Mansions for Sale in Rhode Island

Average Mansion and Luxury Home Prices in Rhode Island

Block Island

Washington

RI

1,255,000

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General
Rhode Island and Providence Plantations, more commonly referred to as Rhode Island, is a state in the New England region of the United States. It is the smallest U.S. state by area. Rhode Island borders Connecticut to the west and Massachusetts to the north and east. Rhode Island also shares a water border with New York's Long Island to the southwest.

Economy
The simplest description of Rhode Island and Providence Plantations economy, is a colonial base in fishing and farming, each of which respectively became shipping and manufacturing upon independence.

Today, much of the economy of state is based in services, particularly healthcare and education, and still to some extent, manufacturing.

The headquarters of Citizens Financial Group, a 160 billion dollar banking corporation which operates in many parts of the US, is located in Providence. The Fortune 500 companies CVS and Textron are based in Woonsocket and Providence, respectively. Verizon, FM Global, Hasbro, American Power Conversion, Nortek, and Amica Mutual Insurance are all Fortune 1000 companies based in Rhode Island. The GTECH Corporation is headquartered in Providence.

Rhode Island's 2000 total gross state product was $33 billion, placing it 45th in the nation. Its 2000 per capita personal income was $29,685, 16th in the nation. Rhode Island has the lowest level of energy consumption per capita of any state.

Health services are Rhode Island's largest industry. Second is tourism, supporting 39,000 jobs, with tourism-related sales at $3.26 billion in the year 2000. The third-largest industry is manufacturing. Its industrial outputs are fashion jewelry, fabricated metal products, electrical equipment, machinery, shipbuilding and boatbuilding. Rhode Island's agricultural outputs are nursery stock, vegetables, dairy products and eggs.

Taxes
The state's taxes are appreciably higher than neighboring states. Governor Carcieri has claimed that this higher tax rate has had an inhibitory effect on business growth in the state and is calling for reductions to increase the competitiveness of the state's business environment. Rhode Island's income tax is based on 25% of the payer's federal income tax payment.

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