< Previous126 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE The FY2024 budget included making community college free for students aged 25 and older through MassReconnect with $20 million in funding, and awarding $100,000 to each of the commonwealth’s 15 community colleges to expedite implementation in fall 2023. The budget also increases funding for Early College, Innovation Career Pathways, apprenticeships and other workforce development programs. It includes $8 million for targeted initiatives at the Massachusetts Technology Collaborative to support workforce, manufacturing, cybersecurity and the innovation economy; $15.4 million for Career Technical Institutes; and $3.8 million for the Registered Apprenticeship Program to fund approximately 1,000 placements. Gov. Healey in October signed into law what her offi ce called Massachusetts’ fi rst tax cuts in more than 20 years. The $1 billion package includes “an expanded Child and Family Tax Credit that is now the most generous in the country, increases to the Rental Deduction, Senior Circuit Breaker Tax Credit, and Housing Development Incentive Program (HDIP), and changes to the Estate Tax and Short Term Capital Gains to address areas of the tax code where Massachusetts is an outlier.” The package includes an apprenticeship tax credit and a shift from three-factor apportionment system based on business’s share of sales, payroll, and property to apportionment based solely on sales. Exec. Offi ce of Econ. Dev. 1 Ashburton Place, Rm 2101 Boston, MA 02108 Mike Kennealy S ECRETARY 617-788-3610 mass.gov “This is a once in a generation opportunity for Massachusetts to be at the forefront of innovation and this cutting-edge sector. The Northeast Microelectronics hub will result in new jobs and workforce development opportunities, groundbreaking research development, and resources for business — all right here in Massachusetts.” — Gov. Maura Healey , September 21, 2023, on the state’s award of $19.7 million in funding through the federal CHIPS and Science Act to establish the Northeast Microelectronics Coalition Hub (NEMC) Higher Ed. R&D Expenditure in $000s: 4,843,389 Number of NCRCs: 1,387 | Percent Improvement 2022–2023: 17.54% Business Tax Climate Rank Change 2023–2024: -12 Industrial power cost per kWh: $17.06 Total Revenue as Share of Total Expenses, FY 2007-2021: 96.4% 2023 Workers’ Comp Index Rate: 1.05 GDP 12 th 2022 GDP (in millions of current US$) $604,358 -4 -2 0 2 4 6 8 20222021202020192018 Massachusetts Pop. (2023): 7,121,186 Pop. growth 2023–2028: 0.15% Median household income (2023): $93,018 Median age (2023): 40.8 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate Trend Montana Department of Economic Development 301 S. Park Ave. Helena, MT 59620 Scott Osterman D IRECTOR 406-841-2700 commerce.mt.gov “When veterans move or come home to Montana, our communities benefi t and our state is stronger. We needed to make Montana more competitive to veterans, and thanks to support from our partners in the legislature and countless advocates, we got it done.” — Gov. Greg Gianforte , November 8, 2023, on a new law that exempts up to 50% of military retirement pay from the state income tax GDP 47 th 2022 GDP (in millions of current US$) $53,983 -2 -1 0 1 2 3 4 5 20222021202020192018 Montana Pop. (2023): 1,122,044 Pop. growth 2023–2028: 0.61% Median household income (2023): $63,489 Median age (2023): 42.0 Credit Rating: Not Reported Right-to-work state: No LEGISLATIVE UPDATE The tax package signed into law by Gov. Gianforte in the spring included income and property tax rebates that he said total up to $3,850 in immediate relief for Montana families. He also proposed and secured more than $500 million in permanent income tax rate reductions and $120 million in permanent property tax relief. The governor also highlighted his work to reform the state’s business equipment tax. “Since taking offi ce, the governor has increased the business equipment tax exemption from $100,000 to $1 million, eliminating more than 5,000 businesses from the business equipment tax rolls entirely,” said a release. The signed budget doubles the cap of the Big Sky Scholarship program and increases funding by 40% for the governor’s TEACH Act to increase starting teacher pay. Gov. Gianforte also signed three bills into law to support schools in off ering internships, apprenticeships and career and technical education (CTE) programs. They included $4 million for the reformed Advanced Opportunities Program to support schools in expanding work-based and personalized learning opportunities, and two other measures supporting career coaching. Gov. Gianforte signed into law a measure that prohibits the sale or lease of Montana ag land, critical infrastructure and homes near military assets by Montana entities to foreign adversaries. Higher Ed. R&D Expenditure in $000s: 343,156 Number of NCRCs: 1,872 | Percent Improvement 2022–2023: 0.54% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $7.49 Total Revenue as Share of Total Expenses, FY 2007-2021: 108.5% 2023 Workers’ Comp Index Rate: 1.46 GDP Growth Rate Trend SITE SELECTION JANUARY 2024 127 LEGISLATIVE UPDATE Highlights from a post-session release in June from Gov. Pillen’s offi ce noted that the 2023-2024 budget “includes only a 2% increase despite historic 40-year high infl ation in Nebraska.” Among other measures, LB754 lowers income and business taxes to 3.99%, “saving Nebraskans $900 million a year in taxes”; eliminates taxes of Social Security income; and provides a tax credit related to child care for families and providers. The cuts to Nebraska’s income and business taxes in the largest cut in state history and raises Nebraska from the bottom half of states into the top 15 nationally for income and business taxes. The Tax Foundation noted that the state “is expected to jump 13 overall spots in our competitiveness rankings due to the acceleration of personal and corporate income tax cuts.” Among other measures, LB 727 authorizes state bonding authority in order to quickly fi nish incomplete, critical highway projects across the state, and LB creates a new Broadband Offi ce “that will more effi ciently use resources to provide support to communities and avenues for high-speed internet expansion. This legislation also banned the state use of technology from fi rms controlled by the Chinese Communist Party.” Nebraska Dept. of Econ. Dev. 245 Fallbrook Blvd, Suite 002 Lincoln, NE 68521 K.C. Belitz D IRECTOR 402-471-3746 opportunity.nebraska.gov “These governments are 100% adversarial and enemies of the U.S., strategically buying up our property for their own benefi t and purposes. We have turned a blind eye for too long to this threat — one that has the potential to impact our security, our businesses, and here in Nebraska, the number one driver of our economy — agriculture.” — Gov. Jim Pillen, December 4, 2023, joining 16 Republican governors in calling on President Joe Biden, the U.S. Congress, and other federal leaders “to take necessary action protecting states from being targeted in land grabs by foreign, adversarial nations” Higher Ed. R&D Expenditure in $000s: 627,294 Number of NCRCs: 6,797 | Percent Improvement 2022–2023: 11.83% Business Tax Climate Rank Change 2023–2024: -1 Industrial power cost per kWh: $7.21 Total Revenue as Share of Total Expenses, FY 2007-2021: 104.5% 2023 Workers’ Comp Index Rate: 1.25 GDP 35 th 2022 GDP (in millions of current US$) $137,078 -1 0 1 2 3 4 20222021202020192018 Nebraska Pop. (2023): 1,994,532 Pop. growth 2023–2028: 0.28% Median household income (2023): $69,829 Median age (2023): 38.0 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate Trend New Jersey Econ. Dev. Authority 36 West State Street Trenton, NJ 08625 Tim Sullivan CEO 609-858-6700 njeda.com “By announcing its new state-of-the art facility in the Helix, Nokia builds upon its remarkable legacy in the Garden State, a legacy that will continue to produce cutting-edge technologies and contribute to our burgeoning innovation ecosystem.” — Gov. Phil Murphy , December 11, 2023, on plans by Nokia to relocate the work at its 80-year-old campus in Murray Hill by 2028 to a new R&D facility in New Brunswick GDP 9 th 2022 GDP (in millions of current US$) $646,731 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 20222021202020192018 New Jersey Pop. (2023): 9,398,155 Pop. growth 2023–2028: 0.09% Median household income (2023): $93,214 Median age (2023): 40.6 Credit Rating: A / Stable Right-to-work state: No LEGISLATIVE UPDATE Gov. Murphy in July Murphy signed A5651/S4019 to enable New Jersey’s fi rst off shore wind project, Ocean Wind 1, to access federal tax credits and commit to supporting the state’s growing off shore wind supply chain. Orsted in October pulled out of the project, causing Gov. Murphy to state, “In recognition of the challenges inherent in large and complex projects, my Administration in partnership with legislative leadership insisted upon important protections that ensure New Jersey will receive $300 million to support the off shore wind sector should Orsted’s New Jersey projects fail to proceed. I have directed my Administration to review all legal rights and remedies and to take all necessary steps to ensure that Orsted fully and immediately honors its obligations.” S3748/A5393 appropriates $30 million and bolsters the state’s fi lm and digital media tax credit program. An additional $20 million was included in the Fiscal Year 2024 budget to boost the New Jersey Economic Development Authority’s New Jersey Manufacturing Voucher Program (MVP) – bringing the program’s total funding to $53 million. MVP, developed in 2022 as a pilot program, provides manufacturers vouchers to purchase equipment they need to improve their operations and upgrade their businesses. Higher Ed. R&D Expenditure in $000s: 1,517,906 Number of NCRCs: 1,044 | Percent Improvement 2022–2023: 10.13% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $12.12 Total Revenue as Share of Total Expenses, FY 2007-2021: 92.5% 2023 Workers’ Comp Index Rate: 2.44 GDP Growth Rate Trend128 JANUARY 2024 SITE SELECTION Nevada Governor’s Offi ce of Econ. Dev. 555 E. Washington Ave., Ste. 5400 Las Vegas, NV 89101 Tom Burns E XECUTIVE D IRECTOR 702-486-2700 goed.nv.gov “This relocation will bring thousands of new jobs to our state, while also generating historic economic development and providing a return on public investment for the direct benefi t of Nevada taxpayers. Las Vegas has proven itself as a sports town, and we’re ready to play ball.” — Gov. Joe Lombardo , November 16, 2023, on the unanimous vote by Major League Baseball owners to approve the relocation of the Athletics to Las Vegas GDP 32 nd 2022 GDP (in millions of current US$) $187,226 -8 -6 -4 -2 0 2 4 6 8 10 20222021202020192018 Nevada Pop. (2023): 3,228,249 Pop. growth 2023–2028: 0.56% Median household income (2023): $68,261 Median age (2023): 38.2 Credit Rating: AA+ / Stable Right-to-work state: Yes LEGISLATIVE UPDATE Updates by the Las Vegas Global Economic Alliance during the legislative session included passage of A.B. 77, which creates the Offi ce of Entrepreneurship within the Offi ce of Economic Development in what the Lombardo team called “Right to Start” legislation. A.B. 428 requires the State Treasurer to establish a tuition reimbursement program and creates the Nevada Grown Educator Account to fund the tuition reimbursement program, and working together with GOWINN, to establish and administer a Career Pathways Demonstration Program — work-based learning opportunities outside of school for large school districts. S.B. 19 “aids in continued planning process for the Southern Nevada Supplemental Airport,” said the LVGEA, by allowing “counties to form unincorporated towns to allow Clark County to create a town covering an area conveyed or transferred to it via federal act.” S.B. 509 sought the establishment in Clark County of a sports and entertainment improvement district for the fi nancing of a Major League Baseball stadium project. “The bill failed to advance during the Regular Legislative Session but was the priority of a special session called by Governor Lombardo,” LVGEA stated. Higher Ed. R&D Expenditure in $000s: 314,219 Number of NCRCs: 21,259 | Percent Improvement 2022–2023: 19.99% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $8.50 Total Revenue as Share of Total Expenses, FY 2007-2021: 102.9% 2023 Workers’ Comp Index Rate: 1.00 PROJECT WATCH I n January 2023, Tesla announced it would invest $3.6 billion more at its fi rst Gigafactory in Nevada, a 5.4-million-sq.-ft. complex where since 2014 the company already has invested $6.2 billion. “Along with other on-site vendors, we planned to hire 6,500 full-time team members over the next 10 years to build and ramp Gigafactory Nevada,” said the company of its original 2014 goals. Since that time, the buildout alone has created 17,000 construction jobs and the company has directly hired more than 11,000 team members. To date, Tesla says the team at Gigafactory Nevada has successfully produced: • 7.3 billion battery cells (37 GWh+ annually) • 1.5 million battery packs • 3.6 million drive units • 1 million energy modules (14 GWh+ total). The new expansion will add 3,000 new team members and two new factories: a 100 GWh 4680 cell factory (with capacity to produce enough batteries for 1.5 million light duty vehicles annually), “as well as our fi rst high-volume Semi factory,” says Tesla of its fully electric combination truck. The Semi truck coming from Tesla and attracting interest since 2020 from such buyers as Walmart Canada is said to have 500 miles of range and energy consumption of less than 2 kilowatt-hours per mile. Image courtesy of Tesla and Walmart Canada GDP Growth Rate Trend130 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE In November, $15 million in funding was approved for statewide recruitment and retention eff orts in the child care industry. Among the fi ndings in a fi nal report from the Governor’s Commission on Cryptocurrencies and Digital Assets, “New Hampshire government (Governor, Legislature, Executive Branch agencies and courts of our Judicial Branch) should devote resources to establishing a state legal regime that will off er an attractive jurisdiction for the best responsible Blockchain innovators, entrepreneurs and businesses, while protecting investors and consumers who use their applications.” After signing HB 409 into law, relative to the organization of the offi ce of professional licensure and certifi cation, Gov. Sununu said, “New Hampshire is slashing needless and burdensome red tape left and right to make it easier than ever to work here in the Granite State.” After winning a federal court case against federal regulators wanting to restrict the state’s lobster industry, Gov. Sununu signed SB 152 into law, making it easier for Granite Staters to join the marine trades by creating an education pathway the state’s trade schools. New Hampshire Div. of Econ. Dev. 100 North Main Street, Suite 100 Concord, NH 03301 Cynthia Harrington D EPUTY D IRECTOR 603-271-0496 nheconomy.com “Once again, New Hampshire is setting the model for the rest of the country for how government effi ciency allows for individuals, families, and businesses to thrive. The proof is in the pudding: When you cut taxes, spend money wisely, and slash overbearing, burdensome regulations like we’ve done in New Hampshire, freedom and the economy fl ourish.” — Gov. Chris Sununu , Nov. 15, 2023, on the state’s No. 1 ranking in the Cato Institute’s biennial Freedom in the 50 States report and in a separate report on economic freedom from the Fraser Institute Higher Ed. R&D Expenditure in $000s: 551,957 Number of NCRCs: 8,021 | Percent Improvement 2022–2023: 3.03% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $15.15 Total Revenue as Share of Total Expenses, FY 2007-2021: 102.0% 2023 Workers’ Comp Index Rate: 1.39 GDP 39 th 2022 GDP (in millions of current US$) $90,151 -4 -2 0 2 4 6 8 10 20222021202020192018 New Hampshire Pop. (2023): 1,401,426 Pop. growth 2023–2028: 0.24% Median household income (2023): $90,564 Median age (2023): 43.6 Credit Rating: AA / Positive Right-to-work state: No GDP Growth Rate Trend SITE SELECTION JANUARY 2024 131 LEGISLATIVE UPDATE HB 0401, signed in February 2023, renames the Technology for Education Act to Digital Equity in Education Act. This change requires the state’s public and charter schools to submit their educational technology plans for students to the Public Education Department. The Act will supply $42.1 million in funding to be distributed to schools to reduce inequalities students may face such as internet or computer access, so that students can participate in hybrid or remote learning. HB 95: Establishes a Renewable Energy Offi ce in the state, which will be led by the Commissioner of Public Lands. New Mexico will use this offi ce to advance production and development of renewable energy around the state. HB 160: Allows the State Transportation Commission to waive Right of Way fees for installation of infrastructure to bring broadband internet infrastructure to unserved or underserved areas of New Mexico, allowing for smaller Internet Service Providers to create or build out projects for less. New Mexico Econ. Dev. Dept. Joseph M. Montoya Bldg. 1100 S. St. Francis Dr. Santa Fe, NM 87505 Mark Roper D IRECTOR 575-562-0327 edd.newmexico.gov “This study proves what we in New Mexico already know, we are doing the right things at the right time to produce the cleanest barrel of oil in the country. It also proves that state leadership matters — and New Mexico will not abdicate its responsibility to future generations. — Gov. Michelle Lujan Grisham, on November 14th, on the environmental measurement and analysis firm Kayrros’ “Methane Watch” report, which said New Mexico’s oil and gas regulations have been shown to significantly reduce greenhouse gas emissions compared to industry leading states like Texas Higher Ed. R&D Expenditure in $000s: 544,409 Number of NCRCs: 38,843 | Percent Improvement 2022–2023: 1.36% Business Tax Climate Rank Change 2023–2024: -1 Industrial power cost per kWh: $6.56 Total Revenue as Share of Total Expenses, FY 2007-2021: 105.5% 2023 Workers’ Comp Index Rate: 1.27 GDP 37 th 2022 GDP (in millions of current US$) $101,315 -3 -2 -1 0 1 2 3 4 5 6 20222021202020192018 New Mexico Pop. (2023): 2,127,919 Pop. growth 2023–2028: 0.23% Median household income (2023): $56,548 Median age (2023): 38.8 Credit Rating: AA / Stable Right-to-work state: No GDP Growth Rate Trend Empire State Development 633 Third Avenue, Floor 37 New York City, NY 10017 Hope Knight P RESIDENT /CEO/C OMMISSIONER 212-803-3100 esd.ny.gov “An investment in smart growth and sustainable community development is an investment that will pay dividends for generations to come. These programs are essential elements in the State’s bold, innovative eff orts to create a more prosperous, equitable and sustainable future for New Yorkers of all backgrounds, incomes and abilities.” — Gov. Kathy Hochul, on November 21st, speaking to the $23 million funding for 101 New York communities to promote sustainable economic development across the state’s regions GDP 3 rd 2022 GDP (in millions of current US$) $1,763,525 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 20222021202020192018 New York Pop. (2023): 20,113,414 Pop. growth 2023–2028: -0.12% Median household income (2023): $77,077 Median age (2023): 39.8 Credit Rating: AA+ / Stable Right-to-work state: No LEGISLATIVE UPDATE A3076-A/S447-C: Signed into law in May 2023, this legislation moves to speed up training requirements for New York’s healthcare workforce and address workforce shortages the state is facing. This law allows for nursing students to complete a third of their clinical trials by using simulation. The New York State Education Department will oversee students’ simulation training. A68A/S2140B: This legislation creates the $30 million Empire State Teacher Residency Program, which looks to expand and diversify the state’s educator workforce. The State Education Department will guide school districts in developing programs that attract underrepresented candidates into open teaching roles. The fi rst round of funding goes to 10 school districts, including $4,590,000 for Eastern Suff olk BOCES to partner with 51 school districts to support 153 teacher residents; $3,600,000 for Monroe 2 Orleans BOCES to support 120 teacher residents; and $1,500,000 for Syracuse City School District to support 50 teacher residents. Higher Ed. R&D Expenditure in $000s: 8,288,819 Number of NCRCs: 6,079 | Percent Improvement 2022–2023: 9.51% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $7.55 Total Revenue as Share of Total Expenses, FY 2007-2021: 99.0% 2023 Workers’ Comp Index Rate: 2.15 GDP Growth Rate Trend132 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE In July 2023, Gov. Cooper signed a ratifi ed version of HB 782, allowing buildings used for production of motion picture, television or theater stage sets to be exempt from the use and occupancy classifi cation under the North Carolina State Building Code. This means that these productions will not be required to obtain a permit to build, install, repair, replace or alter stage sets or scenery during their use. North Carolina became the 40th state to expand Medicaid when Gov. Cooper signed HB 76, or Access to Healthcare Options, into law in March 2023. With this law in place 600,000 residents will gain healthcare coverage. “Medicaid expansion is a once-in-a-generation investment that will strengthen our mental health system, boost our rural hospitals, support working families and so much more,” said Gov. Cooper. “This is a historic step toward a healthier North Carolina that will bring people the opportunity of better health and a better life.” Econ. Dev. Partnership of North Carolina 150 Fayetteville St., Suite 1200 Raleigh NC 27601 Christopher Chung CEO 919-447-7777 edpnc.com “Our manufacturing legacy and workforce have consistently supported North Carolina’s reputation as the best state for business. Manufacturing is North Carolina’s second largest industry with nearly 11,000 businesses producing critical medicines, aircraft engines, wind turbine components, and soon supersonic jets, electric vehicles, charging stations and batteries.” — Gov. Roy Cooper, proclaiming October 1-7, 2023, North Carolina Manufacturing Week Higher Ed. R&D Expenditure in $000s: 3,871,423 Number of NCRCs: 652,151 | Percent Improvement 2022–2023: 8.55% Business Tax Climate Rank Change 2023–2024: +1 Industrial power cost per kWh: $6.54 Total Revenue as Share of Total Expenses, FY 2007-2021: 106.6% 2023 Workers’ Comp Index Rate: 1.16 GDP 11 th 2022 GDP (in millions of current US$) $609,058 -3 -2 -1 0 1 2 3 4 5 6 7 20222021202020192018 North Carolina Pop. (2023): 10,765,678 Pop. growth 2023–2028: 0.53% Median household income (2023): $64,316 Median age (2023): 39.4 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate Trend North Dakota Department of Commerce 1600 E. Century Ave., Suite 6 Bismarck, ND 58503 Rich Garman D IRECTOR 701-328-5344 commerce.nd.gov “We’re grateful to the NTIA for awarding Dakota Carrier Network this Middle Mile grant, which will make North Dakota’s already robust broadband network even stronger to support telehealth, online education options, remote work, expanded market access for businesses and more.” — Gov. Doug Burgum, on June 22nd, upon receiving $19.7 million to extend broadband internet service to communities in North Dakota GDP 46 th 2022 GDP (in millions of current US$) $54,799 -3 -2 -1 0 1 2 3 4 5 20222021202020192018 North Dakota Pop. (2023): 793,128 Pop. growth 2023–2028: 0.37% Median household income (2023): $67,741 Median age (2023): 38.9 Credit Rating: AA+ / Stable Right-to-work state: Yes LEGISLATIVE UPDATE HB 1012 was signed into law in May 2023, appropriating more than $2.3 billion toward the state’s Department of Transportation. Of that funding, $50 million will be used for highway improvement projects between 2023 and 2025, in addition to federal funding specifi cally for improvements to U.S. Highway 85. For fl ood projects, the state’s DOT will receive $28.5 million and have matching funds available from the state of Minnesota for fl ooding issues associated with the Red River Valley. In an eff ort to address workforce challenges in the state, Gov. Burgum signed HB 1382 into law in April 2023. This allows for state scholarship funds for qualifying students to go toward apprenticeship programs. Full-time students at a two- or four-year college or university with a GPA of 2.75 or higher can earn the apprenticeship scholarship from the State Board of Higher Education and State Board for Career and Technical Education to receive up to $6,000. “As we continue working to ensure that all students leave high school choice-ready for college, career or the military, it’s important to support students who choose an apprenticeship as their career path. These students are receiving an education while also providing valuable contributions to our state’s workforce and economy,” Gov. Burgum said. Higher Ed. R&D Expenditure in $000s: 324,078 Number of NCRCs: 6,470 | Percent Improvement 2022–2023: 22.14% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $7.28 Total Revenue as Share of Total Expenses, FY 2007-2021: 124.9% 2023 Workers’ Comp Index Rate: 0.58 GDP Growth Rate Trend SITE SELECTION JANUARY 2024 133 LEGISLATIVE UPDATE HB 33, or Ohio’s Fiscal Year 2024-2025 Budget, represents Ohio’s largest operating budget in recent years at almost $200 billion over two years. Within the budget are personal income tax reform and rate cuts, moving the income tax structure from four brackets to two. The bill exempts some businesses in the state from paying the Commercial Activity Tax, creating exclusions on the fi rst $3 million in 2024 and increasing to $6 million in 2025. HB 33 boosted funding to the state’s fi nancial aid program, or the Ohio College Opportunity Grant, awarding $5,000 to students in the top 5% of their graduating class. HB 23, signed in March 2023 and eff ective in July 2023, created a $13.5 billion transportation budget for two years. The goal of this bill is to improve overall safety and improve transportation infrastructure for businesses in the state. This includes $360 million for highway safety projects like addressing dangerous intersections, biking and pedestrian projects and local government transportation projects. To prepare for business development HB 23 includes $30 million in Roadwork Development Grants through Ohio’s Department of Development. This funding can be used to cover costs associated with public roadways for manufacturing, R&D, technology, HQ’s and logistics businesses. To prepare for future growth in Ohio’s highly populated areas, $10 million will be used for a transformative statewide transportation study to address challenges and needs that will be faced over the next 30 years. JobsOhio 41 S. High St., Ste. 1500 Columbus, OH 43215 JP Nauseef P RESIDENT & CEO 614-215-9321 jobsohio.com “Many of the brownfi eld properties in Ohio once played an important role in the industries that shaped our great state’s legacy of innovation. By supporting more of our communities through this transformative program, we’re giving these sites a second chance and clearing a path for Ohio’s next great economic success story.” — Gov. Mike DeWine, on December 5th, announcing $175 million in grant funding to revitalize contaminated properties in Ohio communities to prepare for new development opportunities Higher Ed. R&D Expenditure in $000s: 3,083,976 Number of NCRCs: 245,071 | Percent Improvement 2022–2023: 4.45% Business Tax Climate Rank Change 2023–2024: +1 Industrial power cost per kWh: $7.45 Total Revenue as Share of Total Expenses, FY 2007-2021: 102.1% 2023 Workers’ Comp Index Rate: 0.83 GDP 7 th 2022 GDP (in millions of current US$) $689,681 -4 -2 0 2 4 6 20222021202020192018 Ohio Pop. (2023): 11,849,286 Pop. growth 2023–2028: 0.00% Median household income (2023): $63,957 Median age (2023): 40.8 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate Trend Oklahoma Department of Commerce 900 N. Stiles Ave. Oklahoma City, OK 73104 Hopper Smith I NTERIM E XECUTIVE D IRECTOR OF C OMMERCE 405-815-6552 okcommerce.gov “AI has the potential to revolutionize the way our society operates. The private sector is already fi nding ways to use it to increase effi ciency. Potential exists for the government to use AI to root out ineffi ciencies and duplicate regulations, and it is an essential piece of developing a workforce that can compete on a global level.” — Gov. Kevin Stitt, on September 25th, announcing the establishment of Oklahoma’s AI Task Force to explore possibilities of AI to improve education GDP 31 st 2022 GDP (in millions of current US$) $191,583 -5 -4 -3 -2 -1 0 1 2 3 20222021202020192018 Oklahoma Pop. (2023): 4,022,510 Pop. growth 2023–2028: 0.27% Median household income (2023): $56,854 Median age (2023): 38.4 Credit Rating: AA / Positive Right-to-work state: Yes LEGISLATIVE UPDATE In June 2023, SB 200 was signed into law. Known as the Oklahoma Carbon Capture and Geologic Sequestration Act, this law allows the state to move forward with securing program delegation from the U.S. Environmental Protection Agency for Underground Injection Control Class VI carbon sequestration projects. The Act sets regulations for where in the state companies are allowed to operate carbon sequestration. With this law’s passing, businesses will not have to seek permitting approval from the federal government and can instead work directly with state agencies through the process of obtaining required permits. The ASPIRE Oklahoma Plan, signed into law in May 2023, introduces a new education freedom program and increased funding for the state’s school system. The law secures a $625 million recurring investment into public education, raises in teacher salaries based on years of experience, $500 million into the education funding formula, $125 million to the Redbud Fund for rural schools and a $10 million, three-year literacy program. HB 1934 created the Oklahoma Parental Choice Tax Credit Act, which off ers various tax credits based on annual income for parents who choose to send students to private or charter schools outside of assigned districts. Higher Ed. R&D Expenditure in $000s: 652,339 Number of NCRCs: 160,132 | Percent Improvement 2022–2023: 3.10% Business Tax Climate Rank Change 2023–2024: +4 Industrial power cost per kWh: $6.96 Total Revenue as Share of Total Expenses, FY 2007-2021: 104.7% 2023 Workers’ Comp Index Rate: 1.41 GDP Growth Rate Trend134 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE Senate Bill 4, otherwise known as the Oregon CHIPS Act, invests an overall $210 million to support job growth and investment within the semiconductor industry. The bill dedicates $190 of that investment to develop a grant and loan program for semiconductor businesses to expand in the state, supported by federal funding off ered through President Biden’s CHIPS and Science Act of 2022. To prepare sites, $10 million will go to Oregon communities and the remaining $10 million will go toward a University Innovation Research Fund for the state’s public universities to gain federal research grants. In August 2023, Governor Kotek signed seven bills relating to K-12 public education and child care. Among those was SB 283, which addresses educator workforce needs. The bill creates a educator workforce data system and workforce surveys that encompasses the entire state, allows school districts to increase pay for teachers who work in special education, establishes apprenticeships and mentorship grants and allows retired teachers to gain substitute licenses art no cost. In addition, HB 3005 creates a $50 million Child Care Infrastructure Fund toward improving physical infrastructure for child care facilities or the opening of new facilities. Business Oregon 775 Summer St., NE, #200 Salem, OR 97301 Sophorn Cheang D IRECTOR 503-986-0123 biz.oregon.gov “Access to quality internet in 2023 is critical to a community’s local economy. This substantial investment in Oregon’s broadband infrastructure will help to remedy the digital divide in rural, unserved, and underserved communities across the state, ensuring that Oregonians are able to access telehealth, business opportunities, education and so much more.” — Gov. Tina Kotek , on June 26th, upon the National Telecommunications and Information Administration awarding the state $688.9 million to improve access to internet to unserved and underserved communities Higher Ed. R&D Expenditure in $000s: 1,003,659 Number of NCRCs: 88,209 | Percent Improvement 2022–2023: 4.67% Business Tax Climate Rank Change 2023–2024: -4 Industrial power cost per kWh: $6.81 Total Revenue as Share of Total Expenses, FY 2007-2021: 102.2% 2023 Workers’ Comp Index Rate: 0.93 GDP 24 th 2022 GDP (in millions of current US$) $254,708 -3 -2 -1 0 1 2 3 4 5 6 20222021202020192018 Oregon Pop. (2023): 4,335,082 Pop. growth 2023–2028: 0.35% Median household income (2023): $75,484 Median age (2023): 40.6 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate Trend Pennsylvania Department of Community & Economic Development 400 N. St. 4th Floor Harrisburg, PA 17120 Rick Siger S ECRETARY 1-866-466-3972 dced.pa.gov “Pennsylvania is the only state in the nation to have secured two clean hydrogen hubs projects … This investment is a game changer for our Commonwealth, for the energy economy and in southeastern Pennsylvania.” — Gov. Josh Shapiro, on October 17th, on the $750 million federal investment for the Mid-Atlantic Clean Hydrogen Hub in Philadelphia GDP 6 th 2022 GDP (in millions of current US$) $772,336 -5 -4 -3 -2 -1 0 1 2 3 4 5 20222021202020192018 Pennsylvania Pop. (2023): 13,039,412 Pop. growth 2023–2028: 0.00% Median household income (2023): $72,033 Median age (2023): 42.1 Credit Rating: A+ / Positive Right-to-work state: No LEGISLATIVE UPDATE In November 2023, Gov. Shapiro signed HB 623 into law, which allocates funding for the Capital Budget Act of 2023-2024. This law provides more than $1.3 billion for various capital projects. For public improvement to buildings and structures, $600 million is provided and $10 million toward furniture or equipment. Transportation assistance projects receive $350 million, while redevelopment assistance projects gain $375 million. Gov. Shapiro signed a bipartisan budget for FY 2023-2024 into law in August 2023. This budget puts a large focus on education and economic development. Pennsylvania’s K-12 public schools received an infl ux of funding for universal free breakfasts, teacher training, mental health support, special education funding and more. The largest funding comes from a $567 million increase in basic education funding. In terms of economic development that law creates a $20 million investment toward the Historically Disadvantaged Business Program; $112 million for park and forest improvements and creating a new Offi ce of Outdoor Recreation; and $13 million to make the state more competitive for economic development, job creation and innovation. Higher Ed. R&D Expenditure in $000s: 5,471,969 Number of NCRCs: 40,681 | Percent Improvement 2022–2023: 2.33% Business Tax Climate Rank Change 2023–2024: +2 Industrial power cost per kWh: $8.21 Total Revenue as Share of Total Expenses, FY 2007-2021: 100.7% 2023 Workers’ Comp Index Rate: 1.27 GDP Growth Rate Trend SITE SELECTION JANUARY 2024 135 LEGISLATIVE UPDATE H 6090A/S 1035A: Signed in July 2023, this law allows for the reuse and redevelopment of vacant commercial structures such as schools, factories or hospitals, to be transformed into residential developments. It creates incentives for this development as long as requirements are met such as developing at least 50% of the existing commercial building into residential units, 20% of which will refl ect low- to moderate-income housing. In June 2023, Gov. McKee signed legislation that established a statewide exemption of $50,000 of tangible property away from the tangible personal property tax. This will go into eff ect starting in 2024, which removes this tax from 75% of Rhode Island businesses. “The tangible tax is both a fi nancial and administrative burden for small businesses. Complying with it is complex, and it’s also an enforcement burden for cities and towns. Eliminating this tax for smaller businesses will give them genuine, much-needed relief. It’s a way our state can provide help for the small businesses that support our cities and towns, make our communities unique, and most importantly, employ Rhode Islanders,” said Rhode Island Senator Melissa Murray. Rhode Island Commerce Corp. 315 Iron Horse Way, Suite 101 Providence, RI 02908 Bill Ash I NTERIM P RESIDENT /COO 401-278-9184 commerceri.com “Ocean technology and the ocean economy has been part of the innovation ecosystem in Rhode Island for decades. This designation validates Rhode Island’s national position in this growing global market and gives us the fuel to build critical infrastructure that will further drive U.S. economic and national security.” — Gov. Dan McKee, on October 23rd, upon being designated as an Ocean Tech Hub and being awarded with a Tech Hubs Strategy Development Grant to increase local coordination and planning to advance critical technologies Higher Ed. R&D Expenditure in $000s: 463,173 Number of NCRCs: 1,059 | Percent Improvement 2022–2023: 0.00% Business Tax Climate Rank Change 2023–2024: +1 Industrial power cost per kWh: $17.96 Total Revenue as Share of Total Expenses, FY 2007-2021: 102.0% 2023 Workers’ Comp Index Rate: 1.62 GDP 44 th 2022 GDP (in millions of current US$) $62,191 -4 -2 0 2 4 6 20222021202020192018 Rhode Island Pop. (2023): 1,107,434 Pop. growth 2023–2028: 0.09% Median household income (2023): $77,747 Median age (2023): 41.3 Credit Rating: AA / Stable Right-to-work state: No GDP Growth Rate Trend LEGISLATIVE UPDATE HB 1137 went into eff ect on July 1, lowering South Dakota’s tax rate from 4.5% to 4.2%. This marks the largest tax cut in the state’s history, returning $104 million to South Dakota taxpayers. The state rates aff ected by the change include Sales and Use tax, Excise Tax on Farm Machinery and Farm Attachment Units, Amusement Device Tax and Motor Vehicle Gross Receipts Tax. The bill includes a sunset clause which repeals the rate reduction on June 30, 2027. When HB 1033 was signed into law in 2022, Gov. Noem identifi ed technical issues with the bill that would prevent the multi-million investment from being deployed. Senate Bill 41 fi xes these issues, immediately freeing $200 million in housing infrastructure investment. SB 76 allows out-of-state licenses for a broad range of occupations in the medical sector, water supply and treatment systems, construction and education to be recognized in South Dakota. This will help the state tackle its workforce challenges by making it easier for employers to hire qualifi ed individuals who move to South Dakota to work in licensed professions. South Dakota Governor’s Offi ce of Econ. Dev. 711 E. Wells Ave. Pierre, SD 57501 Chris Schilken C OMMISSIONER 605-773-4633 sdgoed.com “As South Dakota’s economy continues to boom, we have consistently ranked at or near the top of the country for fastest new housing development. However, even this impressive growth has not kept up with new residents moving into our state. This will enable us to attract even more freedom-loving Americans to fi ll South Dakota’s open jobs.” — Gov. Kristi Noem, February 1, 2023 Higher Ed. R&D Expenditure in $000s: 118,097 Number of NCRCs: 59,008 | Percent Improvement 2022–2023: 14.21% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $8.04 Total Revenue as Share of Total Expenses, FY 2007-2021: 106.5% 2023 Workers’ Comp Index Rate: 1.30 GDP 45 th 2022 GDP (in millions of current US$) $54,959 -1 0 1 2 3 4 5 20222021202020192018 South Dakota Pop. (2023): 910,839 Pop. growth 2023–2028: 0.50% Median household income (2023): $67,023 Median age (2023): 38.9 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate TrendNext >