The Treasury Department has recently approved an additional $106 million in SSBCI dollars for tribal governments: $102 million as part of the Capital Program and $4 million as part of the Technical Assistance (TA) Grant Program.
As business R&D expenditures continue to increase nationwide, disparities between states deepen, an SSTI analysis of new Business Enterprise Research and Development (BERD) survey data reveals.
Domestic business R&D expenditures have jumped 15% ($89 billion) from 2021 to 2022. This jump continues a decade-long trend of year-over-year increases, as a new 2022 Business Enterprise R&D (BERD) survey shows.
State support for higher education in the United States over the last four decades can best be characterized as having fluctuations and shifts in priorities. Using fiscal year (FY) 1980 as a starting point, while overall state support for higher education has grown, it has done so with volatility driven in part by decreased revenue as a result of recessions, and it has frequently taken years for state support to recover to pre-recession levels. In four states, state support on a constant 1983-dollar basis is still less than was spent in 1980.
In the last 20 years, college tuition has doubled, making tuition and required fees the major component of the rising costs of attending college. Figure 1 shows that the average tuition and fees at public four-year schools increased by 84% between the 1999-2000 and 2019-2020 academic years, far faster than the 15.7% increase in median household income during that period (note this period was chosen to avoid pandemic era swings in data).
Total student loan debt in the United States increased 558% from the first quarter of 2003 to the second quarter of 2024, increasing from $240 billion to $1.58 trillion, according to Federal Reserve Bank of New York data.
With the release of the Economic Development Administration’s (EDA) 2024 Notice of Funding Opportunity (NOFO) for its Build to Scale program, time has begun ticking towards the October 28 application deadline.
The educational landscape of the United States has undergone significant transformation over the past three decades, with the percentage of individuals 25 and older having earned a bachelor's degree steadily increasing since the 1990s. Nationwide, 20% of those aged at least 25 had a bachelor’s degree in 1990, while in 2021 this figure jumped to 38%. However, educational attainment varies greatly across states. Many states, such as Massachusetts, Maryland, Colorado, New Jersey, and Rhode Island, alongside 15 other states, fall above the national value of 38% in 2021.
In 2000, the United States was among the global leaders in educational attainment, boasting the third-highest percentage of its 25- to-64-year-old population with a postsecondary degree across the 38 Organization for Economic Co-operation and Development (OECD) nations. However, over the past two decades, the U.S. has gradually slipped in the rankings, falling to ninth place by 2022 even as the percentage of the population with a postsecondary degree increased from 36% to 50%.
The U.S. Department of the Treasury has made multiple announcements about the State Small Business Credit Initiative (SSBCI) in recent weeks, including new program approvals, providing an update on uses of funds through the first two years of the program, and highlighting venture capital success stories, and releasing a database of participating lenders. In addition to covering these updates below, SSTI is collecting Treasury’s resources in revised SSBCI tracking pages.