Several states have been more successful in implementing incentives to attract businesses and foster economic growth. Here are some examples:
Successful States in Implementing Incentives
- Virginia: Virginia stands out for creating and retaining jobs while spending fewer incentive dollars compared to other states. It ranked sixth in total jobs created or retained but only 20th in total incentive spending, achieving a high ROI by targeting specific sectors effectively.
- Ohio: Ohio is noted for its efficient use of incentives, ranking third among its peers in incentive spending per job created or safeguarded from 2013 to 2017. This strategic approach helps maximize the economic impact of its incentives.
- Nebraska: Nebraska has successfully implemented programs like the Nebraska Angel Investment Tax Credit (AITC) to boost small businesses, particularly early-stage high-tech companies. This targeted approach has led to significant investments in local businesses.
- Florida, Indiana, Maryland, and Washington: These states excel in rigorously evaluating the effectiveness of their incentives, often leading to improvements in their programs. They use data to adjust and optimize their economic development strategies, ensuring that incentives effectively support job creation and economic growth.
- Tennessee and Minnesota: These states have aggressively expanded their incentives in recent years, showing significant growth in offering support to businesses. Tennessee, in particular, previously a minor player, now offers substantial incentives.
These states demonstrate success through strategic planning, effective use of resources, and careful evaluation of their incentive programs.
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