Rhode Island’s Steady Economic Recovery

First off, I hope everyone is enjoying a great summer!

I am pleased to release the second quarter numbers for 2014, which shed light on the improving state of the economy here in Rhode Island. I am glad to report the number of new businesses registering with our office has increased significantly. New business creations are on the rise compared to the first quarter of 2014, as well as a year ago, according to our office’s most recent data. This is great news for all of Rhode Island!

To quantify this, the second quarter of 2014 is up 6.91% from the second quarter of 2013.

From April 1, 2014 to June 30, 2014, 2,041 new business entities registered with our office; this is up over 6.91% compared to the second quarter of 2013, when 1,909 registered. In the second quarter of 2012, 1,976 new business entities registered.

The second quarter numbers for 2014 show the economy here in Rhode Island is steadily recovering, and things are looking brighter for entrepreneurs and small businesses in the Ocean State. The data shows Rhode Islanders are optimistic for Rhode Island’s long-term potential and are not hesitating to place business roots right here in Rhode Island, where they are confident they can grow and be successful.

Our office tracks quarterly business filings because most newly formed business entities in Rhode Island choose a corporate structure that requires registering with our office.  More than 70,000 limited liability companies and for-profit and non-profit corporations are currently registered.

In addition to its work with start-ups, our office also oversees recording commercial liens, registering notaries public and protecting corporate trademarks.

It’s also important to note for entrepreneurs and small business owners that the Secretary of State’s office also offers free interactive workshops, both in English and Spanish, to anyone interested in learning how to start, grow, manage and market their businesses. I believe business owners need to be educated in all areas of business in order to be successful and maintain their success. Our workshops are also a great way to network with other business owners and potential customers in our state.

For more information about the programs and services offered to Rhode Islanders from our office, please view our Video:  CORPORATIONS and visit our website at www.sos.ri.gov.

As your Secretary of State, I am committed to making it easier for Rhode Islanders to vote, making it easier to do business in Rhode Island and making government more open and accessible.

For more information, please do not hesitate to stop by our 148 West River Street location in Providence. Our regular office hours are 8:30 a.m.-4:30 p.m. Monday through Friday, and our phone number is (401) 222-2340.  Someone is always present to help you in any way.

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