Last week, Pennsylvania Governor Josh Shapiro and the Pennsylvania Department of Community & Economic Development (DCED) released what they are describing as the Commonwealth’s first comprehensive Statewide Economic Development Strategy in nearly 20 Years.
Editor’s note: SSTI is committed to helping its members create economies that are equitable and inclusive. The following article is part of a series highlighting how different organizations ensure all people within their communities can benefit from today’s economy and lessons learned in their work.
The National Advisory Council on Innovation and Entrepreneurship voted today to accept proposed recommendations for a national competitiveness strategy. One recommendation is establishing a National Innovation Council to coordinate entrepreneurship-related federal government activities nationwide.
The number of graduate students in science, engineering, and health has grown from approximately 328,000 to 760,000 from 1975 to 2021, a 132% increase, according to the National Science Foundation’s (NSF) Survey of Graduate Students and Postdoctorates in Science and Engineering (GSS).
NSF has announced 10 projects as the first cohort of Regional Innovation Engines. The 10 project teams span 18 states. Each of the 10 teams will receive $15 million for the first two years of the awards and could receive $160 million over the full ten years dependent on availability of funding and successful performance.
The 10 inaugural NSF Engines are:
South Carolina Research Authority (SCRA), a public, non-profit corporation chartered in 1983 by the State of South Carolina , had over a $1.19 billion impact on the state’s economy in 2023.
A spate of super-sized donations has recently benefited various organizations and higher education institutions. They include what is reported as the largest single contribution to a historically Black college or university (HBCU), $100 million to UNCF, and $350 million from the Lilly Endowment, Inc. for projects in Indiana.
The White House recently published a data tool, accompanied by a downloadable excel file housing two datasets, with recent investments from the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA). The tool and data provide a view of the spending that is occurring across the United States from the two acts. In addition to a categorical breakdown of awards, agency, department, project name, funding source, and more are available for each award.
The United States has one of the most diversified economies of any nation, yet also the most dynamic; over the past five years, from 2018 through 2022, the U.S.’ agriculture, forestry, fishing, and hunting industry has grown 53%, while other industries such as manufacturing and construction have grown at a slower pace—17% and 23% respectively—compared to a 25% increase in overall gross domestic product.
SSTI’s 2024 Annual Conference dates & location set: Dec 10-12 in Arizona!
Coming off one of its most successful events ever, SSTI is happy to announce the nation’s largest annual gathering of leading practitioners and policymakers working toward regional innovation and growth through technology-based economic development will be held at the Sheraton Grand at Wild Horse Pass in the Gila River Indian Community in metro Phoenix on December 9-12, 2024.
SSTI’s 2024 Annual Conference dates & location set: Dec 10-12 in Arizona!
Coming off one of its most successful events ever, SSTI is happy to announce the nation’s largest annual gathering of leading practitioners and policymakers working toward regional innovation and growth through technology-based economic development will be held at the Sheraton Grand at Wild Horse Pass in the Gila River Indian Community in metro Phoenix on December 9-12, 2024.
A report many years in the making was released this week by the National Academies of Science, Engineering and Medicine (NASEM) that, for the first time in the organization’s history, confronts racism in its title. After the summer of 2020, following the murder of George Floyd and the Black Lives Matter protests, federal agencies and private foundations prioritized sponsoring a report on antiracism and diversity, equity and inclusion, focused on science, technology, engineering, math and medicine (STEMM).
The U.S. Treasury Department announced that the government will begin taking applications May 31 for the first $4 billion of the $10 billion Qualifying Advanced Energy Project Credit program and tax break for solar-and-wind projects in low-income communities.
A new data analysis of the Job Openings and Labor Turnover Survey (JOLTS) by SSTI indicates again the significant impact the pandemic had on the manufacturing sector. While job openings in manufacturing ranged on a monthly basis from 0.8 to 3.9% of total manufacturing employment in the 20 years prior to the pandemic, it jumped to as much as 7.4% in April 2022. Job openings in manufacturing increased dramatically after the pandemic, presumably as a result of the American economy attempting to adjust for disrupted supply chains and a move to bring more manufacturing back to the U.S.
In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, the common themes from Hawaii, Massachusetts and North Dakota were addressing the cost of housing. Hawaii and Massachusetts governors discussed addressing climate change, and North Dakota’s governor called for the creation of a new office focused on rural communities. The following highlights have been excerpted from State of the States or budget addresses given between January 17, 2023 and January 23, 2024. Additional addresses and states will be covered in future Digest issues.
A working paper by a team of Harvard-affiliated researchers presents challenging findings for growth equity impact investors. Given the potential alignment between this sector of the market and publicly funded capital access programs (including many venture development organizations and the State Small Business Credit Initiative), this research may find its way into public policy debates. The paper, which has not yet been published in an academic journal, also contains several shortcomings in its approach that should caution any stakeholders from acting on its findings alone.
The NSF Directorate for Technology, Innovation, and Partnerships (TIP) is accepting EArly-concept Grants for Exploratory Research (EAGER) proposals that will advance the state of the art in assessing place-based innovation's societal and economic impacts. This funding opportunity aims to address gaps in publicly available data and associated knowledge to adequately and appropriately benchmark activities in place-based innovation grounded in integrating research and development, translation, and workforce development.
The U.S. Securities and Exchange Commission (SEC) adopted a final rule last night, by a 3-2 vote that would require prospective special purpose acquisition companies (SPACs) to disclose their sponsors, compensation, target companies, and conflicts of interest and to require SPAC targets to register with the SEC.
Income inequality in the U.S. has increased from 2006 to 2022, according to American Community Survey (ACS) data. While it’s increased in the nation as a whole, it decreased in North Dakota, Washington, Hawaii, Nebraska, and Montana from 2018 to 2022. New York and Washington, D.C. lead the nation in income inequality. This edition of Useful Stats explores state-level Gini index data from the U.S.
The United States is home to some of the world's most prestigious universities, each performing critical research that helps advance the country’s innovation economy. However, these universities are not evenly distributed across the country; many are concentrated within large cities in states where their spillover further impacts the local economies.
Last fall, the United States International Trade Commission (USITC) issued its report on the distributional effects of trade and trade policy on under-represented and under-served communities. The report, which had been requested in 2021 by the U.S. Trade Representative Ambassador Katherine Tai, found a disparity in wage and employment among manufacturing workers by race and gender resulting from changes in trade policy.
Between March and April of 2020, the United States saw a massive drop in employment due to the COVID-19 pandemic: from approximately 151 million employees to fewer than 131 million. More than two years since the beginning of the pandemic, surveys suggest a near-complete recovery to pre-pandemic employment levels. Data from the U.S. Bureau of Labor Statistics (BLS) through March 2022 (the most recent final data published by BLS) reveal an average decrease of just 1 percent in employment across the country as whole since February 2020. While the U.S.
Total deal counts across angel, seed and VC deals for Q4 2022 were the lowest of the year at 2,935 deals, a decrease of 670 deals as compared to Q3 2022, according to Q4 data from PitchBook-NVCA Venture Monitor Q4 2022. Despite low deal counts for Q4, 2022 is still on track to come in close behind 2021, which marked the highest deal count since the data began being collected in 2012.
In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, New Mexico Governor calls for $170 million to bolster hydrogen, geothermal and next-generation battery storage. Rhode Island Governor proposes building a new life science school at the University of Rhode Island and cybersecurity bond to grow Rhode Island College’s cybersecurity program. Meanwhile, West Virginia’s governor proposes increasing spending to attract people to move to the state.