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Industry Landscape

The economic development industry in the US is currently focused on regional competitiveness, attracting foreign direct investment, and fostering innovation ecosystems. There's a strong emphasis on talent retention and attraction, as well as developing advanced manufacturing and tech sectors. Post-pandemic, remote work trends are influencing site selection, and sustainability is gaining importance in development initiatives. States are actively competing for businesses through incentives and improved business climates.

Industries:
Economic GrowthBusiness AttractionWorkforce DevelopmentSite SelectionIncentives

Total Assets Under Management (AUM)

State Economic Development Budget in United States

~Varies by State; Rhode Island's budget is derived from state appropriations and grants.

(Varies % CAGR)

- State economic development budgets are subject to legislative appropriations.

- Growth can be influenced by state tax revenues.

- Grant funding often supplements core budgets for specific programs.

Total Addressable Market

500 billion USD

Market Growth Stage

Low
Medium
High

Pace of Market Growth

Accelerating
Deaccelerating

Emerging Technologies

AI-Powered Site Selection

Utilizing artificial intelligence and machine learning to analyze vast datasets on demographics, infrastructure, talent pools, and incentives for optimized business location recommendations.

Digital Twins for Urban Planning

Creating virtual replicas of cities or industrial parks to simulate development scenarios, visualize infrastructure projects, and assess environmental impacts before physical construction.

Blockchain for Incentive Management

Implementing distributed ledger technology to ensure transparency, traceability, and efficiency in the allocation and tracking of economic development incentives and grants.

Impactful Policy Frameworks

Infrastructure Investment and Jobs Act (IIJA) 2021

This federal law provides significant funding for infrastructure improvements, including broadband, transportation, and utilities, across the United States.

It provides opportunities for states like Rhode Island to enhance critical infrastructure, making the state more attractive for businesses seeking reliable connectivity and logistics.

CHIPS and Science Act of 2022

This act provides federal subsidies for domestic semiconductor manufacturing and research, aiming to boost U.S. competitiveness in critical technologies.

It creates incentives for advanced manufacturing and technology companies, potentially attracting related businesses and investment to states with strong innovation ecosystems like Rhode Island.

Rhode Island Act on Climate 2021

This state law mandates that Rhode Island's greenhouse gas emissions be reduced to net-zero by 2050, requiring state agencies to consider climate impacts in their planning.

It influences site selection and development decisions by favoring sustainable practices and green industries, potentially attracting businesses committed to environmental responsibility.

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