Bristol’s 2021 Economic Development Annual Report is out, and it offers some valuable insights about the present and future of the town at a time when things seem to be trending in the direction of a post-pandemic reset.

“We wanted to make a map to track metrics year after year,” said Economic Development Coordinator Chris Vitale. “We are turning the page on the pandemic so we thought it would be a good time for a baseline.”

The report opens with a community snapshot that reveals a town in good economic health relative to much of the rest of our state, with a median income on the higher side, low unemployment, a steady population and over $3 billion in assessed property, both residential and commercial.

It tracks metrics across the spectrum of economic development: established and new for-profit entity registrations (businesses that have registered as such with the Secretary of State), as well as capitol investments both public and private, including over $33 million in residential improvements in just the last year alone.

It highlights road and infrastructure improvements, commerce and tourism activity, and available business assistance and incentives.
It also includes a section with links to over 30 stories in the Bristol Phoenix profiling tourism and new businesses (or celebrating the accomplishments of existing ones.) Also noted and linked are a dozen regional and national media hits naming Bristol as a tourist destination.

Business metrics show a stable community of entrepreneurs, the solid majority — over 65 percent — truly small businesses, with less than five employees.

“I looked at all areas of economic development, from high level to finer details,” said Vitale. “It was cool to see how much was invested in public money, grants, and private investment over the last year.”

Particularly surprising was some of the revenue trends he uncovered, such as a 104 percent rise in municipal transient slip revenue and a 44 percent increase in meals and beverage tax revenue — numbers that will certainly go up even further with continued post-pandemic recovery and the expanded municipal marina opening in a little more than a month.

For more information or to download the complete report, visit https://www.bristolri.gov/business/business-resources/economic-development-annual-report/.

“This is the first time the town has done this report,” said Vitale, “It was time well spent; there is info here that we did not previously compile.”

“Our goal is to do it every year.”