In 2019, the administrations and legislatures in many states grappled with if and how to adjust state economic development initiatives to leverage the federal Opportunity Zone (OZ) program. The actions of 12 states that implemented new activities are described below.

SSTI has reviewed the ballot initiatives across the country that affect innovation. Several states have energy initiatives on their ballots, while higher education funding is at play in Maine, Montana, New Jersey and Rhode Island. Utah could become only the second state to fund its schools through gas taxes, if a measure there is passed. At the same time, four states have ballot issues addressing redistricting commissions which could have a significant impact on state legislative makeup when lines are redrawn after the 2020 census.

Arizona

The ability of states to deliver the services promised to its residents relies on their fiscal soundness. With most states beginning their fiscal year in July, SSTI has reviewed the current fiscal standing for each state and here presents a snapshot of our findings.

Across the country, the governors have begun delivering their State of the State addresses, an annual ritual where they have the opportunity to review where the state’s economy stands and preview their plans for the coming year. This year’s remarks reflect the dire conditions most states are experiencing with the pandemic, economic fallout, racial strife and national political upheaval. Despite the heavy focus on states’ efforts to respond to the pandemic, governors have struck a hopeful note and are focusing on recovery.

The Walton Family Charitable Support Foundation is making a $194.7 million grant to advance research and economic development at the University of Arkansas and will allow a new research institute to become reality. The grant is expected to grow the university’s cross-disciplinary research capability, expand the scope of discoveries made by U of A researchers and increase the speed in transferring such discoveries to the marketplace.

More than half of the nation’s governors have given their State-of-the-State addresses, and in this week’s coverage of the addresses, we complete our review of those that addressed their constituencies through January. As the COVID-19 crisis highlighted the need for greater broadband connectivity and affordability, we again see the state leaders focusing more attention on building out those capabilities. Diversifying state economies also plays a role in Alaska, Hawaii and New Mexico, while opportunities for development through renewables features in addresses from Nevada and New York.

Eleven states are holding gubernatorial elections this year with nine incumbents seeking reelection, two of which are facing off against their lieutenant governor. Only one governor, Steve Bullock in Montana, is term-limited and unable to seek reelection. In Utah, Gov. Gary Herbert is stepping down from the position he has held for 10 years. While many of the races this year will reflect referendums on the current governor’s response to the COVID-19 pandemic, many of the candidates have announced their innovation and economic development initiatives.

Whether or not your state embraced strict measures in an attempt to reduce virus spread, the current pandemic has created the need for reflection and revision of how each of us go about our lives. The same opportunity has arisen for the public and private sectors to rethink how they engage in many core functions.

Five additional state plans for the State Small Business Credit Initiative (SSBCI) have received approval from the U.S. Department of Treasury, bringing the current total of announced states to 19.

The recently approved Inflation Reduction Act with new incentives for electric vehicle ownership and energy efficiency is likely to continue a trend among states for the location of major economic development projects, a trend toward everything mega—megasites, megadeals, mega factories, and mega projects.

After a busy election season that saw gubernatorial elections in 36 states, newly elected and re-elected governors delivered their annual State of the State addresses, kicking off new programs and reviewing the conditions of their states. SSTI reviews the speeches every year and covers news of new developments and initiatives the governors have highlighted as they relate to the innovation economy. New programs are laid out here in the governors own words as excerpts from their State of the State or budget addresses.

An inaugural report looking at the landscape of capital resources in Arkansas may be useful to others who are interested in examining the capital access in their state or region. The report will serve as a baseline for trends in public, private and philanthropic investments in entrepreneurship across the state and may be a useful resource as the state plans its State Small Business Credit Initiative strategy.

The U.S. Department of Treasury has announced its approval of $801.4 million in SSBCI funding for eleven U.S. states and territories: Arkansas, Delaware, Guam, Kentucky, New Jersey, Puerto Rico, Rhode Island, Tennessee, the U.S.

With the start of the new year, most governors deliver State of the State addresses or Budget addresses laying out their priorities for the coming year. With revenues for many states relatively consistent with forecasters expectations, lawmakers, with a few exceptions, continue to maintain cautious or constrained views of their funding priorities and proposed initiatives. As a result, many governors in SSTI’s analysis of addresses delivered so far this season, are speaking more about previously implemented programs and their continued successes rather than rolling out many new programs.