FirmoGraphs keeps its clients up to date on capital plans of interest for long-term business development. We help our customers use this information to gain a competitive advantage and improve proactive conversations with their clients. We recently processed the latest capital spending plan by the State of Rhode Island. Here are our observations.
In the CIP covering the 2023-2027 fiscal years, State of Rhode Island detailed plans to spend $8.1 billion on capital projects, an increase of 26.3% from $6.4 billion in its 2022-2026 CIP. The current CIP has 289 discrete projects, compared to 245 projects in the prior CIP. The table below breaks down the Rhode Island’s planned capital spending by business area for its last two CIPs.
*Numbers are Rounded
Planned Increase Due to New and Existing Projects
Planned spending in the Transportation category comprises 47.7% of the total planned funding. Planned expenditure increased by 29.2% to nearly $3.9 billion, which goes to new and existing projects. Existing projects include the Highway Improvement Program, worth close to $3 billion.
The General Government category also increased by almost $300 million due to 12 new projects. New projects include Enterprise Resource Planning System that will support statewide payroll, Human Resource Management, and financial management functions valued at $64 million and Economic Relief Through Port Investment valued at $60 million to support port development and expansion at Quonset.
Largest Investments in Highway Improvement, Sewer Facilities
The State of Rhode Island has three notable projects and programs. The largest single item on the list belongs to the transportation category, the ongoing Highway Improvement Program (HIP), worth nearly $3 billion, reflecting federal highway aid fund levels under the Investment Infrastructure and Jobs Act (IIJA). Program focuses on improving roads, bridges, highways, transit facilities, electric buses, and electric vehicle charging infrastructure. HIP is the implementation of the Department of Transportation’s federally funded capital program as identified in the ten-year Transportation Improvement Program (TIP).
Additionaly, $302.8 million is planned for Land and Building Enhancements to improve Rhode Island Public Transit Authority (RIPTA) land and buildings. Lastly is the improvement of Combined Sewer Overflow (CSO) Phase III A Facilities, worth $575.3 million, under the Natural Resources category. This project represents the third and final phase of the federally mandated CSO Abatement Program, which will be completed in 2041.
How FirmoGraphs Can Help
FirmoGraphs curates data about U.S. public sector markets, including capital plans, regulatory developments, and other critical information. We help our customers use this information to gain competitive advantage and improve proactive conversations with their clients. We’d be glad to meet with you and help your company sort through the wealth of information in capital plans and other publicly available documents. Feel free to request a meeting and review the data live in our Business Intelligence platform.