• Economic development professionals and policymakers want to know which of their programs work best. However, a lack of data thwarts many state and local efforts to quantify incentive outcomes, hindering program evaluations.  State administrative data that is already collected from businesses -- such as tax and workforce information -- is a potential resource that can be used to conduct these evaluations.   To figure out how to use this resource, the National Governors Association teamed with the Center for Regional Economic Competitiveness to offer a webinar on "State Data Sharing to Support Economic and...

  • Smart incentive use begins with good upfront due diligence on recipients and proposed investments. This post provides a quick refresher on why it is important to conduct background research on incentive applicants and the essential steps in the process. Problem prospects can drag down economic development efforts, but due diligence on companies seeking incentives can help economic development organizations: reduce risk refine strategies and recommendations identify conflicts of interest or past legal problems improve accountability to stakeholders If you are considering offering incentives to a company, here is what you...

  • Two national initiatives are designed to encourage more inclusive and equitable economic development within cities. The Equitable Economic Development Fellowship (EED) from the National League of Cities (NLC), PolicyLInk and the Urban Land Institute is a two-year effort to help equity, transparency, sustainability and community engagement become driving forces in local economic development efforts. With support from the Surdna Foundation and Open Societies Foundation, NLC and its partners are providing technical assistance to cities “to help them pursue more equitable and inclusive economic development policies and programs in traditionally underserved communities.” Participating...

  • Economic development organizations play an important role helping communities recover following disasters. Industry leaders have created or curated the following valuable resources for individuals and entities engaged in all aspects of economic recovery. The International Economic Development Council (IEDC) with funding from the US Economic Development Administration has been a leader on issues surrounding rebuilding local economies post-disaster. Lynn Knight, IEDC's Vice President of Knowledge Management and Development, recently shared the following: IEDC is committed to sharing resources and best practices that help communities build back quickly and better after a disaster....

  • 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 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...