Study Ranks Performance of Each State’s Economy Over The Past Decade

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The economy of the United States is the largest in the world by nominal gross domestic product (GDP) and the second-largest by purchasing power parity (PPP). During the past decade, in most of the US states, economy has improved considerably, but that is not to say every state’s economy is equally healthy. Some states are experiencing an economic boom, while others continue to contend with poor GDP growth, low per capita income, unemployment and poverty.

The Ohio Alliance for Innovation in Population Health conducted an analysis of the data collected by the Appalachian Regional Commission (ARC) for 2009 and 2019 and ranked the economic performance of all fifty states in the US. The results determined that the economies of the states such as New Hampshire, followed by North Dakota, turned out to be the healthiest over the past ten years, while the states such as Louisiana and Mississippi were regarded as the most economically distressed states. To be more precise, the most economically distressed states for 2019 were Georgia, Arkansas, South Carolina, Arizona, Kentucky, Alabama, West Virginia, New Mexico, Louisiana, and Mississippi. However, the results of the study should be interpreted with caution.

This is because, though ranked last and being labelled as the poorest state, Mississippi improved its economic distress index score of 153 in 2009 to 141.8 in 2019. The state witnessed an upsurge in nearly all income-related categories. But simultaneously, it also faced widespread weakness across the economy. Sectors shrinking included government, construction, entertainment, arts, agriculture, nondurable goods manufacturing and recreation. The state’s economic conditions weakened as compared to its growth in the past. The economy grew just 0.3% in 2017, compared to 2% growth in 2016. However this is expected to improve in 2018 and 2019.

It can be concluded that economic vitality can help communities remain competitive and adapt to the constantly changing world.

Kentucky launches center for cancer and metabolism research

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The University Of Kentucky has been awarded an $11.2 million prestigious Centers of Biomedical Research Excellence (COBRE) grant to assist with the study of cancer and metabolism.

The grant was received from the National Institutes of General Medical Sciences and will fund the research and development project for the next 5 years.

The project aims to discover and prove a direct link between obesity and cancer. The need for research into this field is of high necessity, particularly for Kentuckians. Kentucky has disproportionately high incidences of both cancer and metabolic disorders and currently leads the nation in cancer deaths and obesity rates.

The University of Kentucky and its Markey Cancer Center have developed one of the strongest cancer research, prevention and treatment programs in the country. The awarding of the competitive grant is recognition of the University being a national leader in biomedical research.

Kentucky’s Center for Cancer and Metabolism (CCM) capitalizes on highly specialized institutional strengths in cancer and advancement metabolomics tools. This research focuses on the underlying mechanisms that link dysfunctional metabolism to cancer. Recent studies have shown that Mitochondria, the metabolic powerhouse of cells, can influence how aggressive a cancer becomes.

Research and development is at the core of economic and human development and it is why the University of Kentucky is the state’s instrumental change agent, health provider and economic engine.

The importance of the following R&D grant is largely significant to Kentucky, as the synergy and collaboration between researchers and clinicians to further studies in cancer could not be carried out without them.

To find out more about R&D or to determine whether your business is eligible for Kentucky’s .395 Research Facilities Tax Credit, contact a Swanson Reed R&D tax specialist.

Toyota makes generous research donation

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Toyota has donated its Erlanger Kentucky engineering and research facility to become an innovative educational center serving the region.

One of the buildings at the Erlanger headquarters is now being donated to the Ignite Institute at Roebling Innovation Center, name after famed engineer John A. Roebling. The donated facility is a 183,000-square-foot Quality and Production Engineering Laboratory and will serve as a science, technology, engineering, art and math education center.

Toyota hopes that this enduring gift will inspire the next generation of local workers to be creative, engaged, highly skilled, tech-savvy and work-ready problem solvers.Toyota’s goal through the donation of its research facility is to create a lasting positive impact by helping to prepare students for the next generation of jobs, and they encourage other large companies and businesses to do the same.

The school will allow a capacity of 1,000 students from grades 9-12, with the first class expected to take place in the 2019 school year. Through Toyota’s generous donation, Boone County Kentucky will be able to offer it’s students the best education in research, development and innovation. The entire school will be based on a project-based learning and real industry-case methodology, which aims to empower students and offer them the opportunity of a lifetime throughout their schooling and also after they graduate.

Following the donation, the Kentucky Government announced a $6.8 million construction of research facilities grant to further develop the facility to suit the requirements and environment of 9th-12th grade schooling. This partnership between Toyota and local education of Kentucky serves as proof that the state is on track to become the nation’s unparalleled hub of engineering and manufacturing excellence.

To find out whether your company is eligible for a state research credit for construction of research facilities  Contact a Swanson Reed specialist.