Economic Development News
The latest trends, news and insights on economic development.
Economic Growth to Slow, Tariff-Driven Inflation to Persist: NABE Survey
Tariffs at levels unseen since the 1930s are expected to drag U.S. economic growth down to 1.3% this year, according to a NABE survey. Seventy-eight percent of economists see import duties as the top economic risk, followed by concerns over geopolitical conflicts...
‘Big Beautiful Bill’ Could Bring Harsh Fallout for New York
New analyses show New York could lose billions in federal support under Trump’s proposed budget and House Republicans’ “Big Beautiful Bill,” including $13.5 billion annually from Medicaid, $2.1 billion from food aid, and $4.4 billion from housing assistance. The cuts...
Statewide Exports Down 6% as Tariff Instability Hits Minnesota Hard
Minnesota exports fell 6% in the first quarter, hit hard by President Trump’s shifting tariff policies and rising trade tensions. While national exports grew 3%, Minnesota lagged behind as key partners like Canada and China responded with retaliatory tariffs. State...
Twelve Michigan Tribes Appeal Loss of $23 Million Federal Funds Tied to Anti-DEI Shift
Twelve federally recognized tribes in Michigan are appealing the Trump administration’s cancellation of $23 million in EPA grants, which they say are vital to tribal health, energy efficiency, and environmental restoration. The funding, including $20 million to...
Illinois Toy Company Battles Trump Tariffs, Seeks Urgent Supreme Court Ruling
Illinois-based toy company Learning Resources has petitioned for the U.S. Supreme Court to fast-track a challenge to Trump-era tariffs, arguing they were imposed illegally without congressional approval. The company warns that delays could worsen economic uncertainty...
Over 21,000 Jobs Cut as Manufacturers Scale Back
Manufacturers are turning to layoffs as tariff pressures and uncertain demand weigh on operations, with over 21,000 jobs cut in May alone. Nissan is slashing 20,000 jobs globally, while Bridgestone confirmed 658 layoffs in Tennessee, Serta will cut 180 in California,...
Business Leaders Grow More Optimistic About U.S. Economy as Recession Fears Ease
CEO confidence in the U.S. economy is rising, with only 28% now expecting a recession, down sharply from 62% in April following President Trump’s tariff announcement. A new survey from Chief Executive shows more business leaders anticipating modest growth, even as GDP...
49% of Gen Z Say Saving Feels Pointless in Today’s Economy
Faced with rising costs and economic uncertainty, 49% of Gen Z say saving for the future feels pointless, with many prioritizing spending on summer experiences. According to Intuit Credit Karma, 45% plan to use “buy now, pay later” services, despite 77% admitting it...
UCB Eyes U.S. Growth with $5 Billion Drug Manufacturing Facility
Belgium-based UCB plans to invest $5 billion in a new U.S. drug manufacturing facility to meet rising demand and strengthen its supply chain for American patients. The company, which develops treatments for immunology and central nervous system diseases, aims to hire...
Berner International $15.4 Million Expansion in Pennsylvania, to Create 74 Jobs
Governor Josh Shapiro announced a $3 million investment to support air curtain manufacturer Berner International’s expansion in Lawrence County, which will generate $15.4 million in economic impact, create 74 new jobs, and retain 127 existing positions. The...
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