State actions in 2019: Opportunity Zones
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.
States dealt blow with pandemic
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.
Tech Talkin’ Govs 2020: DE, HI, ME, MA, NE, NM, SD, WI trying to build economies
The economy, workforce and climate change continue to surface in governors' state of the state addresses. While today’s strong economy allows most governors to reflect on how the states have grown, preparing for the next downturn continues to be a point of concern.
States’ fiscal picture improves with growing economy
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.
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.
Most states ended their fiscal year with a surplus and continue to recover from the Great Recession, with a growing economy and job gains. However, they face continuing demands on their budgets, with expanded Medicaid payments and the growing opioid crisis confronting nearly every state. Such decisions affect the state’s ability to fund innovation efforts, from the amount of support available for higher education and STEM programs, to funding for entrepreneurship, and forging public private partnerships to strengthen innovation programming that the private sector cannot fully support.
Our analysis found that some states that rely on the energy sector to fund their spending priorities continue to struggle, while others are already factoring in anticipated revenues as a result of new Supreme Court rulings involving gaming and online sales tax collections.
NexusLA launches Louisiana’s first IT apprenticeship program in Baton Rouge
NexusLA announced the launch of Apprenti Louisiana – the state’s first registered information technology (IT) apprenticeship program. NexusLA, a Research Park Corporation subsidiary, will partner with Apprenti to support the program.
NexusLA announced the launch of Apprenti Louisiana – the state’s first registered information technology (IT) apprenticeship program. NexusLA, a Research Park Corporation subsidiary, will partner with Apprenti to support the program. Apprenti, a Seattle-based apprenticeship model, was launched in 2015 by the Washington Technology Industry Association and is now expanding in communities across the U.S.
States look to investment tax credits to increase economic growth in DE, NJ, TN
Over the past few weeks, Delaware, New Jersey, and Tennessee have proposed, announced or expanded investment tax credit programs to spur job creation and innovation. In Delaware, Gov.
Over the past few weeks, Delaware, New Jersey, and Tennessee have proposed, announced or expanded investment tax credit programs to spur job creation and innovation. In Delaware, Gov. John Carney signed the Angel Investor Job Creation and Innovation Act, while Tennessee is expanding its Angel Tax Credit criteria, and New Jersey is proposing establishing innovation zones and tax credits for high-tech businesses within those zones.
Tech Talkin’ Govs, part 9: Louisiana celebrates surplus after facing fiscal cliff
This week SSTI wraps up this year’s coverage of innovation-related initiatives covered in governors’ state of the state and budget addresses. This week Louisiana Gov. John Bel Edwards was the last governor to deliver a state of the state address in 2019, and he used his time to highlight the state’s surplus, a first since he has been in office. The governor is taking advantage of the new financial security to focus on funding for basics such as teacher pay and education among other things.
Several states in play this election cycle for innovation initiatives, gubernatorial and legislative elections
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
State ballot initiatives
Colorado
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
People
Dennis Lower of the Biomedical Research Foundation of Northwest Louisiana is the new leader of the Louisiana Economic Development Council.
People
Judy McKinney-Cherry is the new director of the Delaware Economic Development Office.
Louisiana Injects $28.5M for TBED
The Louisiana Recovery Authority and the Louisiana Board of Regents recently unveiled a $28.5 million Research Commercialization and Educational Enhancement Program to stimulate economic development within the portions of the state severely impacted by Hurricanes Rita and Katrina. Funds for this program originate from the Community Development Block Grants (CDBG) appropriated by the federal government.
People
Louisiana Department of Economic Development announced Robert Fudickar will be the technology industry director for the state agency.
Lafayette Voters Approve $125M Broadband Project
The year-long battle between Lafayette Utilities System (LUS) and competitors BellSouth Louisiana and Cox Communications over the utility company's proposed Fiber for the Future project came to an end last month when voters approved the $125 million fiber optics plan by a vote of 62 percent to 38 percent.
People
Citing a reorganizing, the Delaware Economic Development Office fired 20 percent of its staff (10 positions) last Thursday. According to the Associated Press and local news sources, among those relieved of their duties were Janet Wurtzel, chief operating officer, and Rob Propes, entrepreneurial and small business support director.
Louisiana Strategic Plan Provides Road Map for Developing State's Economy
An update to Louisiana: Vision 2020, a strategic plan to improve the Louisiana economy, calls for creating more quality jobs in the state's high growth sectors. First released by the Louisiana Economic Development Council in 1998, the newly revised plan also stresses the need to place increased importance on early childhood education, teacher quality and math and reading performance among high school students as keys to boosting student achievement.
People
John Wik, director of Delaware's economic development office, is resigning in September to pursue interests in the private sector.
Biotech in the Future for Baton Rouge?
To promote biotech in Baton Rouge, a new study sponsored by Capital Region Competitive Strategy (CapStrategy) recommends constructing an "idea pipeline" to better commercialize the intellectual property and research generated in the region's universities, hospitals and research institutes. CapStrategy, a nonprofit, cluster-based economic development initiative, operates under the Chamber of Greater Baton Rouge and represents nine parishes in the region.
Louisiana Legislature Passes Tax Credits to Promote R&D
The 2002 Special Session of the Louisiana State Legislature has yielded a series of tax credits that aim to benefit biotechnology companies in Louisiana, promote commercialization of technology, encourage R&D investments, and make the state more competitive in information technology. The tax credits are as follows:
TBED Mergers, Consolidations & New Starts
Sometimes, the economic advantages of consolidating state and local initiatives addressing different elements of building tech-based economies outweighs any potential dilution of specific efforts. Other times, the addition of an entirely new entity is required to provide concentrated focus on specific needs or activities. Here are a few of the most recent examples of the realignment of the TBED community:
People
Formerly the marketing manager for a local software firm, Mary Bergeron recently was named the new executive director of the Baton Rouge Technology Council.
Louisiana Governor Outlines $187 Million Biosciences Initiative
Louisiana Governor Mike Foster's economic development plan calls for $37 million for a Biosciences Initiative, at the state's top research universities, $15 million to support industry clusters for regional universities, and $8.4 million to spur enrollment growth in community and technical colleges. Coupled by a $150 million bond issue, funding for bioscience endeavors would equal a $187 million investment.
People
John Hightower, executive director of the Baton Rouge Technology Council for the past seven months, has resigned to resume a career in public relations and lobbying. The Council has started a search for his replacement.
People
Delaware Economic Development Office announced Ken Anderson as its new director of entrepreneurial and small business development.
People
Gov.-elect Bobby Jindal has appointed Stephen Moret as secretary of the Louisiana Department of Economic Development. Moret will assume his new post on Jan. 14, leaving behind his duties as president and CEO of the Baton Rouge Area Chamber of Commerce.