RI Capitol’s Civic Intelligence Network · Powered by XPoLL
Rhode Island's publicly traded companies posted strong gains over the past year, outpacing the S&P 500's 33% rise. Citizens Bank shares climbed 81.6%, United Natural Foods 94%, Hasbro 80%, and Textron 39%. CVS Health and Washington Trust also saw double-digit gains, while Bally's declined 29%. The data covers major RI-headquartered firms including banks, manufacturers, and retailers.
Kent Hospital, part of Care New England, has begun a multi-phase campus renovation to expand clinical capacity. The project includes a new 90,000-square-foot ambulatory services facility, expansion of the cardiac catheterization suite, emergency department renovations, and a new entrance. Hospital president Carolyn Jackson cited rising patient demand as the driver for the investment.
Gov. Dan McKee and RIHousing announced nearly $72 million in state and federal funding to produce and preserve 332 homes statewide, including 308 affordable units. The awards include $31 million from voter-approved bonds and represent the first wave of a $113 million consolidated funding round. Projects range from new construction in South Kingstown and Pawtucket to preservation of existing affordable housing in Newport.
A new Applebee's location in Cranston's Chapel View complex held its grand opening April 20, replacing the Garden City Center restaurant lost in a 2024 fire. The fire, caused by a gas leak during hood system cleaning, was ruled accidental. The new location hired over 100 staff members, according to Flynn Applebee's New England South market president Eleanor Clancy.
Rhode Island finds itself in a political debate over data center development, with a team of local developers proposing a data center in Hanton City—a 17th-century ghost town site behind Fidelity Investments' Smithfield campus. The project is part of a new business park proposal. The story is paywalled and limited detail is available, but it signals emerging regulatory and land-use questions around data centers in Rhode Island.
Congress passed legislation increasing the state and local tax (SALT) deduction cap from $10,000 to $40,000, benefiting high-income earners in tax-heavy states like Rhode Island. The measure, part of the "Big, Beautiful Bill," applies to filers making up to $500,000 annually and winds down at $600,000. The change is expected to impact Rhode Island residents who itemize deductions for property and income taxes.
