The Quonset Development Corporation (QDC), established in 2004 and operational since 2005, is a quasi-state agency responsible for the development and management of the Quonset Business Park (QBP) in Rhode Island. The QDC is governed by an 11-member Board of Directors and aims to attract and retain successful businesses that provide diversified jobs for the citizens of Rhode Island. Steven J. King, P.E., a University of Rhode Island graduate and Operation Desert Storm veteran, has been instrumental in the success of Quonset since becoming the Chief Operating Officer in 2005 and later the Chief Executive and Managing Director in 2008. Under his leadership, the QBP has seen significant growth, with an increase of 626 acres of developed area, 4.3 million square feet of new facilities, and over $1.85 billion in private sector investment.

As of 2022, the Quonset Business Park is a major economic driver for the state, hosting 13,033 jobs, including 7,680 in manufacturing and 1,178 National Guard personnel, and indirectly supporting an additional 11,281 jobs. This accounts for 5 percent of all employment in Rhode Island. The park has also generated $169.1 million in tax revenues and wages that are 10% higher than the state average, contributing $1.7 billion in household income. With ongoing negotiations for 82.2 acres and 156.9 acres of developable land still available, the QBP is expected to further increase labor income to $2.1 billion by 2030. In recognition of these contributions, the House of Representatives of the State of Rhode Island has resolved to proclaim June 6th, 2023, as "Quonset Day" and commends the QDC for its role in securing a prosperous future for Rhode Islanders. A certified copy of this resolution will be sent to Steven J. King, P.E., Managing Director of the Quonset Development Corporation.