CREC Releases Updated Economic Development Expenditures DataJanuary 9, 2012
CREC is pleased to announce the release of its updated State Economic Development Expenditures Database, which now includes FY11 state economic development expenditures data and FY12 approved economic development expenditures data.
The State Economic Development Expenditures Database is a compilation of data on all 50 states’ investments in economic development using a consistent categorization of expenses across states. The data are directly extracted from states’ operating budget documents and do not include tax expenditures. Observations from this latest release (excluding Federal funding sources) include:
- States invested approximately $8.9 billion in economic development activities in FY11.
- State legislatures approved about $7.7 billion for economic development expenditures for FY12, a 13% decrease from FY11.
- States invested the most money in workforce preparation and development among all economic development activities for both FY11 and FY12. In FY11, 29% of state economic development expenditures were invested in workforce preparation and development, while 28% of economic development budgets are allocated to the same category for FY12.
- States increased their investments in business assistance by nearly $103 million since FY11, the biggest absolute increase among all economic development activities.
The State Economic Development Expenditures Database is free for C2ER Organizational Members and can be accessed in the C2ER member area at www.c2er.org. Data are available by state, year, and program area. Non-members can purchase a license for the Database for $495 annually.
For more information or to purchase the database, please contact Wen Sun.