Faced with one of the largest drawdowns in defense spending in American history, the Defense Manufacturing Assistance Program (DMAP) targeted affected companies and communities across Michigan, Ohio and Indiana for assistance. The program aimed to support economic stabilization and diversification across the region during the five-year period from 2013 to 2018.

Breaking a two-year impasse, legislators in Illinois were able to pass a state budget that reinstitutes an R&D tax credit and implements workforce development programs. In California, the Governor’s Office of Business and Economic Development (Go-Biz) will see a 28 percent increase in funding, while other innovation initiative are receiving level funding. In other states whose budgets SSTI analyzed this week for TBED-related funding, we found that Innovate Mississippi was able to maintain state funding and new funding was appropriated for workforce development at the state’s community and junior colleges; a variety of programs were cut in North Carolina; and, Ohio will not get funding for a state office focused on commercializing research across key industries that the governor had proposed. More findings from California, Illinois, Mississippi, North Carolina and Ohio are detailed below.

Columbus-based State Auto Labs, the innovation arm of the State Automobile Mutual Insurance Company, is collaborating with venture development organization Rev1 Ventures on a $25 million corporate venture fund to support innovation and entrepreneurship in the insurance industry. Through the partnership, Rev1 Ventures and State Auto Labs will help connect InsurTech and FinTech startups with resources such as capital, technologists, and industry experts.

In an effort designed to stimulate economic growth and workforce development in Ohio and New York communities, KeyBank Foundation announced a $24 million grant awarded to JumpStart, Inc. The grant represents the foundation’s single largest philanthropic commitment to date.

The Appalachian Regional Commission (ARC) announced its latest round of grants for Partnerships for Opportunity and Workforce and Economic Revitalization (POWER).

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.

Industry-led “innovation hubs,” additional funds for risk capital, and a proactive talent strategy are among the recommendations included in Ohio BOLD: A Blueprint for Accelerating the Innovation Economy, a new strategic plan conducted by Columbus-based TEConomy Partners on behalf of the Ohio Chamber of Commerce Research Foundation.

State and regional innovation programs continue to encourage significant economic growth across the country. The most recent example of the impact programs are having comes from JumpStart, a Cleveland-based venture development organization, which recently released its 2018 economic impact report. It found that companies in Ohio and New York fostered by JumpStart generated more than $1 billion in economic impact. This increased the cumulative JumpStart total to $6.6 billion since 2010.

As the month of September marks national Workforce Development Month, states around the country continue to forge ahead with programs and initiatives to help train the workforce and attract more workers to open positions. This article highlights two new reports out that detail state efforts in various workforce programs, as well as calling out several new or proposed programs in Ohio, Vermont and Arizona that are designed to increase and develop the workforce in each of those states.

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.

Knowing that research universities are integral to the innovation in this country, states continue their efforts to build the economy by supporting efforts to move the research from the labs to the market.

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.

A report on employment trends from hiring firm Robert Half found that 2020 presents greater challenges for employers looking to expand their workforce as the country’s labor market is near full employment and job openings remain at high levels.

Earnings for Appalachian manufacturing workers grew 3.4 percent from 2012 through 2017 to an average of $63,583. The growth is in the Appalachian Regional Commission’s Industrial Make-up of the Appalachian Region, 2002-2017, which reviews employment and wages by sector across the region. Appalachian workers overall saw earnings increase by 3.7 percent over the five years.

This week we nearly finish our state of the state coverage, save two remaining governors (Louisiana and Minnesota) who have yet to present their addresses. In reviewing the speeches for news on innovation efforts, we find education taking the main stage in Florida and Tennessee, while Alabama and Ohio’s governors are hoping to build the state’s workforce, and North Carolina, still recovering from natural disasters, wants to decrease greenhouse gas emissions and provide tuition assistance for community college.

The circular economy, a phrase meant to redefine economic growth beyond the current “take-make-waste” extractive industrial model, is gaining attention around the world as a way to produce more positive environmental and social benefits. Over the past few months, three cities have announced efforts to promote circular economy startups.