Employers classified under the Finance and Insurance industry file 379 H-1B petitions in Rhode Island throughout 2024

Employers classified under the Finance and Insurance industry based in Rhode Island submitted 379 H-1B petitions during 2024, according to data provided by the U.S. Citizenship and Immigration Services via the H-1B Employer Data Hub.

Of these, 378 were approved (99.7%), while one was denied (0.3%).

Employers are classified under industries based on their reported operations and may be involved in multiple industries.

The H-1B visa program allows U.S. employers to temporarily hire foreign workers in specialty occupations requiring specialized knowledge and at least a bachelor’s degree or equivalent. It is designed to address skill gaps in the U.S. workforce while ensuring wage standards to protect both U.S. and H-1B workers. Employers must certify that they will pay H-1B workers wages equal to or greater than those of similarly qualified U.S. employees or the prevailing local wage.

The average approval rate for H-1B petitions across the United States in 2024 stood at 98%, higher than 2023’s 97.3%. Statewide, Rhode Island employers across all industries submitted 1,721 petitions during the same period, achieving an approval rate of 99.2%.

The Retail Trade industry led the H-1B filings in Rhode Island during 2024, with 750 petitions (43.6% of all submissions), and an approval rate of 99.2%. Meanwhile, the Finance and Insurance industry was the second largest contributor, filing 379 petitions (22% of the total), with an approval rate of 99.7%.

The Rhode Island employers which made the most petitions in the Finance and Insurance sector during 2024 included Aetna Resources, LLC with 299 petitions and Factory Mutual Insurance Company with 21 petitions.

Compared to 2023, the Finance and Insurance sector in Rhode Island saw a 2.8% decrease in the number of H-1B petitions during 2024.

The United States admits around 1 million legal immigrants annually, most of whom receive permanent residence (green cards) through family sponsorship or employment-based visas. In 2023, about 1.2 million immigrants were granted green cards, a return to pre-pandemic levels. Temporary visa programs, such as the H-1B for highly skilled workers and H-2A for seasonal agricultural workers, also play a critical role in filling workforce needs.

Public opinion on immigration varies, with 46% of Americans favoring maintaining current legal immigration levels, according to a 2024 Pew Research Center survey. Additionally, 42% believe that highly skilled workers, such as scientists, doctors, and programmers, should be prioritized for legal immigration, compared to 25% who prioritize workers filling labor shortages and 19% who emphasize family sponsorship. Despite this, family sponsorship remains the most common path to permanent residency, accounting for 63% of green cards issued in 2023.

The data in this article comes from the H-1B Employer Data Hub provided by the U.S. Citizenship and Immigration Services (USCIS). While USCIS strives for accuracy, manual data entry and errors on paper forms submitted by applicants or petitioners may result in discrepancies in employer names, tax IDs, locations, or other details.