From 2006 to 2018, income inequality has risen continuously both nationwide and in all states (but not in the District of Columbia). Annual changes vary widely for state income inequality, with some states experiencing increases year after year, and others displaying more volatile trends consisting of both sharp annual decreases and increases.
Access to reliable and fast internet service is a foundational element for the modern economy. Since the advent of broadband service its delivery has been highly divided between urban and rural areas. Many states are continuing to address this divide and took action in 2019. Several states repealed laws prohibiting local electric companies and co-ops from providing broadband services, other states initiated official planning efforts to expand internet services, and many approved and dispersed funding to develop broadband infrastructure in rural areas.
On Monday, Maine Gov. Janet Mills and Mayor Kate Snyder gathered on Portland’s waterfront for the unveiling of a $100 million research institute designed to drive innovation, talent and economic growth in Portland, the region and the state of Maine.
A recent report from the Organization for Economic Cooperation and Development (OECD) focuses on increasing participation in entrepreneurship from underrepresented and disadvantaged groups such as women, immigrants, youth, seniors, the unemployed, and people with disabilities.
More states are employing different efforts to boost their workforce and to seek the best solutions to workforce dilemmas. The National Governors Association (NGA) recognized that governors are exploring ways to guide development and expansion of youth apprenticeship programs and has issued a white paper that explores three strategies governors can use to expand on such programs.
The economy, workforce and climate change continue to surface in governors' state of the state addresses. While today’s strong economy allows most governors to reflect on how the states have grown, preparing for the next downturn continues to be a point of concern.
The Federal and State Technology Partnership (FAST) is intended to increase innovation-based small business awareness and participation in the SBIR and STTR programs in places and populations that are underrepresented in the programs’ award portfolios. Through FAST, the Small Business Administration (SBA) makes small, matching one-year awards to state programs on a competitive basis.
Building on SSTI’s recent analysis of county-level GDP by industry, this edition moves beyond a single year and examines the changes in real — adjusted for inflation — county GDP and the changes in industry-specific contributions to county GDP for the 10-year period from 2009 to 2018. As shown in the interactive map below, the total 10-year growth rate for counties averaged approximately 21 percent.
What holds people back from starting a business? How does lifting financial constraints help promote entrepreneurship?
A recent survey of millennials by professional services firm Ernst and Young (EY) provides insights into how the generation is aging — and bucking some long-held assumptions. Evaluating the generation’s trends in living arrangements, lifestyle and career preferences, financial health, and social perspectives, EY found that some of the assumptions about millennials are not holding.
The Federal Communications Commission (FCC) announced last week that it has approved the Rural Digital Opportunity Fund which will provide $20.4 billion over two phases to help expand broadband networks throughout rural communities. Phase one will provide $16 billion for use in communities that are currently unserved by broadband services with minimal download speeds of 25 megabits per second (Mbps) and 3 Mbps upload speeds.
The old adage, “we become/are what we measure” can push behavior of individuals and organizations into unanticipated negative space when the selected key performance indicators take on too much importance — sometimes amazingly negative space that becomes common practice and potentially damaging for the entire industry.
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.
While the longest economic expansion in modern times in the U.S. continues and fears of a nationwide recession have subsided, there are signs that growth is slowing, and some states may be at risk for a recession.
Just days after the first reported US death from COVID-19, federal grant recipients capable of performing essential research and services related to COVID-19 were provided with additional flexibilities to the terms of their contracts and supplied with additional administrative resources to pivot their efforts towards combatting the virus.
The third package of emergency assistance related to COVID-19 is currently making its way through Congress, having passed the Senate last night and being expected to pass the House tomorrow. The legislation includes additional emergency loans and tax credits for retaining employees, as well as near-term aid for individuals, small businesses, and some of the most affected industries. While relatively little assistance is directly relevant to science- and innovation-related business development, many broader small business provisions can still be of assistance to these companies.
The fallout from COVID-19 is growing as unemployment numbers skyrocket, small businesses are faced with closures, and employers try to protect both their business and employees. A just-released national study conducted by America’s Small Business Development Centers (SBDC) and Thryv Inc., found that 69 percent of U.S. small businesses have already experienced a large drop in demand due to the coronavirus pandemic and 60 percent believe demand will continue to decline.
The fallout from COVID-19 is growing as unemployment numbers skyrocket, small businesses are faced with closures, and employers try to protect both their business and employees. A just-released national study conducted by America’s Small Business Development Centers (SBDC) and Thryv Inc., found that 69 percent of U.S. small businesses have already experienced a large drop in demand due to the coronavirus pandemic and 60 percent believe demand will continue to decline. States, too, have seen their budget situations take a dramatic turn and universities have had to send students home. Below you will find some of the resources available to businesses and universities in dealing with COVID-19 pressures, as well as new funding opportunities from federal agencies for those seeking assistance. For more information on how states are responding, several organizations are posting daily updates and are referenced below.
The resources listed are divided into help for small businesses, updates on states' reactions, and federal resources. Please click through on the read more link for a brief synopsis of each resource followed by more information below the bulleted list.
With the unprecedented devastation being caused by COVID-19, SSTI has assembled a resource page for organizations, small businesses, universities and others. The page contains links to federal, state, and other programs providing guidance on the both the latest stimulus package and other sources of aid.
With the unprecedented devastation being caused by COVID-19, SSTI has assembled a resource page for organizations, small businesses, universities and others. The page contains links to federal, state, and other programs providing guidance on the both the latest stimulus package and other sources of aid.
We will also be updating and reorganizing this list, and we encourage you to reach out to us at contactus@ssti.org if you know of a program or resource that should be included here or have suggestions to improve usability.
Access the resource page here.
Early-stage research from the Federal Reserve Bank of St. Louis examines the correlations between an area’s level of financial distress and its vulnerability to both the health and economic impacts of the COVID-19 pandemic. The Fed’s initial findings indicate that areas with low levels of financial distress were infected with the coronavirus and reached the point of exponential growth in new infections before areas experiencing greater levels of financial distress, while the rate of new infections is higher in more distressed areas.
Early-stage research from the Federal Reserve Bank of St. Louis examines the correlations between an area’s level of financial distress and its vulnerability to both the health and economic impacts of the COVID-19 pandemic. The Fed’s initial findings indicate that areas with low levels of financial distress were infected with the coronavirus and reached the point of exponential growth in new infections before areas experiencing greater levels of financial distress, while the rate of new infections is higher in more distressed areas. It also finds that a greater share of workers from areas of higher distress work in industries that are more vulnerable to the economic shocks caused by the virus than workers from areas of lower financial distress.
Despite having no coordinated outreach and growth strategy, the Census Bureau’s Longitudinal Employer-Household Dynamics (LEHD) program has increased university participation in its Post-Secondary Education Outcomes (PSEO) survey — which illuminates the employment and earnings outcomes of graduates as well as what industries they work in and which region of the country they live in after graduation — and is already in the process of negotiating a significant expansion for the next wave.
Despite having no coordinated outreach and growth strategy, the Census Bureau’s Longitudinal Employer-Household Dynamics (LEHD) program has increased university participation in its Post-Secondary Education Outcomes (PSEO) survey — which illuminates the employment and earnings outcomes of graduates as well as what industries they work in and which region of the country they live in after graduation — and is already in the process of negotiating a significant expansion for the next wave. Originally developed in partnership with the University of Texas System, the program has grown to include the Colorado Department of Higher Education, the University of Michigan-Ann Arbor, and the University of Wisconsin-Madison — bringing the total number of participating institutions to 47. The Census Bureau is currently negotiating agreements with university systems and state departments of higher education in Arizona, Indiana, New York (SUNY and CUNY systems), Ohio, Texas (Higher Education Coordinating Board), Utah, and Virginia.
A recent report from the U.S. Government Accountability Office (GAO) detailed findings of a review of federal efforts to prevent sexual harassment at universities that receive grants for STEM research. The GAO reviewed five agencies (the Department of Energy, U.S. Department of Agriculture, NASA, Department of Health and Human Services, and the National Science Foundation) that provide approximately 80 percent of federal STEM research grants and found that four of the five received few complaints under Title IX from individuals at universities.
The U.S. Securities and Exchange Commission is accepting public comments regarding their proposed changes to exempt offerings regulations. These modifications, originally announced last month, aim to streamline and expand the fundraising abilities for businesses while still qualifying as exempt from the SEC’s registration requirements.
While startups consistently create more jobs than older firms, the Federal Reserve Bank of St. Louis took a look at the trends in startup’s share of jobs and found that startup employment share has been declining for more than a decade. The Fed story provides an overview of startup employment dynamics between 1994 and 2018.
A report released earlier this month by the National Academies of Sciences, Engineering, and Medicine, addresses the barrier of inequality that women, despite making up more than 50 percent of the population, experience in the fields of science, technology, engineering, mathematics, and medicine (STEMM). Further, women of color are severely underrepresented in every STEMM discipline.
As the country’s working age demographic continues to get older, state budgets, especially those in the Northeast, will face greater pressure from increased Medicaid costs, says a new report from S&P Global Ratings. Environmental, Social, And Governance: Increasing Generational Dependency Poses Long-Term Social Risks To U.S.
As the country’s working age demographic continues to get older, state budgets, especially those in the Northeast, will face greater pressure from increased Medicaid costs, says a new report from S&P Global Ratings. Environmental, Social, And Governance: Increasing Generational Dependency Poses Long-Term Social Risks To U.S. States' Fiscal And Economic Stability examines those trends resulting from the shifting demographics. By 2035, the number of people age 65 and older is expected to outnumber those under the age of 18 for the first time in U.S. history. This is expected to create economic, fiscal and social challenges for state governments.