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Rhode Island Credit Union President/CEO David B. Suvall announced his retirement after 45 years, effective July 1, 2026. Executive Vice President/COO Nancy L. Zeppa, with the organization since 1977, has been named his successor by the Board of Directors. The $425 million credit union now serves nearly 30,000 members across six branch locations.
The General Assembly is finalizing legislation to eliminate the requirement that recreational cannabis license holders be majority owned by Rhode Island residents. Bills sponsored by Rep. Slater and Sen. Bissaillon aim to resolve three federal lawsuits that halted license awards and restart the Cannabis Control Commission application process within 60 days. Both chambers have approved companion versions of the measure.
Care New England Health System lost $35.4 million in operations during the first six months of fiscal 2026, a significant shift from the $4.6 million operating income reported in the same period a year earlier. Women & Infants Hospital accounted for $10.9 million of the loss. The disclosure coincided with CNE's May 26 announcement that it was cutting more than 30 leadership and nonclinical positions.
Raytheon, an RTX business, announced a $100 million investment to expand its Portsmouth, Rhode Island facility to increase testing capacity for the U.S. Army's LTAMDS radar program and boost production of Patriot GEM-T interceptor components. The expansion aims to accelerate deliveries amid growing global demand for air and missile defense systems.
Atlantic Capital Partners arranged the $20.5 million sale of Midland Commons, a 160,448-square-foot power center in Warwick anchored by Dick's Sporting Goods, Burlington, and Planet Fitness. Montreal-based Brasswater acquired the property with a $15 million non-recourse loan, with proceeds funding acquisition and stabilization through lease-up of two vacant suites.
Citizens Financial Group announced a $1.65 million investment in Rhode Island workforce development and financial education programs on May 27. The investment includes $1.5 million supporting organizations such as College Visions, the Genesis Center, Skills for Rhode Island's Future, and Crossroads Rhode Island, as part of a $20 million national initiative.
Providence topped Zillow's list of hottest rental markets for summer 2026, fueled by 5% year-over-year rent growth and a 5.1% vacancy rate forecast. Only 12.9% of Providence property managers offer concessions, giving renters little negotiating room. The city's typical rent stands at $2,154 monthly, according to Zillow's Observed Rent Index.
The Rhode Island House approved a record $15.2 billion fiscal 2027 budget by 64-10, including a three-year phased-in wealth tax rising to 8.99% by 2029 on income over $1 million. The tax is expected to generate $22.4 million in fiscal 2027 and $142 million by 2030. The budget also funds a new inspector general's office and increases spending on healthcare and transit.
Rhode Island's fiscal 2027 budget proposal totals $14.34 billion, a $523 million increase over the prior year and a 3.6% rise. Governor McKee says the state can afford the spending increase partly because Rhode Island collected roughly $230 million more revenue than expected. Critics say the state is overspending, with the budget growing at twice the rate of inflation. Forty-five percent goes to healthcare and human services.
Rhode Island's economy in April 2026 showed a Current Conditions Index of 42, with five of 12 indicators improving year-over-year. URI economist Leonard Lardaro says the state may be in the earliest stages of recovery. Retail sales grew 3.6%, total manufacturing hours rose 6.1%, and single-unit permits increased 7.9%. However, it's the 11th time in 12 months the CCI was below 50.
The Rhode Island Department of Health issued its first kratom manufacturer license to an out-of-state manufacturer. RIDOH has received 20 applications across four categories: retailer, distributor, manufacturer, and importer, with 19 pending. The move follows Rhode Island's recent legalization of kratom with regulations requiring licenses, age restrictions, and labeling.
