economic development

21 Build Back Better Regional Challenge winners announced

In what is being heralded as one of the most impactful regional economic development initiatives in decades, 21 coalition winners — including three SSTI members as coalition leads — of the $1 billion Build Back Better Regional Challenge have been announced. Each of the awardees will receive between $25 million and $65 million to fund 123 projects designed to advance economies across 24 states. This investment, which will be matched by more than $300 million of local investment, is expected to create a regional economic strategy that is “greater than its parts,” according to the U.S. Economic Development Administration (EDA).

Recent announcements reveal “mega” trends in electric vehicle and battery manufacturing expansions

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. These large-scale manufacturing projects typically feature incentives from state and local governments, such as access to shovel-ready megasites or large tax incentive packages. These new "mega" trends have raised the stakes and increased competition between states as they advocate for the bid of electric vehicle and battery companies looking to expand.

ARC launches $73.5 million grant initiative to grow regional economies in Appalachia

A new $73.5 million grant opportunity using funding from the Bipartisan Infrastructure Law is aimed at growing and supporting the development of new economic opportunities across multiple states in Appalachia. The Appalachian Regional Commission (ARC) launched the Appalachian Regional Initiative for Stronger Economies (ARISE) on Aug. 23 to drive large-scale, regional economic transformation through multi-state collaborative projects across the region. ARC has published a request for proposals, which makes available at least $10 million in FY 2022 funding for planning grants with a maximum award size of $500,000, and up to $63.5 million for implementation grants with a $10 million maximum award size. ARC has released a toolkit to help guide potential applicants in considering their multistate proposals and will hold a pre-application workshop on Sept. 12.

NSF’s Regional Innovation Engines program releases info on all concept outlines, sets Type-2 award deadlines

The National Science Foundation (NSF) is breaking with tradition this week and for the first time released application data before it formally accepts applications for the NSF Engines program, which will provide up to $160 million of funding for up to 10+ years to establish each regional-scale innovation ecosystem Engine. The nearly 700 concept outlines have been published to help submitters in preparing successful proposals, with the belief that the applications and subsequent Engines will be strengthened if applicants are able to find one another and collaborate. NSF has also announced the Type-2 award deadlines for the Regional Innovation Engines program.

EDA announces up to $35 million in new funding opportunities for Economic Recovery Corps and Equity Impact Investments programs

The U.S. Economic Development Administration (EDA) last week announced a new funding opportunity that includes two programs designed to strengthen equitable economic development strategies across the country. One program will add staff resource to local organizations focused on improving economic resilience and competitiveness in distressed regions across the country, while the second will provide technical assistance to enable organizations serving underserved populations and communities to participate in economic development planning and projects.

Wind technologies hold economic potential

New modeling techniques and detailed data helped identify locations across the country with the highest potential for distributed wind energy of all forms. The study, which also modeled opportunities for distributed wind in disadvantaged communities and was funded by the U.S. Department of Energy’s Wind Energy Technologies Office, could help communities transition to a clean energy future. Distributed wind energy refers to wind technologies deployed as distributed energy resources. These technologies are place-based solutions that support individuals, communities, and businesses transitioning to carbon-free electricity.

Connecticut launches $875M fund for economic development initiatives in underserved communities

Connecticut Gov. Ned Lamont launched the Community Investment Fund 2030 (CIF), a five-year grant program of up to $875 million to foster economic development in historically underserved communities across Connecticut. Eligible projects include capital improvements as well as small business support programs that provide revolving loans, gap financing, microloans, or start-up financing.

Massachusetts governor proposes $3.5B economic development package, including $750M for clean energy

Massachusetts Gov. Charlie Baker and Lt. Gov. Karyn Polito are urging Massachusetts legislators to act on their proposed  legislation  that includes $3.5 billion in clean energy and economic development initiatives. The bill includes $2.3 billion in funding from the federal American Rescue Plan Act (ARPA) and over $1.256 billion in capital bond authorizations to support projects to strengthen state infrastructure, create jobs and invest in all 351 cities and towns in the state. The legislation, called An Act Investing in Future Opportunities for Resiliency, Workforce, and Revitalized Downtowns (FORWARD), includes $1.2 billion in ARPA funds for climate resiliency and preservation efforts, with more than half of that designated for the commonwealth’s clean energy industry.

NSF launches Regional Innovation Engines program developed to stimulate regional economic growth and innovation

To expand the innovation capacity in the nation, the United States needs to leverage resources, creativity, and ingenuity from across all geographic regions. The National Science Foundation this week announced a new program in support of these efforts: the NSF Regional Innovation Engines, or NSF Engines program. This program encourages the creation of regional coalitions of industry, academia, government, nonprofits, civil society, and communities of practice to form partnerships that boost scientific and technological innovation and benefit the economy in a geographic region. Specifically, the NSF Engines program targets geographic areas in the U.S. that lack well-established innovation ecosystems. Awards of up to $160 million for up to 10 years ultimately will be provided. At SSTI’s Annual Conference this week, attendees learned more about this program from NSF representatives.

Kansas playing the long game in building economic prosperity

A “fire breathing economic development initiative” is unfolding at Kansas State University, and if it succeeds, it could add 3,000 jobs and $3 billion in new, outside investment to the state in the next 10 years.

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