borrow and build at rates that are competitive.”

John Marcantonio, the chief executive officer of the Rhode Island Builders Association, said he would wait and see how the rate cut impacts his members who represent the residential construction business in the state.

“When it was going up, the pace at which it went up, it certainly did affect, you know, housing,” Marcantonio said. “In many ways, how fast it comes down, the pace at which it comes down, where it would settle in, is going to be something we’re all going to have to sit back and watch and see how that effect happens. I would say I’m glad the Fed is finally cutting rates.”

Limited inventory is a major concern for the housing market in Rhode Island. A rate cut could lead to lower mortgage rates, which will spur demand for homes in a state struggling to provide enough properties for prospective buyers, said Chris Whitten, president-elect of the Rhode Island Association of Realtors.

Advertisement

Interest rates on home loans had been dropping in recent weeks in anticipation of a quarter percentage point rate cut, he said, but a 50 basis point reduction would put added pressure on the Ocean State’s housing market.

“For the Rhode Island housing market, which was already struggling with inventory,” he said, “I am going to see, I think, a lot more buyers getting in the market and therefore a lot more multiple offer situations and therefore the home values continuing to go up on their already record median high pace.”

In recent years, Rhode Island has lagged behind other states in the country in issuing new construction and building permits. An increase in local prospective homebuyers and from neighboring states would escalate competition and push up prices. Although lower borrowing costs may ease the cost of capital for builders, the sector would still face challenges to develop new homes.

“Even though it may be more advantageous for builders now, given the 50 basis points cut, it’s a matter of actually finding those opportunities and getting through the red tape that we have here in Rhode Island, at the local level, to build the inventory that we do need,” Whitten said.


Advertisement

Omar Mohammed can be reached at omar.mohammed@globe.com. Follow him on Twitter (X) @shurufu.





Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Rhode Island

The most RI wedding ever? Olympian’s celebration featured special Ocean State touches

Published

on

The most RI wedding ever? Olympian’s celebration featured special Ocean State touches


play

Rhode Island’s favorite Olympic swimmer got married earlier this month, and now People magazine offers a peek behind the scene at the festivities – including details about the Ocean State vendors the bride used.

Advertisement

Elizabeth Beisel, the Saunderstown native who competed in the 2008, 2012, and 2016 Olympic Games, winning two medals and being named captain of the 2016 team, married Jack Nichting, whom she met when they were both contestants on “Survivor,” on Sept. 7 at Bonnet Shores Beach. A reception followed at Casey Farm in Saunderstown.

And if getting married barefoot on a beach in Narragansett isn’t enough, Beisel found other ways to highlight her home state during her festivities.

According to People, the reception featured a charcuterie table from Grapes and Gourmet in Jamestown, and an oyster and shrimp boat by Watch Hill Catering in Westerly. Dinner was catered by Perro Saldo, of Newport, which included some of the restaurant’s Mexican favorites like tostones, guacamole, burrito bowls and more. The cake, made by Nichting’s mom, was accompanied by ice cream from Baron’s in Narragansett.

The newlyweds also hosted an informal breakfast the day after the wedding at King Park in Newport, where guests were invited to enjoy a picnic of coffee, pastries and a beautiful view of the harbor.

Like true Rhode Islanders, the lovebirds included on their wedding website some suggestions for great spots for their guests to eat during their stay in Rhode Island. Nichting, who according to the site has also worked in the local service industry for years, recommends places like Matunuck Oyster Bar (where the couple celebrates every anniversary), Perro Salado in Newport, and even Frosty Freez in Middletown. And they encouraged visitors to check out Newport’s famed Cliff Walk, Ocean Drive, Norman Bird Sanctuary and the Gilded Age mansions on Bellevue Avenue.

Advertisement

The celebration attracted some famous guests, including fellow Olympians Katie Ledecky, Katie Hoff and Missy Franklin and Caeleb Dressel.

More: Before Olivia Culpo, these four famous couples got married in Rhode Island. Here’s a look.

Beisel wasn’t the only Rhode Island celeb to tie the knot this summer. She joins fellow Rhode Islanders who have tied the knot here this summer − Olivia Culpo, who wed San Francisco 49ers star Christian McCaffrey in June at a star-studded affair at the Ocean House in Westerly, and Billy Gilman, who married Anthony Carbone last month.





Source link

Advertisement
Continue Reading

Rhode Island

RIPTA debuts CCRI bus hub – Warwick Beacon

Published

on

RIPTA debuts CCRI bus hub – Warwick Beacon


By ADAM ZANGARI

Friday was a very transportation-heavy morning at the Community College of Rhode Island, as college, city and state officials celebrated the opening of four modernized bus stops at the Knight Campus.

The stops are directly outside the campus main academic building. The $1.6 million project was funded by a Federal Transit Administration (FTA) Bus and Bus Facilities grant, according to the office of Sen. Jack Reed.

A veritable who’s who of Rhode Island and Warwick politicians showed up to the college, with Reed and Gov. Dan McKee joined by Speaker of the House Joe Shekarchi, Treasury Secretary James Diossa, Mayor Frank Picozzi, State Sen. Matthew LaMountain, State Reps. Joseph Solomon, Jr. and Tom Noret and Warwick City Councilmen William Foley, Jim McElroy and Steve McAllister.

Advertisement

Reed noted a recent groundbreaking at the Pawtucket-Central Falls Train Station, opened last year, as proof of the state’s commitment to public transportation. That, he said, tied closely with education.

“Making higher education accessible — everyone talks about that, but they usually mean making the resources available for tuition, et cetera,” Reed said. “Another aspect of making college accessible is being able to get there, and this is going to help lots of students, particularly those from middle- and low-income families, get here on time to do their studies.”

McKee, who started the Learn365RI program as governor, said the new stops would be a major boon to CCRI students and make sure that more Rhode Islanders could receive a college education.

“It’s really important that we create access to our universities, our community college here, to make sure people can get here, so they can participate in the real learning experiences that CCRI provides under the leadership of [interim] President [Rosemary] Costigan,” McKee said.

The governor also said that the CCRI stops would provide a blueprint for future RIPTA bus stop projects throughout the state.

Advertisement

The stops themselves also include screens showing when the next buses will arrive as well as destinations, in addition to solar lighting.

“They’re a wonderful blend of modern technology, powered by an alternative energy source, and they’re also very aesthetically pleasing,” Picozzi said.

Those in attendance said that the stops would make transportation easier for CCRI’s students and faculty, and would give students one less thing to worry about as they head to their classes. 

“Here at CCRI, we know that access is everything,” Costigan said.

The Bridge

Advertisement

Minutes before the event began, the governor and congressional delegation announced that the state had received a $125,390,467 grant for the rebuilding of the westbound Washington Bridge from the federal government.

The funds came from the “mega grant” program within the National Infrastructure Project Assistance program created by the Bipartisan Infrastructure Law passed in 2021. Reed said that the grant was a good start, but the state needs to secure more funding in the future.

“This mega grant of $125 million is a good down payment, but we’re going to continue, after thanking the Secretary, to urge that we receive additional funds,” Reed said.

McKee noted meetings that he had with Rhode Island’s delegation and Senior Advisor to the President Tom Perez as positive, and said that meetings on Thursday with his predecessor — Commerce Secretary Gina Raimondo — and on Friday with Transportation Secretary Pete Buttigieg went well. The governor visited Washington, D.C. two weeks ago to meet with Perez and other federal officials to convince them to give Rhode Island grant funding for the bridge.

Those meetings, he said, would continue as the state looks for more funds for the replacement of the bridge.

Advertisement

McKee had initially asked the federal government for a $221 million grant. Though the state did not get that much, he said that the $125 million was still a win for Rhode Island, especially considering the percentage of the federal grant that the state is receiving.

“When you talk about a competitive grant — the section that we qualified for was around $850 million [split between different projects nationwide] — we got $125 million of that,” McKee said. “That’s a big win for Rhode Island, and it’s a vote of confidence that the Biden administration had in our office, as well as the state, around the ability to actually rebuild a bridge that we didn’t know was going to have to be taken down.”





Source link

Advertisement
Continue Reading

Rhode Island

Providence Fire Department said electrical fire caused manhole cover to dislodge | ABC6

Published

on

Providence Fire Department said electrical fire caused manhole cover to dislodge | ABC6


PROVIDENCE, R.I. (WLNE) — The Providence Fire Department said that it responded to Clemence Street and Washington Street for reports of an explosion.

At 2 p.m. firefighters on scene determined a “small underground electrical fire” caused a manhole to dislodge.

There was no immediate danger and the scene was turned over to Rhode Island Energy.

Advertisement





Source link

Continue Reading

Trending