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.
Five Sector-Focused Innovation Labs Aim to Support New Jersey Businesses
A new effort by the New Jersey Institute of Technology (NJIT) seeks to make existing companies more competitive, support the growth of startups and create jobs by leveraging the assets of government, industry and higher education around five sector-focused labs. NJIT will launch a new nonprofit corporation, the New Jersey Innovation Institute, to support the labs – geared toward civil infrastructure, defense and homeland security, healthcare delivery systems, biopharmaceutical production, and financial services.
Manufacturing Resurgence Attracts Attention of State Legislatures
The recent uptick in U.S. manufacturing activity, along with the attention generated by additive manufacturing and the Makers movement, has led to an increase in state initiatives to help cash in on this growth. In recent months, New York, Connecticut, Maryland, and Arizona have all taken steps to build stronger manufacturing sectors through research collaborations, grants and tax credits. Leaders in Colorado and New Jersey have pursued their own cluster-specific efforts to build stronger high-tech industries.
R&D and innovation funding sees some increases, more decreases in state budgets: CA, IL, MS, NC, OH
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.
Newly elected governors support innovation strategies
The innovation economy is a featured component of both newly elected governors’ agendas, with each showing support for TBED-related initiatives in their platforms. In New Jersey, Governor-elect Phil Murphy (D) has pledged to reclaim the state’s innovation economy while in Virginia Governor-elect Ralph Northam (D) proposed a new workforce development plan focused on “the new-collar jobs of the 21st century.”
NJ's and VA’s new governors propose free tuition, workforce programs
New Jersey is considering a state program for free tuition for community college which would be phased in over several years and Virginia is proposing money for a customized workforce recruitment and training incentive program in newly proposed state budgets. Both states have new governors who have revised their predecessors’ budgets, resulting in some additional TBED initiatives in the states.
Tech Talkin’ Govs 2018, part 7: LA, NH, NJ
The last of the governors’ state of the state addresses for this year have been delivered, and New Jersey’s governor presented his first budget address. SSTI has continued to review the addresses for news on TBED initiatives and presents excerpts of their addresses concerning such initiatives below. Louisiana’s governor is focused on addressing a fiscal cliff while preserving education gains in the state. New Jersey’s governor laid out a vision embracing green energy in the state and growing high school STEM-focused programs.
Proposed AR Budget Faces Unclear Future, MS Proposal Targets Public Education, Workforce
Over the last couple weeks, governors in Arkansas and Mississippi presented budgets to their stage legislature. In Arkansas, term-limited Gov. Mike Beebe presented two budget proposals for the 2015-17 biennial budget to state lawmakers. However, Gov.-elect Asa Hutchison also will present a budget to the legislature that may differ from Gov. Beebe’s proposal and potentially impact funding for state agencies due to a proposed $100 million individual income tax cut. Mississippi Gov.
AR, NY Legislatures Approve Economic Development Spending
Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many state legislatures have begun approving budgets, the Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Arkansas, Mississippi and New York.
Delta Regional Authority Forms 35-Member Public-Private Research, Innovation Consortium
The Delta Regional Authority (DRA) announced the establishment of a consortium for research and innovation that is intended to have a long-term positive economic impact on the region. The 35-member consortium will be comprised of universities and other private and public institutions in eight states – Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.
Candidates for NJ Governor Lack Specifics in Jobs Plans
In contrast to last week's coverage of the Virginia gubernatorial candidates on issues that affect jobs and the economy, there are little specifics on the topic provided by either New Jersey candidate. Incumbent Gov.
TBED People and Orgs
President Obama launched the Advanced Manufacturing Partnership Steering Committee “2.0.” Former SSTI board member Luis Proenza, president of The University of Akron is part of the steering committee chaired by Andrew Liveris, president, chairman, and CEO of the Dow Chemical Company, and Rafael Reif, president of the Massachusetts Institute of Technology.
WI Lawmakers Embrace Crowdfunding; NJ May Be Next
A measure to amend the state securities laws in order to permit equity crowdfunding won approval in the Wisconsin Legislature following swift and unanimous passage in the Senate this week. The bill, called the Wisconsin Crowdfunding and Securities Exemptions (CASE) for Jobs Act, is aimed at providing better access to small business capital by connecting Wisconsin-based investors with startups through crowdfunding websites. Wisconsin now joins three other states, Georgia, Kansas and North Carolina, that have enacted similar securities exemptions.
Budget Round Up: States Address Higher Ed Affordability, Research Capacity, Workforce
Several common themes surrounding higher education have emerged as governors across the country unveil investment priorities for the upcoming fiscal year or biennium. In many states, governors have proposed more funding to increase affordability by freezing tuition or creating new scholarship funds. Support for expanding research capacity, technology-related infrastructure and job training in high-demand industries are some of the proposed measures aimed at competitiveness.
Tech Talkin’ Govs 2020: Innovation, education and budgets weigh on governors in latest round of addresses
Education, infrastructure and budgets are all on the minds of the governors in this latest review of state of the state addresses. With more than half the governors having completed their outlooks by the end of January, this week we review the speeches through the end of month and find repeated attention to education, energy and budgeting issues, with a statewide lottery being introduced in Alaska, new energy legislation in Illinois, and South Carolina also proposed a funding increase for state universities that do not raise in-state tuition rates.
States launching innovation initiatives across the country
Proving that innovation is appealing to states regardless of their size or political leanings, new initiatives in both Democratic and Republican states, as well as large states like California and small states like Vermont, are driving innovation agendas into action in areas ranging from clean energy and aid for students and colleges, to new venture capital investments and bond financing to support business collaborations with higher education to help translate cutting-edge research into products and companies.
Tech Talkin’ Govs 2020: AZ, CO, NJ, NY, VT spotlight climate, higher ed, rural and workforce proposals
Governors are continuing to roll out their state of the state addresses and this week’s SSTI review highlights differences in the states economies: while Arizona is enjoying population growth Vermont is struggling to attract workers. More states are focusing proposals on climate change and clean energy initiatives, with New York proposing a $3 billion bond initiative to build resiliency, and Colorado, New Jersey and Vermont proposing clean energy and climate initiatives as well. Rural broadband, higher education and workforce initiatives also are throughout the state addresses.
States address workforce issues pushed to forefront by pandemic
Faced with the sudden, unprecedented fallout from the COVID-19 pandemic, Gov. Ned Lamont last month launched a new resource to provide workers and businesses in Connecticut with career tools, including partnering with Indeed and workforce training providers.
Tech Talkin’ Govs part 4: Opportunity Zones, workforce development, tech hubs, and more in governors plans to build economies
Governors are reaching into their toolkits to build tech-based economies, utilizing Opportunity Zones, tax credits, broadband infrastructure and workforce development initiatives among other things. This week, as we continue to review their state of the state addresses for TBED news, we see some governors still trying to reshape their states’ struggling economies while others are building on past successes and proposing new initiatives.
Universities launch incubators, accelerators and funds in 2019
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.
Free tuition offerings continue to evolve in states across the US
New Mexico Gov. Michelle Lujan Grisham became the latest governor to propose a plan for free tuition, with what has been called the “one of the most ambitious attempts to make higher education more accessible.” If approved, the plan would allow in-state students to attend any of the 29 state public colleges or universities, regardless of income. It is designed as a “last-dollar” program.
States take the lead on climate change
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.
Manufacturing wage growth supporting Appalachian economy
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.
States with new university-industry partnerships & research capacity activities work to strengthen economies and talent pipelines
Research universities and their partnerships with industry, including an institution’s research capacity, are important elements to building a state’s economy as well as the national economy and talent pipeline and workforce.
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.