SSTI Digest

The U.S. Department of the Treasury (Treasury) recently released a report on the State Small Business Credit Initiative (SSBCI) program with data through December 31, 2024. As of the end of 2024, Treasury has disbursed nearly $4 billion of the $10 billion set aside for the program in the 2021 American Rescue Plan of Act. 

In terms of the three-tranche, formula-based allocation structure of the SSBCI program, the report documents the first disbursement to 130 jurisdictions, the second for 20, and the third, or final, tranche for six.

Within this article, SSTI provides two data visualizations to graphically compare states and their progress with accessing SSBCI funds. 

The graphics below include data for only the 50 states, Washington, D.C., and Puerto Rico, and not Tribal governments.

The same April 23 executive order as mentioned above requires Labor, Commerce and Education to work together and prepare by the end of August, a plan “to reach and surpass 1 million new active apprentices.” Apprenticeships were a preferred skill development program during President Trump’s first term in office as well. 

Priorities for the new strategy laid out in the order that may appeal to state and regional TBED efforts include expanding the Registered Apprenticeships to “new industries and occupations including high-growth and emerging sectors.”

Additionally, the plan highlights two particular federal programs as vehicles that may see increased support. The executive order says the plan shall identify “opportunities, including through the Carl D. Perkins Career and Technical Education (Perkins V) Act and Federal student aid, to enhance connections between the education system and Registered Apprenticeships.

The short answer to the question, “Is college still worth it?” is, “It depends.”

Attending higher education institutions may impart an array of societal and personal development benefits. Still, one factor of increasing import that raises the question of the worthiness of attaining a college education in a market-driven economy is the personal cost involved. The question becomes even more pertinent based on three trends: rising costs, decreasing employment opportunities for college graduates and a fair share of Americans having little or no confidence in higher education. 

Consider these three trends: 

Earlier this week, SSTI participated in InBIA’s 39thInternational Conference on Business Incubation (ICBI39) in Philadelphia. The event brought together entrepreneurship support professionals from around the world to tackle shared challenges and explore strategies for fostering entrepreneurial ecosystems. 

SSTI Program Director Casey Nemecek presented strategies for effectively communicating TBED concepts to broader audiences as part of the “Advocating for Entrepreneurship” panel session. The presentation emphasized three key approaches: making technical concepts accessible through relatable examples, centering local impact, and enlisting trusted community voices to demonstrate why innovation-driven economic development matters to communities and funders. This theme of clear, strategic communication resonated throughout much of the conference’s programming, from sessions on program sustainability to discussions about cross-organizational partnerships to build resiliency. 

Recognizing Louisiana’s lag in some prosperity metrics, loss of talent over the past decade, and need to build a more competitive economy among its southern state peers, the Louisiana Economic Development (LED) has created a strategic plan that emphasizes innovation, technology, and entrepreneurship as the means to address the challenges and opportunities it faces in creating a more robust and talent-attracting economy.

The Positioning Louisiana to Win: 2025 Comprehensive Statewide Strategic Plan, released in March 2025, details several recommendations and initiatives that seek to nurture homegrown entrepreneurs, startups and technology-driven businesses; attract and retain talent; and modernize the state’s traditional industries, educational, and training programs to ensure that key sectors and Louisianans are positioned to prosper from a more competitive technology-based economy.

A handful of showcase events across the country are known widely by mere nicknames, gather lots of media attention, and attract tens of thousands of people or more each year. Can a state’s lead technology-based economic development stand out in this kind of crowd? Is it worth the investment to try? 

Exploring gross domestic product (GDP) at the county level offers a more detailed look at where industries are located and how they shape local economies, especially in smaller or more rural counties often overlooked at higher geographic levels. SSTI has provided similar analyses at the state and metropolitan levels, yet county-level data can reveal micro-level trends, showing local patterns that broader numbers might hide. Such refined looks can help TBED and innovation policy approaches to be more surgical in their application.

To help guide that refinement, this edition of Useful Stats uses Bureau of Economic Analysis (BEA) data to map and illustrate differences in county-level GDP broken down by private industries.

The U.S. Census Bureau’s Narrative Profiles is an online resource that presents American Community Survey (ACS) 5-year estimates as easily digestible analytic reports. Profiles cover 18 important topic areas—including social, demographic, and workforce characteristics—and present data through short paragraphs, tables, and charts, allowing users to quickly grasp the most relevant statistics without needing to parse large tables of raw numbers. 

The Narrative Profiles tool is particularly useful for policymakers, researchers, and businesses who require a quick, clear, and accessible snapshot of a region or area's makeup and characteristics. The tool supports informed decision-making and strategic planning, making it a valuable resource for understanding and addressing local trends and needs.

Data is currently available for the recent 2019-2023 ACS 5-year estimates and as far back as the 2011-2015 estimates.

Imagine tapping into a talent pool already familiar with your region's culture, values, and challenges. This scenario is the core idea behind affinity recruiting, a strategy where communities and businesses actively target former residents, alums, and individuals with a genuine connection to the area. These initiatives aim to entice them for job opportunities, entrepreneurial ventures, leadership roles, or investment. As regions increasingly recognize the value of "boomerang migration," (SSTI Digest, March 20, 2025), integrating these strategies with broader talent initiatives may be a cost-effective way to revitalize workforces, bolster local economies, and strengthen community bonds. This article will explore the potential of affinity recruiting, examine successful examples, and address the inherent challenges in its implementation.

With President Trump’s March 31 signature on an executive order to create a United States Investment Accelerator within the Department of Commerce aimed to help expedite development of foreign and domestic manufacturing investments priced at over $1 Billion, there is concern about what impact one sentence has on the existing $52 Billion in CHIPs related deals across the country. Some of the projects have been on ice since the change of Administration. 

The sentence in question is: “The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration.” [Emphasis added.]

Numerous reports across the country indicate the National Institute of Standards and Technology (NIST) has taken the first step toward eliminating the Manufacturing Extension Partnership (MEP) program, which, for nearly 40 years, has provided technical assistance, training, research and strategic direction to tens of thousands of small and medium manufacturers across the country. Reports vary as to whether 10 or 11 of the 51 centers across the U.S. and Puerto Rico were told they would not receive current funding already appropriated and expected per the terms of their existing multi-year agreements with NIST. While news reports for individual state centers have surfaced, the most detailed coverage of the action to eliminate MEP that SSTI has yet to see is provided in an April 2 Wired posting by Paresh Dave and Louise Matsakis.

Gov. Phil Murphy and representatives from the founding partners—the New Jersey Economic Development Authority (NJEDA), Princeton University, Microsoft, and CoreWeave—officially opened the New Jersey Artificial Intelligence (NJAI) Hub on March 27, 2023. Together, the founding partners will invest over $72 million to support the long-term success of the hub. New Jersey’s NJEDA has committed $25 million; the remaining $47 million of donated services and support will come from Princeton and the industry partners. A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund supporting innovation commercialization through equity investments.