Rhode Island
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.
“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.
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.
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.
Omar Mohammed can be reached at omar.mohammed@globe.com. Follow him on Twitter (X) @shurufu.
Rhode Island
Bodycam footage shows moments police respond to Pawtucket shooting
Police bodycam footage shows the moments officers arrived to the scene of a deadly mass shooting in Pawtucket, Rhode Island.
The shooting on Feb. 16 at the Dennis M. Lynch Arena killed Rhonda Dorgan and Aidan Dorgan, the ex-wife and son of the shooter, who died by suicide.
If you or someone you know is in crisis, call or text 988 to reach the Suicide and Crisis Lifeline or chat live at 988lifeline.org. You can also visit SpeakingOfSuicide.com/resources for additional support.
Gerald Dorgan, Rhonda’s father, died from his injuries this week. His wife, Linda Dorgan, and family friend Thomas Geruso remain hospitalized.
Around five minutes after the first officer arrives, he beings helping paramedics with a man who identifies himself as Aidan. Twelve minutes in, Aidan Dorgan is transported to the hospital, where he would later die from his injuries.
If you or someone you know is experiencing domestic violence, contact the National Domestic Violence Hotline by calling 1-800-799-SAFE (7233), visiting www.thehotline.org or texting LOVEIS to 22522.
For the last 10 minutes of the footage, the officer then begins helping paramedics transport the other three gunshot victims.
The video ends with police prepping witness interviews.
The shooting rocked the Pawtucket community. Chris Librizzi, head coach of the Blackstone Valley Schools hockey team impacted by the shooting, said the players and coaching staff “are devastated over the events that took place at Lynch Arena on Monday and intimately affected one of our teammates.”
As authorities continue investigating the shooting in Pawtucket, three patients remain in critical condition.
“We will lean on each other and support one another, as we have always done as a team,” he added.
Pawtucket police said two handguns were found at the scene after the shooting, a Sig Sauer P226 and Glock. Other weapons have been seized at the suspect’s storage unit in Maine.
Investigators continue reviewing all video evidence from before, during and after the shooting, including surveillance footage from the Dennis M. Lynch Arena, police body-worn camera footage and other records — a high school sports livestream captured the shooting from a distance — police said.
Rhode Island
Man killed in RI shooting; suspect involved in Mass. car crash that killed 2 others
A man has died after a shooting in Cranston, Rhode Island, and investigators say a suspect was later involved in a car crash in Swansea, Massachusetts, that killed two other people.
The shooting victim was found Thursday on Legion Way, shot multiple times in the chest, Cranston police told NBC affiliate WJAR-TV. He was taken to Rhode Island Hospital where he later died. His name has not been released.
The suspect initially fled on foot, setting off a shelter-in-place order while investigators searched the area.
Police said Friday that investigators identified a suspect vehicle, which was later spotted by Massachusetts State Police. A trooper followed the car down Route 6 and Interstate 195, but stopped when it crossed back into Rhode Island. The car was later involved in a crash on Route 136 in Swansea, Mass.
Swansea police say that crash on Route 136 (James Reynolds Road) resulted in the deaths of two other people.
According to the Swansea Police Department, two officers saw a white Infinity G37 speed past them around 12:18 a.m. Friday on Route 6, otherwise known as Grand Army of the Republic Highway. Moments later, officers observed that the vehicle had crashed into the side of a blue Subaru Ascent that had been traveling southbound on Route 136.
Both vehicles sustained catastrophic damage, police said.
The vehicle that was struck was fully engulfed in flames. First responders and bystanders tried to extinguish the fire, but both occupants — a man and a woman — were pronounced dead at the scene, police said. Their names have not been released.
The 28-year-old Infinity driver, who struck the victims’ Subaru, was taken to Rhode Island Hospital with serious injuries and later into custody by Cranston Police. They have not been publicly identified at this time.
Swansea police said they are aware that the Infinity was the subject of a police pursuit, and know the driver was wanted in connection to the Rhode Island homicide investigation. While Swansea police had been alerted to be on the lookout for the suspect’s vehicle, however, they say they were not involved in the pursuit and were not pursuing the vehicle at the time of the deadly crash.
The crash in Swansea is under investigation by Massachusetts authorities, including state police and the Bristol County District Attorney’s Office. Meanwhile, Cranston police said they would give an update on their investigation around 1 p.m.
Rhode Island
RI House speaker unveils housing bills for 2026. What to know
House Speaker Shekarchi unveils 2026 RI housing legislative package
House Speaker K. Joseph Shekarchi’s nine-bill package for 2026 seeks to cut red tape and relax rules on parking, dividing lots and staircases.
House Speaker K. Joseph Shekarchi is once again taking aim at the regulations he says are stifling new homebuilding.
The Warwick Democrat unveiled his sixth annual suite of housing legislation on Thursday, Feb. 26, a few weeks after announcing he would not be running for governor this year.
“We are still trying to play catch-up for all the years that Rhode Island was dead last in the country for new housing starts,” Shekarchi said. “While Rhode Island remains a relatively affordable option for people moving here from other states, our own residents are too often priced out of the neighborhoods they grew up in.”
The legislative text of the nine-bill housing package, and with it the specifics of how it would work, were not available for Thursday’s news conference.
But highlights of the package, according to summaries, include:
- Infill housing. Allow property owners to divide lots in single-family zoning districts, creating multiple dwellings instead of one, provided they have water and sewer service.
- Parking maximums. Put new limits on how much off-street parking communities require for new apartment buildings.
- Homeless Bill of Rights. Expand the state’s Homeless Bill of Rights to require 15-day notice to the occupants of encampments before local authorities clear them.
- Emergency shelters. Let communities build temporary shelters, such as the ECHO Village Pallet shelter in Providence, during a state of emergency.
- Stairs. Legalize the construction of four-story apartment buildings with a single staircase.
- Affordable housing taxes. Overhaul the tax system for income-restricted housing covered by the state’s “8 Law.”
Is land-use reform working?
Since Shekarchi was elected speaker in 2021, the General Assembly has passed dozens of bills he backed that tweaked state land-use statutes or streamlined the process for building.
How successful this approach has been is subject to debate.
Many local elected officials wary of development in their communities continue to rail against efforts to erode their power over construction.
Others in the growing Yes In My Back Yard movement see Rhode Island’s piecemeal approach as inadequate in comparison with the scale of the affordability problem and what other states are doing.
As evidence that his changes are making a difference, Shekarchi said Rhode Island saw a 70% increase in building permits in 2023 and a more modest increase in 2024. (Statistics for last year were not immediately available.)
Gov. Dan McKee’s 2030 plan calls for 15,000 new housing units built by that year.
Democratic primary challenger Helena Foulkes is slated to roll out her housing plan on Monday.
It is expected to include a millionaires tax to fund affordable housing, a revolving fund and target of 20,000 new homes.
What would the new laws do?
Letting property owners put multiple homes on a plot of land is one of the most direct ways that lawmakers can encourage the construction of more homes, but it is also one of the most controversial.
That’s especially true in areas zoned for large lots and single-family homes.
How far the new bill allowing lots to be subdivided in single-family zones goes is unclear. It is sponsored by Rep. Stephen Casey, D-Woonsocket.
Legislation setting maximum parking requirements for new developments, introduced by Rep. Joshua Giraldo, D-Central Falls, would apply to areas accessible by public transit.
Critics of off-street parking requirements say they make it harder to build new apartments and make the units that are built more expensive.
Shekarchi proposed the emergency shelter bill last year. It passed the House and died in the Senate.
It was the result of how long it took state officials to navigate Rhode Island’s building code and open the ECHO Village Pallet shelter in Providence.
The staircase bill, sponsored by Rep. June Speakman, a Warren Democrat and chair of the House’s home affordability study commission, follows a wave of cities and states relaxing rules on how many exits are required in new construction.
Currently, the state building code requires two stairways in buildings with more than three stories, and fire officials have opposed all efforts to change that.
Speakman’s bill would allow four-story buildings with a maximum of 16 units with a single staircase.
Supporters of single-stair buildings say they allow development of small sites that would otherwise sit vacant and allow family-sized units with more light and better ventilation.
A previous Rhode Island single-stair bill would have allowed six stories, but it died in committee.
Massachusetts Gov. Maura Healey signed an executive order in mid-February to study the idea.
-
World2 days agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts3 days agoMother and daughter injured in Taunton house explosion
-
Montana1 week ago2026 MHSA Montana Wrestling State Championship Brackets And Results – FloWrestling
-
Louisiana5 days agoWildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
-
Denver, CO3 days ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Technology1 week agoYouTube TV billing scam emails are hitting inboxes
-
Technology1 week agoStellantis is in a crisis of its own making
-
Politics1 week agoOpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT