Rhode Island’s economic history has been a story of two interdependent cities, Providence and Newport, in a restricted region. It has also been the home of a number of influential scientists, artists, and architects.
In the seventeenth and eighteenth centuries, Newport was the most important port in the colonial Rhode Island. Its economy consisted of traders who exchanged manufactured goods for West Indians, livestock, and salted fish. However, when the British occupied the city, the economy deteriorated dramatically.
As the Industrial Revolution progressed, the fortunes of Newport began to fade. Many of the city’s merchants moved to New York. This resulted in an economic depression in the early 18th century. A new form of tourism emerged, relying on picturesque qualities to attract summer visitors.
The French came to Newport in 1780 and helped to revive the economy. The Triangular Trade was a trading system that took place on the coasts of West Africa. While this may seem like an obscure activity, it was the most profitable trading loop of the period.
Another event that contributed to the decline of Newport’s economy was the British invasion of 1776. After the British seized the city, it was the first time that the colonies had been occupied by a foreign power. These troops destroyed much of the city’s infrastructure. They also removed many of the city’s skilled merchants, leaving the island with little to offer in the way of a viable economic recovery.
Although the economy of Newport was decimated by the British occupation, it was not as bad as other parts of the United States. There were several factors that caused the island’s economy to falter, including hurricane damage and the ensuing War of 1812.
After the Revolution, Newport began to recover. Merchants from the city began to relocate to other parts of the state and to Boston, Massachusetts. In addition, a number of Irish families migrated to the town.
Several factors contributed to the economic history of Newport, although the city is still best known for its architecture and the hospitality it provides to visitors. One of the most popular tourist attractions is the palatial seaside mansions of the Gilded Age. Some of the mansions were designed by Richard Morris Hunt, McKim Mead and White, and Peabody and Stearns.
Newport was also the location for a lottery, which was used extensively in the late nineteenth and early twentieth centuries. During this period, the city was an attractive location for summer colonists, who included the King family of New York and the Vanderbilt family of South Carolina.
The Naval Underwater Warfare Center is a major research institution, and is the largest employer in the area. This is an important component of the City’s overall economic development strategy. The naval base employs over 9,000 military personnel and civilians. It is not known if the base will be closed at some point in the future.
Tourism is one of the most important industries in the State of Rhode Island. In the summer months, the city sees more than a thousand retail and restaurant jobs. Other sectors of the economy include health care, retail, and manufacturing.https://www.youtube.com/embed/E58K3w_d3Bc