Providence was one of the first cities to industrialize in the United States. By 1830, the city had manufacturing industries in metals, machinery, textiles, jewelry, and silverware. Though manufacturing has declined, the city is still one of the largest centers for jewelry and silverware design and manufacturing. Another large portion of the city's economy is made up by services, particularly education, health care, and finance. Providence also is the site of a sectional center facility, a regional hub for the U.S. Postal Service. Since it is the capital of Rhode Island, Providence's economy additionally consists of government services.
The Fortune 500 conglomerate Textron and Fortune 1000 company Nortek Incorporated are both headquartered in the city, and GTECH's world headquarters has recently been moved to downtown Providence. Citizens Bank is also headquartered in Providence. Another company whose origins were in the city is Fleet Bank (it was once Rhode Island's largest bank, but it moved its headquarters to Boston, Massachusetts after acquiring Shawmut Bank in 1995).
The city is home to the Rhode Island Convention Center, which opened in December 1993. Along with a hotel, the convention center is connected to the Providence Place Mall, a major retail center, through a skywalk. The Port of Providence, the second largest deepwater seaport in New England, and handles cargo such as cement, chemicals, heavy machinery, petroleum, and scrap metal. |