The Walton Family Charitable Support Foundation is making a $194.7 million grant to advance research and economic development at the University of Arkansas and will allow a new research institute to become reality. The grant is expected to grow the university’s cross-disciplinary research capability, expand the scope of discoveries made by U of A researchers and increase the speed in transferring such discoveries to the marketplace.

In 2019, the administrations and legislatures in many states grappled with if and how to adjust state economic development initiatives to leverage the federal Opportunity Zone (OZ) program. The actions of 12 states that implemented new activities are described below.

With nearly 40 of the state governors now having given a state of the state or budget address, innovation themes continue to echo in their reviews of past accomplishments and plans for the coming year.

Universities frequently play an integral role in providing activities, research, and products that positively affect or support local, regional, state and national economic development or strategic goals.  In higher-education’s efforts to align its participation in innovation and entrepreneurship systems, universities’ incubators, accelerators and fund programs are essential in assisting their faculty, staff, or students in the services and support needed to create startups, bring products to market, or provide critically needed funding.

In general, the effect of the pandemic on states’ budgets due to the wave of business, retail, and commerce shutdowns, as well as other reduced economic activity across the nation, is not entirely known, or too early to forecast; however, a number of states are beginning to experience the initial impacts of a substantial downturn. With several states having already enacted their 2020-21 budgets, special sessions are expected later this year to deal with declining revenues. Others ended sessions early without a new fiscal year spending plan in place.

When Gov. Janet Mills addressed the United Nations General Assembly on Sept. 23, it was the first time a sitting governor of Maine has been asked to address the body. She had been invited as part of her participation in the UN Climate Action Summit 2019, and has made tackling climate change and embracing renewable energy key priorities of her administration. She is not the only governor stepping into the role where the federal government has backed out.

The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.

After nearly 18 months of planning and meetings that gathered input from nearly 140,000 participants, Gov. Matt Mead announced the release of a 20-year strategy for the diversification of the state’s economy.

The carbon tech industry in Wyoming could support an average of 2,600 jobs annually over the next 17 years, according to a new report by the American Jobs Project — a U.C. Berkeley-based nonpartisan think tank. Developed in partnership with the University of Wyoming, American Jobs Project researchers contend that the projected job growth could occur if the state government and private industry invested in growing this industry cluster.

SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.

Arizona

Wyoming Gov. Matt Mead has approved legislation that will help promote economic diversification through innovation in a state that has relied heavily on a relatively small number of resource-based industries. Mead recently signed multiple pieces of legislation that comprise ENDOW (Economically Needed Diversity Options for Wyoming), a 20-year initiative focused on diversifying and growing the state’s economy. Notable bills include Senate File 118, which will establish a dedicated organization to support Wyoming’s entrepreneurs and provide funds to innovative startups, and Senate File 119, which will establish a dedicated fund for workforce training in economic sectors considered a priority for the state.