11/07/2009

Homebuyer tax break boosting sales in R.I.
Uncle Sam will now be paying just about anybody, it seems, to buy a house.

Homebuyer tax break boosting sales in R.I.
Uncle Sam will now be paying just about anybody, it seems, to buy a house.

11/06/2009

Few options in RI law to prosecute repeat suspended license offenders
WARWICK, R.I. _ Robert A. Notarianni arrived at District Court expecting he’d be walking right back out once he cleared up the little matter of his 17th charge of driving on a suspended license.

Plans progress for waterfront village at blighted East Providence site
The condo and retail development would include a public waterfront park, fishing pier and kayak launch

11/08/2009

Energy efficiency is the best way to keep costs down
Switching to cheapest heating fuel from year to year is a less reliable way to save than conservation

11/06/2009

Thousands of Rhode Islanders may be eligible for extra jobless benefits
The state Department of Labor and Training is poised to contact thousands of Rhode Islanders who may be eligible for extended unemployment benefits under a bill approved by the Congress Thursday that President Obama is planning to sign Friday.

Twin River seeks to hire former R.I. Lottery lawyer
Robert M. Silva was Lottery’s lawyer for 16 years before retiring in 2008

Cranston mayor vetoes mortgage measures
Ordinances setting new guidelines on foreclosures had been passed by City Council unanimously

CVS Caremark Corp. shares tumble
A reported $2-billion loss by its pharmacy-benefits division prompts a major stock sell-off

R.I.’s Betaspring helps start-up companies get off the ground
Providence firm wins praise at forum on the state’s knowledge economy

11/05/2009

Tax collections plunge in R.I.
Sales, personal-income and corporate tax revenue down from third quarter of 2008

Union concessions allow rehiring of E. Providence officers
EAST PROVIDENCE — With the mayor calling it historic, the City Council unanimously agreed to police contract concessions and changes that will give the city enough savings to bring back the 13 officers laid off in October.

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11/03/2009

Jobless benefits may be extended
Sen. Jack Reed optimistic legislation to add 20 weeks will be sent to the president next week

Commerce Digest
PROVIDENCE

11/02/2009

Brown students put food in motion
PROVIDENCE — Several dozen students gathered at the snack bar of the engineering building at Brown University on Friday afternoon. They wanted food, of course. And when someone on a bullhorn said they could help themselves, they did.

R.I. to distribute $2.3 million in federal aid for energy-efficiency projects
State program aims at weatherizing homes heated by oil or propane

Sale of buildings, property seen netting city $810,000
To pay down the city’s debt or be applied to capital improvements

Agreement brings back 13 officers
City Council must approve deal that includes several police union concessions

11/01/2009

General Assembly passes bill to limit foreclosures
Advocates praise measure but say it doesn’t go far enough to help homeowners

10/31/2009

650,000 jobs claimed from U.S. help
About half the jobs saved or created by billions in federal spending are in education

Stimulus package report card shows 2,012 jobs created or saved in R.I.
PROVIDENCE — President Obama’s stimulus package has created or saved 2,012 positions in Rhode Island so far, according to the most detailed report yet on the American Recovery and Reinvestment Act of 2009.

Condo buyers at Carnegie Abbey sue for refunds
PROVIDENCE –– Three new lawsuits seek the return of deposits for luxury condominiums at the 22-story tower which opened in June at the exclusive Carnegie Abbey resort and golf club in Portsmouth.

11/01/2009

Providence Place owner, American Express launch no-expiration gift cards across U.S.
Providence Place mall owner General Growth Properties Inc. has coupled with American Express in the nationwide launch of gift cards with only an initial purchase charge and no expiration date, just in time for the 2009 holiday shopping season.

Beware of gift cards with strings attached
Gift cards will be the most popular item snapped up by New Englanders this holiday season, according to survey results released Wednesday. Unfortunately, not enough people have a clue about how to use them wisely.

In Rhode Island the luxury market goes green
Luxury-home developer Nick Downes, of Middletown, says that from now on, all of his projects will be designed to meet LEED — Leadership in Energy and Environmental Design — specifications, a set of standards formed by the U.S. Green Building Council.

10/30/2009

State says health insurer finances are healthy
While profits, surpluses dip, still well off compared with New England counterparts

10/29/2009

Housing sales show signs of recovery in R.I.
On the negative side, median sales prices continue to decline in the 3rd quarter

2 R.I. hospitals set to affiliate in 2010
Business arrangement linking St. Joseph Health Services and Roger William OK’d by attorney general

2 N. Providence firefighters suspended
NORTH PROVIDENCE — The town has issued 10-day suspensions to two firefighters who went home sick shortly after they were given work assignments that they disliked, Mayor Charles A. Lombardi said Wednesday.

Johnston panel OKs tax deal for Stuart Plaza development
JOHNSTON — A developer’s proposal to fund a $40-million revitalization project with $8 million in public financing won unanimous approval from the town’s five-member Redevelopment Commission late Tuesday afternoon.

Cranston City Council approves 2 foreclosure ordinances
The two ordinances OK’d by the City Council could be illegal, says the deputy city solicitor

10/27/2009

Federal data predicts a steady heating bill for Rhode Islanders this winter
Forecasters predict what it will cost Rhode Islanders to heat their homes — and how every turn of the thermostat affects their bill.

Laid-off officers in East Providence to be eligible for work details
The City Council approves the police chief’s request to add them to the list of officers who can be hired by private contractors.

10/25/2009

Verrecchia minces no words on economy
The General Assembly’s return to work this week for a two-day session and later this year for two economic summits will refocus Rhode Islanders’ attention on what state leaders are doing to pull the state from the worst recession since the Great Depression.

10/24/2009

Providence-based Nortek files for Chapter 11 bankruptcy protection
The Providence-based company says the petitions are part of its restructuring plan.

$141.55-million city budget approved on split vote by council
The spending plan is $2.65 million less than what was budgeted this year, but it will raise taxes to the city-mandated maximum of 3.5 percent.

10/25/2009

Verrecchia minces no words on economy
The General Assembly’s return to work this week for a two-day session and later this year for two economic summits will refocus Rhode Islanders’ attention on what state leaders are doing to pull the state from the worst recession since the Great Depression.

For shoppers it’s the ‘Year of the Boring’
Retailers order fewer goods for the holidays to avoid being caught with a lot of unsold items.

For shoppers it’s the ‘Year of the Boring’
Retailers order fewer goods for the holidays to avoid being caught with a lot of unsold items.

No clear signs joblessness will ebb in Rhode Island
Although many regions of the country are getting more positive economic news, Rhode Island is still “muddling its way” through the recession. The 13-percent unemployment rate reported for September 2009 is the highest reported rate since 1976 when unemployment rates started being recorded using the methodology of the U.S. Bureau of Statistics. The number of unemployed Rhode Island residents increased to 74,000. Rhode Island is losing jobs at a faster rate than at any other time in the past 50 years and new job creation looks grim.

Bankruptcies
For the weeks beginning Oct. 7 through Oct. 20 there were 170 personal cases filed in U.S. Bankruptcy Court, bringing the total for all bankruptcy filings to 4,229. There were 128 cases filed for this week last year. Two years ago for this week there were 102 cases. There were 3,322 cases on this date last year. Two years ago on this date there were 2,199.

Hasbro chairman issues call to action
The General Assembly’s return to work this week for a two-day session and later this year for two economic summits will refocus Rhode Islanders’ attention on what state leaders are doing to pull the state from the worst recession since the Great Depression.

Mortgage transfers spur R.I. lawsuits
The foreclosure crisis shines light on a company some have blamed for enabling the mortgage securitization craze.

10/22/2009

Will the jobs R.I. lost to the recession ever come back?
The state has lost 9,000 manufacturing jobs in the last two years and economists are not optimistic they will be coming back.

Will the jobs R.I. lost to the recession ever come back?
The state has lost 9,000 manufacturing jobs in the last two years and economists are not optimistic they will be coming back.

10/21/2009

Cranston City Council considers rules aimed to slow foreclosures
“My goal is to keep people in their house,” says Councilman Mario Aceto.

Fewer R.I. customers lost gas, electric service this year
A utility company spokesman says the reasons for the drop are more public help and more customers setting up payment plans.

10/20/2009

Rhode Island can’t see if its tax breaks are doing their job
The state gave businesses $87 million in incentives in the last two years, but can’t verify whether the breaks produced jobs or any other economic development.

R.I. Commerce Digest
Verizon offers ‘quad-play’ package

10/19/2009

Unions fight tax break for AS220
The trade groups claim that Cranston-based Pezzuco Construction, the contractor hired by AS220, employs subcontractors that pay “sub-standard” wages.

R.I. banks among those paying dividends to U.S. for bailout
Three Rhode Island-based institutions say they’ve paid millions back to the Treasury Department.

Commerce Digest
Wood, Zymslinski honored by RIPEC

10/17/2009

Despite economy, R.I. consumers still find means to dine out
PROVIDENCE

National Grid rejects power offer from Deepwater Wind
The electric utility’s stance stymies Deepwater Wind’s plan to create a wind farm off Block Island.

With little precedent, cost of wind power up in the air
Only one other wind power cost contract in the U.S. has been negotiated with a utility.

R.I. reports 1,703 stimulus-created jobs
A breakdown of the jobs shows that almost all of them are tied to five state departments.

National Grid rejects power offer from Deepwater Wind
The electric utility’s stance stymies Deepwater Wind’s plan to create a wind farm off Block Island.

State joins appliance rebate
Rhode Island met the federal government’s Thursday deadline for devising a plan to encourage the use of energy-efficient home appliances, which will make about $1 million in sales rebates available to the state’s residents over the next three years.

10/18/2009

Low-priced Little Caesars pizza chain returns to R.I.
To save money, they’re opting for fast-food takeout meals, a trend that is bringing the low-priced pizza chain Little Caesars back to Rhode Island.

Inventory of unsold homes declines in Rhode Island
Although Rhode Island real-estate sales continue to be concentrated mainly in the lower end of the market, some high-end sales are occurring.

10/16/2009

Carcieri renews call to abolish corporate tax
Governor Carcieri tells business leaders the state needs a “game-changer” to attract more commerce.

Rhode Island unemployment rate reaches 13 percent
PROVIDENCE — Rhode Island’s unemployment rate has hit a new high, fulfilling experts’ predictions that the state’s job market will get worse before it gets any better.

Left behind: Jon Polis has been jobless for 18 months
A growing number of Rhode Islanders, after spending months looking for work, are seeing the jobless benefits expire.

No increase in Social Security benefits come January
A decline in the annual rate of inflation in 2009 means that, for the first time, retires will not receive an automatice boost in their Social Security benefits in 2010.

No increase in Social Security benefits come January
A decline in the annual rate of inflation in 2009 means that, for the first time, retires will not receive an automatice boost in their Social Security benefits in 2010.

IRS sets 401(k), Social Security tax, exemption limits
Get out your pencils.

10/15/2009

Energy Office distributes $15 million in stimulus funds
The stimulus funds will be used largely to help weatherize the homes of low-income residents.

R.I. tourism expected to climb back
A mixed bag of data is unveiled to representatives of some 65 hotels, restaurants and travel businesses.

BankRI gives TARP sum back
PROVIDENCE — BankRI has returned the $30 million it received from the federal government under the Troubled Asset Relief Program, or TARP –– plus additional money that also goes back to the government, the bank said.

10/14/2009

Commerce Digest
Incoming Textron chief to get pay hike

Rhode Island reaches settlement in lawsuit over timely food stamp distribution
The suit, filed by the Rhode Island Affiliate of the American Civil Liberties Union, charged that the state Department of Human Services denied assistance to families because of its delayed application process.

10/13/2009

R.I. economic report cites cost of Medicaid, fire protection
The executive director of RIPEC says his group’s report shows “a state that has a very high level of spending and a very high level of taxation.”

10/11/2009

Is EZ-Pass infringing on people’s privacy?
“The system knows where you are and when you pay,” says a lawyer for a civil-liberties group.

Is EZ-Pass infringing on people’s privacy?
“The system knows where you are and when you pay,” says a lawyer for a civil-liberties group.

10/10/2009

Power program producing savings
Brown students install compact fluorescent bulbs in low- and moderate-income homes.

10/11/2009

R.I. consumers find more temporary storefronts
As the recession takes its toll on established businesses, consumersfind more and more temporary storefronts across Rhode Island.

Number of real estate agents in R.I. down sharply
The state expects just 4,596 real-estate salespeople to renew their licenses in 2010 — a drop of nearly 35 percent since 2008.

10/09/2009

Last day for 13 E. Providence police officers
In a move to save the municipal budget $892,000, the city is cutting the police force to 87 officers as of today.

Last day for 13 E. Providence police officers
In a move to save the municipal budget $892,000, the city is cutting the police force to 87 officers as of today.

10/08/2009

Twin River owners withdraw bonus request
In a hearing last month on the bonuses for Twin River executives, a bankruptcy judge frowned on the request.

Council gets an earful on how to trim the budget
The City Council holds a four-hour budget hearing on the proposed spending plan for the fiscal year beginning Nov. 1.

Commerce Digest
Survey: R.I. housing is costly

10/07/2009

Biggest RI employees union OKs pay cuts
Council 94 members approve $36 million in concessions in exchange for a two-year no-layoff guarantee.

Realtors report 6-percent drop in R.I. house prices
The median cost of a single-family house is down 6 percent from 2008, to $220,000.

East Providence Council softens on budget cuts
In debating the city manager’s proposed budget for the upcoming fiscal year, some reduction ideas, such as the recreation center and library funding, may be spared.

10/06/2009

A new Workforce Alliance report says R.I. should focus on ‘middle-skill’ job training
The Workforce Alliance urges the state to focus its work-force investments in workers for that level.

10/05/2009

Property tax in R.I. near U.S. highest
Only three states are more punitive than Rhode Island with the levy, according to an index put out by the Tax Foundation.

RIPEC: State tax burden 15th highest

10/03/2009

Temp jobs increasing in R.I., but is it just seasonal?
Some say the increased hiring of temporary workers in Rhode Island points to greater job growth on the horizon, but others see it as a seasonal blip.

Briefing held on progress of proposed wind farms
The state’s congressional delegation supports the effort to build the first offshore wind farms in the nation.

RISD, Brown host ‘Better World by Design’ conference

Temp jobs increasing in R.I., but is it just seasonal?
Some say the increased hiring of temporary workers points to greater job growth on the horizon, but others see it as a seasonal blip.

10/04/2009

Project Hope helps put students to work
Rhode Island’s education system has its troubles, but here’s one slice of the system that works.

Rhode Island shoppers’ use of food stamps spikes
More than 10 percent of all Rhode Islanders use food stamps to make ends meet in the troubled economy, prompting more retailers to open their doors to those customers using the benefits.

Don’t be cut out of tax breaks
IRS representatives say many people do not take advantage of the savings available.

Rhode Island shoppers’ use of food stamps spikes
More than 10 percent of all Rhode Islanders use food stamps to make ends meet in the troubled economy, prompting more retailers to open their doors to those customers using the benefits.

Medicare options focus of forum in Cranston

10/02/2009

R.I. Commerce Digest
Twin River owners seek ‘transition’

R.I. Commerce Digest
Twin River owners seek ‘transition’

RISD, Brown host ‘Better World by Design’ conference
PROVIDENCE — Imagine a world of peace and harmony and environmentally beautiful by design.

10/01/2009

Providence, Quonset, New Bedford vie to be port in economic storm
Providence, Quonset and New Bedford are among those vying for part of a $1.5-billion federal transportation program.

Selection process for new EDC head delayed
Scheduling conflicts have delayed until mid-October a decision that was expected to be made by the end of September.

Federal judge in Providence throws out verdict against Microsoft
The software giant had been liable for a $388-million award in a patent-infringement case.

09/30/2009

Providence County poverty rate at 14%
The U.S. Census Bureau says it’s the highest rate for the four largest Rhode Island counties.

09/29/2009

95 north drivers face new pattern beginning Tuesday
Jersey barriers will split off one of the three highway lanes to the right in Providence, making it the only lane for northbound vehicles to get to the Broadway exit.

Excavator signals start of Johnston hotel project
Hartford Avenue to get $3.4-million makeover as part of the federal stimulus program.

Sharp decline in number of non-citizens in R.I.
As the economy declined in Rhode Island, so did the number of non-citizens living in the state, according to the U.S. Census Bureau.

Commerce Digest
Twin River guards may receive OT

09/28/2009

Relocation of Route 195 surpasses midpoint
The $610-million, Route 195 relocation project is more than half finished. Still, more construction and highway ramps have to be completed and the former Route 195 has to be demolished. Here are highlights:

Layoffs, longer hours opposed by E. Providence firefighters
To save $1.34 million, City Manager Richard Brown is proposing major changes within the Fire Department, and rejecting a counter proposal.

East Providence police union says city wants to break them
EAST PROVIDENCE — The city’s police union president wasn’t surprised when he heard city officials turned down a proposal from the local fire union that would have saved the city $1.34 million.

09/27/2009

R.I. financial advisers offer advice on where to go for growth
The Federal Reserve last Wednesday decided to keep interest rates near zero, as it continued a policy intended to revive the nation’s economy.

Bankruptcies
For the week ending Sept. 22 there were 117 personal cases filed in U.S. Bankruptcy Court, bringing the total for all bankruptcy filings to 3,788. There were 101 cases filed for this week last year. Two years ago for this week there were 59 cases. There were 2,997 cases on this date last year. Two years ago on this date there were 1,967. Chapter 7: Liquidation; Chapter 11: Reorganization; Chapter 13: Adjustment of debts of individual with regular income.

In R.I., federal tax credit aids first-time homebuyers
Industry groups are trying to extend the $8,000 federal credit, which is due to expire at the end of November.

09/25/2009

R.I. gets $3 million in federal aid to help migrating fish
EAST PROVIDENCE — Perhaps if you were a salmon with legendary leaping ability you could beat the steep rapids of Ten Mile River and get up and over the Hunt’s Mills Dam. But if you’re just a gravity-plagued herring or shad, the odds are long you’ll ever make it upstream to spawn.

09/24/2009

Health director warns businesses to prepare for flu outbreak
The state health director urges companies to revise their sick-leave policies and prepare for an increase in absenteeism.

Expanding Russian market lures Hasbro
Pawtucket-based Hasbro said Wednesday that it has opened an office in Moscow and called Russia one of its “key markets” as demand for toys and games grows there.

Commerce Digest
Campbell to retire as Textron CEO

Rhode Islanders may get extension on unemployment benefits
Legislation is working its way through Congress to extend unemployment compensation.

East Providence budget would cut police, fire
If approved, the residential tax rate would go up 54 cents, to $15.97 per $1,000 of assessed valuation.

09/23/2009

Philanthropist offers payback program to schools for hunger drive
The trusty old two-for-one deal has been given a new spin in a freshly launched charity drive aimed at Rhode Island students.

RIPEC calls for ‘immediate action’ to avoid massive deficit
The business-backed group says expected revenue does not match planned spending.

National panel seeks local views on ocean planning
Federal officials will hold a hearing in Providence Thursday as part of an effort to craft new policies.

R.I. seeks $45 million in federal funds for Quonset park
In a continuing push to develop the Quonset Business Park, the state has applied for $45 million in federal stimulus money to improve roads, railways, piers and terminals.

Study ranks R.I.’s tax climate 44th
Conducted by the nonprofit Tax Foundation, the study gauged the competitiveness of state tax systems nationwide.

Commodities
EDC awards renewable-energy grants

Judge leery of Twin River bonuses
U.S. Bankruptcy Court Judge Arthur N. Votolato questions the reasoning behind a bonus plan for eight executives at the bankrupt slot parlor.

09/22/2009

More in Rhode Island now living in poverty
The U.S. Census estimates that an additional 33,000 people fell below the poverty line in 2008, and some fear the worst may be yet to come.

Green-collar jobs taking root
Providence sets up an eight-week program with Groundwork Providence to train 30 unemployed residents.

Commerce Digest
RIPTA wins grant for efficient lighting

09/21/2009

Feds offering $50 to $200 incentives on energy-efficient appliances
The federal government will dangle more cash in front of recession-weary Americans soon in the hope they will get out and spend money at stores around the country.

Questions answered about the appliance rebate program
Q: What is the appliance rebate program?

These clunkers are parked in your house: R.I. to get $1,008,000 for appliances
The federal government targets inefficient appliances in a second Cash for Clunkers initiative that will distribute $300 million in rebates.

09/19/2009

R.I. jobless rate down to third-highest in the nation
Nevada’s unemployment rate of 13.2 percent in August topped Rhode Island’s 12.8, but trailed Michigan’s 15.2.

Commerce Digest
Quonset Business Park receives federal grant

In Newport, a bargain at only $6.51 million
The venerable Wrentham House, once priced at $14.4 million, had been on the market for four years.

09/20/2009

Veribanc of Woonsocket rates solvency of banks
Michael Heller, president of Veribanc Inc., discusses the research firm’s method of rating the safety of banks and credit unions.

Home Loan Investment Bank of Warwick gets lowest rating by national research firm
Most deposits up to $250,000 at Home Loan Investment Bank of Warwick are federally insured.

Bankruptcies
For the week ending Sept. 15 there were 82 personal cases filed in U.S. Bankruptcy Court, bringing the total for all bankruptcy filings to 3,671. There were 57 cases filed for this week last year. Two years ago for this week there were 56 cases. There were 2,896 cases on this date last year. Two years ago on this date there were 1,908. Chapter 7: Liquidation; Chapter 11: Reorganization; Chapter 13: Adjustment of debts of individual with regular income.

Letter to the editor: Postal Service is alone in retiree health mandate
To the editor,

R.I. condo sales, prices fall in 2009
Last year, when real-estate developer Eric Yeaghian bought an unfinished condo development on Bear Hill Road in Cumberland for $775,000 in a receivership sale, he knew he was entering a challenging market.

09/18/2009

R.I. jobless rate inches higher
The state’s unemployment rate ticked up to 12.8 percent in August from what was a record high of 12.7 percent in July.

Hard times ahead for recent R.I. grads
A national survey says the Class of 2010 will face a 7-percent decrease in hiring from 2009.

Commerce Digest
National Grid offers reward for old refrigerators

09/17/2009

State to outline energy stimulus fund plans
The state has yet to spend any of the $32 million awarded and has just received another block grant for $9.5 million.

Commodities
CVS acquisition questioned

09/16/2009

State tax revenues in July, Aug. lag budget projections
Analysts are unsure whether the shortfall is temporary or an early warning of an even bleaker budget year than forecasted.

09/15/2009

One year later: Rhode Islanders felt Wall Street’s collapse
The shock waves came after the federal government seized mortgage giants Fannie Mae and Freddie Mac, the taxpayers spent $85 billion to rescue AIG, the largest insurer in the world, and Congress put together a $700-billion bailout of the country's biggest banks.

Obama cautions Wall Street against ‘reckless behavior’
On the anniversary of Lehman Brothers’ collapse, the president says “those on Wall Street cannot resume taking risks without regard for consequences.”

BofA faces trial over Lynch bonuses
A judge throws out the bank’s deal with the SEC over hiding vital information.

Bailed-out companies post new expense rules
WASHINGTON — Companies that received billions of dollars of government aid have published their policies meant to limit lavish expenses — new rules that follow reports of costly private jets, spa retreats and other corporate excess at firms receiving taxpayer money.

09/13/2009

Businesses get $33 million in R.I. tax breaks
PROVIDENCE — CVS Caremark Corp. and Fidelity Investments are among a group of businesses that used special state tax breaks to save themselves millions of dollars in Rhode Island taxes for the year that ended June 30, a new state report shows.

R.I. tax credit for movie, TV production is controversial
Policymakers have disagreed over the impact of the tax break, which cost more than $10 million over the past year.

Businesses get $33 million in R.I. tax breaks
Some 88 businesses saved more than $33 million in state taxes, a new report says. But in an era of massive state deficits, are the tax breaks worth it?

09/12/2009

R.I. ranks near the bottom of states offering stimulus loans for small businesses
Rhode Island ranks near the bottom of states taking advantage of federal stimulus loans for small businesses.

R.I. ranks near the bottom of states offering stimulus loans for small businesses
Rhode Island ranks near the bottom for states taking advantage of stimulus loans for small businesses.

Rhode Island ranks near the bottom for states taking advantage of stimulus loans for small businesses
Rhode Island ranks near the bottom for states taking advantage of stimulus loans for small businesses.

09/11/2009

Number of uninsured R.I. children holds steady
Seven percent of children were uninsured from 2006 to 2008, nearly unchanged from 2005 to 2007.

09/10/2009

Field for EDC head whittled to two
A search committee could soon recommend a candidate to the governor for a new state Economic Development Corporation executive director.

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Consultant delivers report on R.I. economy
That assessment comes from a consultant who spoke to the state’s Economic Policy Council.