Projo Biz Blog

Rhode Island is suffering from the nation's economic downturn, says Governor Carcieri. "Clearly, we're going through a tough time right now economically,'' he told the state's Economic Policy Council earlier today. "We felt the effects of this downturn dramatically and fast."

One reason is the slump in Rhode Island's real estate sector following a sharp run-up in housing prices earlier this decade, he said. Another reason is higher oil prices.

And now, "We're seeing it in the retail sales,'' he said. State sales-tax revenue is running behind estimates, an issue that "gives me concern,'' Governor Carcieri said.

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