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Brown University Health reported deepening operating losses in Q1 2026 and stated it will not contribute toward the $4.9 million needed to keep Newport Hospital's birthing center open. CFO Peter Markell said the system seeks funding from state government or philanthropy. The announcement comes amid broader financial pressure on Rhode Island's largest healthcare employer.
Rhode Island's unemployment rate stood at 4.5% in April, the third highest in New England and above the national rate of 4.3%, according to the U.S. Bureau of Labor Statistics. Unemployment rates were lower in three states, higher in two, and stable in 45 states and D.C. during the month.
Federal Reserve Bank of Boston President Susan M. Collins met with Rhode Island business leaders May 6 at Blount Fine Foods in Warren for a closed-door economic briefing focused on labor market conditions and business pressures. The session, organized by The CEO Council of Rhode Island, addressed workforce shortages and cost challenges facing the state's employers.
Attorney General Peter Neronha filed suit in Providence County Superior Court May 22 against New York-based Kalshi Inc. and Polymarket, alleging their sports-related "event contracts" constitute illegal sports betting under Rhode Island law. The lawsuit claims both companies are operating unlawfully in the state without proper licensing.
Rhode Island's Slater Technology Fund has invested in 140 startups and generated positive returns, according to a PBN cover story. The state-backed venture fund was created in the mid-1990s to support tech entrepreneurship and commercialize university research. Director Bob Chatman and Managing Director Thorne Sparkman discussed the portfolio at CIC Providence, home to several Slater-backed companies.
Newport's historic Castle Hill Inn will reopen May 23, three months after a Feb. 5 fire caused major roof and water damage to the 1875 landmark. Managing Director Brian Young described a "whirlwind" repair effort. Fire investigators ruled the blaze accidental, originating in a third-floor attic near a wood-burning chimney. Two guest rooms were destroyed; others sustained water damage.
Rhode Island's median single-family home price reached $529,000 in April, nearing last year's record high, while inventory remains at 1,333 listings statewide—far below the pre-pandemic 3,398 listings. The median age for first-time buyers has risen to 40, as affordability pressures intensify. Multi-family home prices also remain elevated at $616,000.
Rhode Island's four major commercial insurers exceeded the state's voluntary 5.1% cost growth target in 2024, with actual growth hitting 9.1%—nearly double the goal. Total healthcare spending reached $10.25 billion ($10,901 per resident). State Insurance Commissioner Cory King now proposes enforceable sanctions after two years of voluntary targets failing to control costs.
Procaccianti Companies and TPG Hotels & Resorts announced site work begins June 1 on The Bellevue, a 90-room luxury boutique hotel at 181 Bellevue Ave. in Newport. The phased construction will install water lines and stormwater systems first, while the retail plaza and parking lot remain open. The project represents significant commercial real estate development on Newport's premier shopping corridor.
Rhode Island Department of Environmental Management reopened a 462-acre shellfishing area along the Portsmouth shoreline south of the Mount Hope Bridge for the first time since 1975. Improved water quality from wastewater infrastructure investments enabled the upgrade. The announcement coincides with Rhode Island's 10th annual Quahog Week celebrating the state's fishing and marine trades.
Rhode Island's unemployment rate increased to 4.6% in Q1 2026, the highest since Q3 2021 and exceeding New England and US rates (both 4.3%). Resident employment fell 6,100 jobs year-over-year (1.1%), marking the third consecutive quarterly decline and lowest level since Q1 2023. Labor force participation dropped to 63.5%, down for seven straight quarters. Q4 2025 GDP declined 0.4% annualized, versus growth in New England (0.9%) and nationally (0.5%), according to RIPEC and Bryant University.
