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Economic Information
As a small city, Newport has a rich culture, history, and vibrant natural features with a diverse urban population, and seasonal tourist influx.
Newport is the location of several large institutions, including the U.S. Naval Base Newport and its 50 service sectors, including the United States Naval War College. Additionally, the City is home to the Newport Hospital, Salve Regina University, and the International Yacht Restoration School (IYRS). These institutions are among Newport's larger employers.
| PRIVATE INDUSTRY EMPLOYEMENT | 2005-2009 ACS 5-Year Estimates | Estimated Percent | Margin of Error (+/-) |
|---|---|---|---|
| Civilian employed population (16 years and over) | 12,560 | 485 people | |
| Agriculture Forestry & Fisheries | 24 | 0.2% | 0.2% |
| Construction | 938 | 7.5% | 1.9% |
| Manufacturing | 683 | 5.4% | 1.5% |
| Transportation Communications & Utilities | 321 | 2.6% | 1.1% |
| Wholesale Trade | 145 | 1.2% | 0.7% |
| Retail Trade | 1,506 | 12.0% | 1.9% |
| Finance, Insurance & Real Estate | 985 | 2.7% | 1.7% |
| Information | 342 | 2.7% | 1.3% |
| Professional, scientific, and management, and administrative and waste management services | 1,627 | 13.0% | 2.4% |
| Educational services, and health care and social assistance | 2,877 | 22.9% | 3.2% |
| Arts, entertainment, and recreation, and accommodation and food services | 2,106 | 16.8% | 2.9% |
| Other services, except public administration | 379 | 3.0% | 1.0% |
| Public administration | 627 | 5.0% | 1.6% |
Tourism
Over the last thirty years, tourism in Newport has grown substantially. As the State's principal tourist center and resort community, Newport is visited annually by approximately 3.5 million tourists who attend special events, sail, and view the City's mansions and other attractions.
The City's popularity has stimulated significant private investment in retail shopping facilities, hotels, timeshare units, restaurants, clubs, and other tourist-oriented enterprises. In addition to tourism related businesses, residents rent apartments and homes at increased rates to visitors during the busy summer months; increasing the economic impact of tourism for Newport residents.
Navy
Naval Station Newport and its associated activities play a major role in the City's economy, with approximately 4,500 civilians, 1,400 staff military personnel, and an average daily onboard student count of 1,500.
The Department of the Navy 2001 Rhode Island Area Annual Report states that the gross payroll for all Navy activity located in Newport was $450,694,438, maintaining the Navy's position as Newport County's largest single employer in terms of payroll and personnel statistics. In addition to jobs directly created by the Navy, there are large numbers of high technology and defense-related jobs generated indirectly by the Navy.
| CLASS OF WORKER | 2005-2009 ACS 5-Year Estimates | Estimated Percent | Margin of Error (+/-) |
|---|---|---|---|
| Private wage and salary workers | 9,786 | 77.9% | 2.9% |
| Government workers | 1,763 | 14.0% | 2.4% |
| Self-employed workers in own not incorporated business | 1,002 | 8.0% | 2.0% |
| Unpaid family workers | 9 | 0.1% | 0.1% |
General Figures on the Health of the Economy
(American Community Survey 2005-2009 5-Year Estimates)- GROSS RETAIL SALES ($1,000) (2002) $305,356
- Median family income $56,802
- Per capita income $35,816
| INCOME | 2005-2009 ACS 5-Year Estimates | Estimated Percent | Margin of Error (+/-) |
|---|---|---|---|
| Total Households | 10,558 | 418 people | |
| Less than $10,000 | 833 | 7.9% | 2.0% |
| $10,000 to $14,999 | 552 | 5.2% | 1.5% |
| $15,000 to $24,999 | 960 | 9.1% | 1.9% |
| $25,000 to $34,999 | 1,191 | 11.3% | 1.7% |
| $35,000 to $49,999 | 1,053 | 10.0% | 2.3% |
| $50,000 to $74,999 | 1,820 | 17.2% | 2.8% |
| $75,000 to $99,999 | 1,621 | 15.4% | 2.4% |
| $100,000 to $149,999 | 1,475 | 14.0% | 2.4% |
| $150,000 to $199,999 | 522 | 4.9% | 1.2% |
| $200,000 or more | 531 | 5.0% | 1.5% |
| RESIDENT LABOR FORCE | 2005-2009 ACS 5-Year Estimates | Estimated Percent | Margin of Error (+/-) |
|---|---|---|---|
| Total Employment | 13,936 | 67.4% | 2.9% |
| Unemployment | 543 | 2.6% | 0.6% |
| Labor Force (16 years and older) | 20,665 | 370 people | |
| Unemployment Rate | 2.6% | 0.6% |
| BELOW POVERTY LEVEL | 2005-2009 ACS 5-Year Estimates | Margin of Error (+/-) |
|---|---|---|
| Families | 5.1% | 1.7% |
| With related children under 18 years | 9.9% | 3.4% |
| With related children under 5 years only | 12.6% | 10.7% |
| All people | 10.6% | 2.1% |
| Under 18 | 13.2% | 4.8% |
| 18 to 64 Years | 9.5% | 2.3% |
| 65 years and over | 12.1% | 4.2% |