Report: RIHEBC Bonds Have Generated $2.4 Billion In Economic Impact and Supported 3,200 New Jobs Since 2016

PROVIDENCE, R.I. – A new report examining the economic impact of the Rhode Island Health and Educational Building Corporation’s (RIHEBC) bond financing activity since 2016 estimates that RIHEBC’s $1.5 billion in bond financing during that period generated a total economic impact of $2.4 billion and the creation of 3,200 jobs.

 

“RIHEBC is very proud to help Rhode Island’s health and educational institutions meet their mission-critical capital needs, even more so when we see the dramatic impact these financings have on the state economy” said Kim Mooers, Executive Director of RIHEBC. “This is powerful evidence that supporting our health and education sectors is an economic and job creation engine for Rhode Island. You can see this firsthand when visiting project sites teeming with construction workers; projects that were made possible by RIHEBC’s low-cost financing programs.”

 

Other highlights from the report completed by economic planning and research firm FXM Associates include:

 

  • Direct, indirect, and induced employment effects totaled 15,886 person-years for all sectors. Not surprisingly, the construction sector, with 10,677 person-years of added employment, experienced the greatest effect.

 

  • RIHEBC-financed projects increased household earnings in Rhode Island by nearly $1.2 billion between 2016 and 2022.

 

  • Local tax revenues (mostly property related) increased by $52.6 million and state taxes by $53.0 million from RIHEBC-financed construction projects between 2016 and 2022. About $226.5 million in federal tax revenues were also added.

 

Click here for a copy of the full RIHEBC economic impact report.

 

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About RIHEBC

The R.I. Health and Educational Building Corporation for the past 56 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state.