The Basics
Providence has moved through three major shifts in economic base.
1. Trade
2. Industry
3. Services
As a colony, Providence did not have much land for agriculture, so they focused mostly on fishing and trade via their port. As time progressed, Providence became involved in the Triangle trade, bringing in sugar for their distillation factories and slaves. The Revolutionary War shifted Providence into an Industry based economy. These industries included Textiles & Cotton Goods, Machine Goods & Metal Works and Jewelry. Over time, these industries began to slow and were eventually so low grossing that they required replacement. The city of Providence made the decision to replace their manufacturing industries with the industries of healthcare and education.
1. Trade
2. Industry
3. Services
As a colony, Providence did not have much land for agriculture, so they focused mostly on fishing and trade via their port. As time progressed, Providence became involved in the Triangle trade, bringing in sugar for their distillation factories and slaves. The Revolutionary War shifted Providence into an Industry based economy. These industries included Textiles & Cotton Goods, Machine Goods & Metal Works and Jewelry. Over time, these industries began to slow and were eventually so low grossing that they required replacement. The city of Providence made the decision to replace their manufacturing industries with the industries of healthcare and education.
The Details
When Providence was founded, its economies functioned mainly locally, and around fishing and agriculture. The original resources bases in the Northeast region of the United States were natural: timber and iron. With Colonialism and then Industrialization, Providence and the rest of the Northeast moved towards industry and commerce as expanding networks allowed for greater trade opportunities. As early as 1676, when a Native American group burned the town of Providence to the ground during King Philip's War, Providence rebuilt with a focus on industry and commerce. The shift into industry led to mass immigration. The slave trade was also a key to the strength of the economy in Providence during Colonialism. Then, the city was able to make a profit in cotton manufacturing, which was lessened during the Civil War, but the city up took the manufacturing of metals such as weapons and tool. Manufacturing continued to be key in Providence until the very recent past, although it continues to manufacture jewelry and silver products with strength
Today, Providence struggles with a major lack of tax base, and dilapidated housing stock located in a few struggling neighborhoods. Other neighborhoods, however, have been able to maintain their populations, due mostly to ethnic enclaves, which will be elaborated on. Cities within the northeast United States compete with one another to attract businesses, jobs, and a stable tax base. Providence, and cities like it, vies for dominance with cities like Hartford and Philadelphia. Because much of the Northeast now functions much like a megalopolis in terms of sharing goods and services, I believe the strength of Providence has come from its ability to provide a service that has diversified the Northeast. Because of this shift in economies, Providence lost the majority of its low-income, low-skill job market, and thus began to see higher rates of unemployment and economic disparity rose to unseen levels.
Today, Providence struggles with a major lack of tax base, and dilapidated housing stock located in a few struggling neighborhoods. Other neighborhoods, however, have been able to maintain their populations, due mostly to ethnic enclaves, which will be elaborated on. Cities within the northeast United States compete with one another to attract businesses, jobs, and a stable tax base. Providence, and cities like it, vies for dominance with cities like Hartford and Philadelphia. Because much of the Northeast now functions much like a megalopolis in terms of sharing goods and services, I believe the strength of Providence has come from its ability to provide a service that has diversified the Northeast. Because of this shift in economies, Providence lost the majority of its low-income, low-skill job market, and thus began to see higher rates of unemployment and economic disparity rose to unseen levels.
Healthcare - Major Hospital Systems
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Education - Colleges and Universities
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