Rhode Island's commercial fishing industry dominated by northern shortfin squid, with more than 12.4 million lbs. worth US$5.2M caught in 2010, study says; lobster most valuable species by price, with 2.9 million lbs. worth US$12.4M caught last year

PROVIDENCE, Rhode Island , October 25, 2011 () – Lobster may reel in the money but squid is king in Rhode Island.

A new study on the state's commercial fishing industry reveals that northern shortfin squid is the industry's largest single catch with more than 12.4 million pounds worth $5.2 million caught in 2010.

Lobster was the most significant species by price, with last year's haul of 2.9 million pounds valued at $12.4 million.

The research was commissioned by the Commercial Fisheries Research Foundation, which released the study this month.

The study found the state's fishing fleet is shrinking. The state licensed 1,298 commercial fishing vessels this year, down from 1,488 in 2005.

Overall, the study estimates the total value of fish caught and sold by the state's fishing industry last year to be $200.9 million.

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