While I firmly believe that areas of the state are recovering nicely and there is significant job creation, other areas of RI are still in trouble and will continue to see declines in values. Northern RI in general has significant unemployment and oversupply of foreclosures which will continue to have a depressive effect on any recovery for some time to come.
Southern RI is fairing better due to the BRAC or Base Realigment and Closure program. The most recent BRAC report was issued in March of 2005, wherein Newport would receive a net increase of 800 jobs. This has been whittled down to 300 to 500 and even this number may be reduced. However, this is still job creation! Also, NUWC or Naval Underwater Warfare Center recently announced that they hired 200 people in 2009 and will her another 200 people in 2010. 75% of these new jobs have an annual salary of $104,000!
Don't get too excited. We won't get back to the crazy days of 2001 to 2005 again for a long time - if ever. Here's a chart illustrating the number of state wide sales of all properties that should illustrate how crazy the volume was for this time period. It's getting better...but don't get overexcited!
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