• Most of the time we think about incentives in the context of relocating or expanding businesses, but incentives serve a variety of economic development objectives. This week I had the chance to learn more about state tax credits designed to encourage employers to hire workers with disabilities.  These include: Tennessee Job Tax Credit for Employing Persons with Disabilities Maryland Disability Employment Tax Credit New York Workers with Disabilities Employment Tax Credit Delaware Employer Tax Credit for Hiring Individuals with Disabilities Iowa Income Tax Benefit for Employers Who Hire Persons with Disabilities Louisiana...

    | | 0 Comments

  • Job quality indicators are important because policy makers increasingly recognize that many places need better jobs, not more jobs. In our work we see economic development leaders responding to this reality and striving to assess their efforts to help create more quality jobs. Here are some job quality indicator ideas that I think are especially intriguing or promising. As described in our recent article on the new CREC report, Redefining Economic Development Performance Indicators, job quality indicators tend to fall into the following categories: Wage related Benefits based Oriented around skills development...

    | | 0 Comments

  • The estimated $3 billion price tag has received the bulk of attention from Foxconn’s announced $10 billion investment to create a liquid crystal display (LCD) manufacturing facility in Wisconsin. Since the actual project parameters, timing, location, and state and local incentive package details are still to be determined, many questions remain about that price tag and the real costs and benefits for communities in Wisconsin. What is not in question is that megaprojects – whether Foxconn, Tesla or others - offer substantial potential benefits but also carry significant risk. Specifically,...

  • State economic development leaders have embraced the need to report program outcomes to demonstrate the impact of their efforts but seek better indicators to measure those outcomes. A new paper from the Center for Regional Economic Competitiveness, Redefining Economic Development Performance Indicators for a Field in Transition, identifies a set of metrics beyond jobs and investment tallies to capture the broader benefits of economic development initiatives. This effort reflects an ongoing transition within economic development as the field moves from a recession-driven emphasis on job creation via business attraction and retention...

  • The federal New Markets Tax Credit program (NMTC) is designed to encourage investment in distressed or low-income communities.  The New Markets Tax Credit Coalition* recently released its 2016 New Markets Tax Credit Progress Report. The report’s findings are based on a survey sent by the NMTC Coalition to all Community Development Entities (CDEs) receiving an NMTC allocation. 87 CDEs that have received a total of $26 billion in NMTC allocations since 2003 responded. Survey respondents represented 80% of NMTC program activity in 2016. For 2016, these CDEs reported: $1.8 billion in financing...

    | | 0 Comments

  • The Biotechnology Innovation Organization (BIO) recently released a report on Bioscience Innovation in the States: Legislation and Job Creation through Public-Private Partnerships. This biennial report provides a good summary of state initiatives serving the industry plus a discussion of new developments and trends by state. Offerings by state 16 states offer matching grants for Phase I and II Small Business Innovation Research (SBIR) grants to accelerate early stage development 25 states offer tax credits to angel investors or other early-stage fund investors who invest in technology companies including the biosciences 38...