50 in 50: Rhode Island, Vermont, and West Virginia

50 in 50: Rhode Island, Vermont, and West Virginia

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Our team is putting together new content and a different format to kick off Word on the Street in 2023. For that reason, we will be publishing the remaining states of the 50 in 50 series in a combined fashion. This week we are featuring Rhode Island, Vermont, and West Virginia.

Key Economic Indicators

Measure	Rhode Island	Vermont	West Virginia
GDP (billions)	$72.5	$54.2	$29.7
GDP 5-year CAGR (U.S.: 1.6%)	0.8%	0.1%	0.4%
GDP per capita (U.S.: $58,154)	$50,608	$46,672	$40,861
Population (millions)	1.1	0.65	1.8
Population 5-year CAGR	0.9%	0.8%	-0.5%
Unemployment (U.S.: 3.7%)	3.4%	2.3%	4.0%
Economic outlook ranking	#40	#47	#25
Fiscal health ranking	#34	#43	#29
Overall tax climate ranking	#40	#43	#21

* Compounded annual growth rate (2017-2021)

Top three industries by GDP Growth (last five years):

#	Rhode Island	Vermont	West Virginia
#1	Mining, quarrying, and oil and gas extraction	Management of companies and enterprises	Military
#2	Agriculture, forestry, fishing, and hunting	Administrative and support and waste management and remediation services	Management of companies and enterprises
#3	Construction	Professional, scientific, and technical services	Finance and insurance

Areas with the highest population percentage increase in 2021 vs. 2020:

#	Rhode Island	Vermont	West Virginia
#1	Providence-Warwick, RI-MA Metro Area	Burlington-South Burlington, VT Metro Area	Morgantown, WV Metro Area
#2	N/A	Barre, VT Micro Area	N/A
#3	N/A	Rutland, VT Micro Area	N/A

Infrastructure Highlights

Rhode Island’s roads and bridges had poor ratings on the 2020 American Society of Civil Engineers (ASCE) report card. A review of U.S. Treasury Department data through September 30 shows that the state has started 160 transportation projects, which will help address the relatively low percentage of roads in good condition in the state. Rhode Island has over $66 million available for drinking water investments, including lead pipe and service line replacements.

Vermont has started 419 new transportation projects after one year since the start of the Bipartisan Infrastructure Law (BIL). These projects will help maintain roads and bridges in the Green Mountain State in very good condition compared to the overall U.S. The state has not gone through a full ASCE assessment since 2019 when stormwater and wastewater infrastructure systems were graded as poor (D+) and drinking water received a C-. As of November 2022, several communities are having issues with water main breaks and water pressure due to aging pipes. Many officials are concerned that the BIL funds are insufficient when considering the magnitude of the issues.

West Virginia received a D grade from the 2020 ASCE assessment. All categories rated—bridges, dams, drinking water, roads, and wastewater—were considered in poor condition. The good news is that the state is tapping into $626 million provided by the BIL in FY 2022 to execute over 441 transportation projects. When it comes to water, the situation in West Virginia is critical as many communities have had to boil water for several years due to environmental issues.

AE Industry

AE Industry Metric	Rhode Island	Vermont	West Virginia
ENR 500 firm headquarters	0	0	0
M&A buyers since 2018	3	0	6
M&A sellers since 2018	8	6	6

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.