Thank you to C2ER and Regan Price, Economic Development Research Intern, Center for Regional Economic Competitiveness and Smart Incentives, for the research behind this article, which was drawn from the annual update of the State Business Incentives Database.
The total number of state incentive programs has continued to grow.
As in the past, growth in new programs tends to follow economic downturns.
Tax credits remain the leading type of incentive program, but 56% of all programs are non-tax incentives.
In recent years, most new programs have been either grants or tax credits.
These new programs have primarily been intended to reduce taxes or increase access to capital.
Incentive policy goals have changed over the last two decades.
These are the most common state incentive types used to address 10 different policy goals.