Capital
city to the U.S. State of Rhode Island, Providence is famous as one of the
first cities to have been established in the nation. It is also among the first
cities to have been industrialized.
Historic
Account of the City’s Economy
Cut
back to the first half of the 17th Century, the region of Providence
already consisted of a well established manufacturing industry which thrived in
the textile, jewelry, silverware and machinery sectors.
Today,
in spite of the decline of the manufacturing sector, it is still home to one of
the most robust jewelry and silverware designing and manufacturing industries.
In addition to this, majority jobs in Providence are dominated by the service industry, specifically in the
healthcare, finance and education sectors.
Another
major employer in the region is the U.S Postal Service who has set up a
regional hub in the city. The Fortune 500 conglomerate and the Fortune 1000
Company Textron and Nortek are also head quartered in Providence.
Other
leading industries include – Arts, Entertainment, Recreation, Accommodation,
and Food & Beverages.
Jobs in
Providence
A
major chunk of Providence jobs
belong to the management, professional and other related occupations. Over and
above this, 19% of the jobs in this city belong to the production,
transportation and material moving industries. Sales and office occupations
dominate 18% of the job market.
Besides
this, 78% of the work force of the city is employed in the private sector; 7%
work for the government and 5% of the work force is self-employed.
Salary
and Income Generation
Statistics
suggest that the average salary in the city of Providence is about 32,138 USD
per year. The median income of the households in this region is approximately
34,202 USD per year.
It
has also been gathered that as of September 2012, the number of jobs in the
city have gone up by an impressive 475% within a span of a single year.
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