Deloitte Report – Facebook Has Global Economic Impact of $227 Billion and 4.5 Million Jobs

A Deloitte report that looks at how Facebook stimulates economic impact says that the social network’s marketing, platform and connectivity effects had a global economic impact of $227 billion and 4.5 million jobs last year.

Facebook

Planet Facebook (photo – dullhunk/flickr)

The study, “Facebook’s Global Economic Impact,” was commissioned by Facebook and excludes the economic impact of the company’s own operations.

The $227 billion economic impact and 4.5 million jobs are attributed to third parties that operate within Facebook’s ecosystem.

The report goes on to provide a breakup of the data based on regions and countries for each of the three parts of the Facebook economy – tools for marketers, app development platform, and connectivity.

Facebook Marketing Tools – The Facebook marketing effect enabled $148 billion of economic impact and 2.3 million jobs globally. North America accounts for nearly half ($81 billion and 870,000 jobs) of this impact. Within North America, the U.S. alone accounts for $77.6 billion and 816,000 jobs.

Facebook App Economy – The Facebook app economy is mostly about the developer platform Facebook has created that provides the tools developers need to build, promote and monetize their apps within and outside Facebook.

This platform effect enabled $29 billion of economic impact and 660,000 jobs around the world. North America accounts for $9 billion and 140,000 jobs, out of which the U.S. gets $8.2 billion and 126,000 jobs.

Connectivity Effects – Economic impact attributed to connectivity effects here refers to Internet usage and purchase of devices motivated by Facebook usage. This generates $50 billion in economic impact and 1.6 million jobs around the world. North America accounts for $14 billion and 150,000 jobs, out of which the U.S. gets $13.8 billion and 135,000 jobs.

Facebook Chief Operating Officer Sheryl Sandberg said in a release announcing the report data that across the world there is a greater urgency about creating jobs, and the good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses.

“Every day, businesses of all sizes, sectors, and skill sets are using the Facebook platform to grow and expand,” said Sandberg.

Jolyon Barker, Deloitte Global Managing Director for Technology, Media and Telecommunications, said in the release that their study finds that Facebook enables significant global economic activity by helping unlock new opportunities through connecting people and businesses, stimulating innovation, and lowering barriers to marketing.

Facebook’s Global Economic Impact – Deloitte Report (pdf)

Virginia Beach Economic Development Dept Announces Four Expansion Projects

The Virginia Beach Economic Development Department announced four different projects by existing companies in the area that are considering expansions and relocations.

Virginia Beach

Virginia Beach (photo – Jo Naylor/flickr)

One of these projects is a major expansion by Expert Global Solutions, Inc. (EGS) that will create 175 new jobs.

Plano, TX-based EGS is a holding company that provides customer care and financial care services through its NCO and APAC divisions for a large number of Fortune 500 companies in the United States, along with other leading global companies.

The company has 40,000 employees at over 100 locations around the world, including 245 at a 30,000-square-foot office in Virginia Beach that will grow by 175 over the next year.

Warren D. Harris, director of Virginia Beach Economic Development, said in a release announcing the project that they competed nationally with other EGS locations for this expansion, and added that they’re fortunate to have a company of this caliber show its confidence to expand in Virginia Beach.

Melody Cespedes, site director of the EGS Virginia Beach location, said they are thrilled to be expanding and partnering with the Virginia Beach Economic Development team. Cespedes added that the investments made by both organizations show their combined commitment to the area and to bringing good jobs for members of the community.

EGS is investing $600,000 to expand its operations in Virginia Beach, and has been awarded a $50,000 Economic Development Investment Program (EDIP) grant by the Virginia Beach Economic Development Authority as support for workforce training. The company is also eligible for additional incentives under the Virginia Major Business Facility Job Tax Credit Program.

The other three expansions that were announced include relocation projects by Tidewater Valve and Fitting, Inc. and the Chesapeake Bay Distillery, and a consolidation project by VT Milcom, Inc.

Tidewater Valve and Fitting, a woman-owned small business currently housed in a leased property, is under contract to purchase a 2.94-acre site in Virginia Beach on which it plans to build a facility that will comprise nearly 10,000 square feet when complete. The EDA awarded Tidewater a $40,000 EDIP grant for the company’s capital investment of $1,124,371.

Chesapeake Bay Distillery, which makes Blue Ridge Vodka, Beach Vodka and Chicks Beach Rum, is relocating to a larger facility in ViBe, a newly designated arts district. This project is expected to help attract other creative businesses to the arts district. The company is getting a $15,000 EDIP grant for its capital investment of $1,218,000.

VT Milcom, Inc. is a subsidiary of VT Group, which delivers technology and business solutions to government and commercial customers. The company is consolidating several facilities in Chesapeake and Virginia Beach into an 89,445-square-foot industrial building on a 14-acre site with sufficient space to accommodate future expansions.

VT Milcom has been awarded an EDIP grant of $110,000 for its capital investment of $6,527,000 on this project.

New York Economic Development Power Program Helps Swiss Power Company Create Jobs

Von Roll USA, Inc., a leading company in electrical insulation products and services, is expanding its operations in Schenectady County, NY.

Von Roll

Photo – Von Roll Company/Gestumblindi/wikimedia)

The company plans to invest $21 million for modernizing and improving its manufacturing plant in the Town of Rotterdam.

The expansion, supported by Empire State Development and a New York economic development power program from the NYPA, will create 18 new jobs and help retain 155 jobs.

Von Roll USA is a part of Gerlafingen, Switzerland-based Von Roll Holding AG, a global industrial group focused on products and systems for power generation, transmission and distribution. The Swiss group has a presence in 20 countries, with approximately 2,520 employees across 30 sites.

The factory in Rotterdam, formerly the insulation material division for General Electric, is one of their key manufacturing facilities in the U.S . Their other manufacturing sites are located in New Haven, CT; Cleveland, OH; Douglasville, GA; and Monmouth Junction, NJ. Von Roll USA’s executive offices are in Atlanta, GA.

The Monmouth Junction facility became a part of the company’s U.S. network with the acquisition of John C. Dolph Co. in July 2007. The Von Roll expansion in Schenectady County is a part of this process as it consolidates work from the New Jersey operations.

ESD is supporting Von Roll’s expansion and consolidation of operations at the Schenectady facility through a $900,000 tax credit award being provided under the Excelsior Jobs Program. These are performance-based tax credits tied to the company’s job creation plans.

The New York Power Authority will support the expansion by providing low-cost power. Von Roll is eligible to seek 670 kilowatts under ReCharge NY, designed as an economic development power program to attract and retain jobs through low-cost power allocations.

Jonathan Roberts, COO and general manager of Von Roll in North America, said in an ESD release announcing the project that the support by the State of New York is very much welcomed and was instrumental in their decision making process.

Empire State Development President, CEO and Commissioner Kenneth Adams said they applaud Von Roll for its decision to reinvest in New York State and thank all the state and local partners involved in making this expansion possible.

Schenectady County Legislature Chairman Anthony Jasenski said that retaining Von Roll USA in the county is a major win for their economic development efforts. Jasenski noted that the global company could have located these jobs anywhere in the U.S., and they are excited that Von Roll chose to stay and grow in Schenectady County.

Jasenski also thanked Gov. Cuomo and the NYPA for providing them with another tool that helps create jobs in Schenectady County.

Orlando Economic Development Commission Launches Regional Branding Campaign

Orlando’s new regional branding campaign, designed to increase the number of companies that take the region into consideration for business location and expansion projects, was formally launched at the 2015 Orange County Economic Summit.

The campaign – “Orlando. You don’t know the half of it,” is expected to have a big impact on the region over the next five years.

Specifically, the Orlando Economic Development Commission says that the anticipated economic impact of the branding campaign over the next five years includes 17 percent more jobs, $600 million in additional income, $1 billion in new gross regional product, and $2.2 billion more sales.

Research showed that Orlando was making it into consideration on the short-list for business location projects only about one-third of the time because Orlando’s strengths outside of tourism and hospitality are not well known to the decision makers.

The process to develop the branding campaign included a year of surveys and stakeholder input. In-depth telephone interviews with site selectors outside the Orlando area showed that they held positive perceptions of Orlando’s talent, skills and workforce, but were unaware of any major initiative for growing economic assets outside of the tourism industry.

Ken Potrock, senior vice president and general manager of Disney Vacation Club and Adventures by Disney, was asked to lead the Branding Committee comprised of experts from across the region to develop and implement a branding campaign that would promote Orlando’s advantages as a business location.

Orlando-based advertising agency Anson-Stoner developed the creatives for the campaign. The result is the “Orlando. You don’t know the half of it” campaign.

The ads don’t try to sweep Disney and the theme parks under the carpet and focus solely on the region’s strengths as a business location. On the contrary, the campaign makes good use of the Disney “magic” in all the ads with tag lines such as “Fantasy, meet reality,” “Not just characters, but character” and “Our home is more than our castle.”

The campaign primarily targets business decision makers from outside the region, but is also focused on educating local influencers and Orlando residents about what the region offers.

Orlando Economic Development Commission President and CEO Rick Weddle says in a post on the EDC’s blog that Orlando is well known, deservedly so, as the world leader in tourism. Weddle adds that although it also leads in other industries such as simulation technology, Orlando doesn’t receive the recognition as an outstanding hub for business.

This campaign, says Weddle, will demonstrate that in addition to its reputation as a world-class tourist destination, Orlando is also a great place to do business.

Texas State Grants Add to RESTORE Act Funding For University Consortiums

Texas Governor Rick Perry announced $4 million in state funding to support the creation of consortiums between Texas universities to study offshore energy development, including research and technology advancements that improve the sustainable and safe development of energy resources in the Gulf of Mexico.

This $4 million in state grants is being provided from funds given to Texas by BP after the Deepwater Horizon oil spill, and adds to the federal RESTORE Act funding already announced to create the two centers of excellence for housing the two consortiums.

RESTORE Act funding graph

RESTORE Act funding graph (photo – treasury.gov)

Gov. Perry said in a release announcing the funding that it will support research at Texas universities “that will look at both the lessons of the past and challenges of the future to make energy exploration in our nation more effective.”

One of the requirements of the RESTORE Act is that the five Gulf States affected by the oil spill should establish these centers of excellence to conduct research on the Gulf Coast region.

Some $4.1 million in federal funding will be made available for these centers of excellence from the Gulf Coast Restoration Trust Fund, administered by the U.S. Treasury and funded by the administrative and civil penalties paid by those responsible for the Deepwater Horizon oil spill.

As required for federal funding opportunities, the two Texas consortiums were selected through a competitive process based on the Texas Commission on Environmental Quality’s regulations for awarding grants.

TCEQ Commissioner Toby Baker represents the State of Texas on the RESTORE Council, and is charged with managing the implementation of the RESTORE Act in Texas.

Commissioner Baker said in a TCEQ release that he is pleased that the first resources allocated from the RESTORE Trust Fund will enrich the Texas economy through research and development, while also highlighting the state’s commitment to the health of the coastlines.

One of the centers of excellence will be led by the University of Houston, and its members include the NASA Johnson Space Center, Rice University, Houston Community College, Lone Star Community College and Texas Southern University.

The second one will be led by Texas A&M University–Corpus Christi, and its members include Texas A&M University – College Station, Texas A& M University – Galveston, the University of Texas Medical Branch–Galveston, the University of Texas at Brownsville, Texas State University, and the University of Houston Law Center.

The Gulf of Mexico Coastal Ocean Observing System Regional Association is a member of this second consortium as well, and so are the Harte Research Institute for Gulf of Mexico Studies, and the Center for Translational Environmental Health Research.

This consortium will look at sustainable offshore energy development through advances in research and technology, and study restoration and protection of the coast and deltas. They’ll also be doing research and monitoring of the Gulf Coast’s coastal fisheries and wildlife ecosystems, and monitoring and mapping the gulf.

The scope of their activities also covers Texas economic development and sustainable and resilient growth in the region. The role of these centers could expand further as more financial resources are devoted to the RESTORE Trust Fund.

NY Independent Colleges and Universities Economic Impact Study – $74.3B and 394,400 Jobs

An economic impact study of New York’s independent colleges and universities shows that these private and non-profit institutions contribute more than $74 billion to the state’s economy.

CICU economic impact study

CICU economic impact study

The study was conducted by the Center for Governmental Research (CGR) for the Commission on Independent Colleges and Universities.

CICU is a statewide association that represents the public policy interests of the chief executives of more than 100 independent campuses in New York State.

The study shows that these independent colleges and universities in New York directly employ 190,500 people who pay $1.9 billion in taxes. After factoring in the multiplier effects, the tally adds up to 394,400 direct, indirect and induced jobs with a total payroll of $26.5 billion. Tech spinoffs originating from these institutions account for another 12,200 jobs.

The latest available data used in the study, which is for 2013, also shows that the contribution of these institutions to the state’s economy has climbed to $74.3 billion – an increase of $11.1 billion compared to the previous bi-annual CICU study that looked at 2011 data.

The latest figures show that direct institutional spending now exceeds $56 billion, while academic medical center spending adds up to more than $13.2 billion. Student and visitor spending account for another $4.5 billion.

The report further provides a breakup of the figures for each of the ten regions covered by the ten New York State Regional Economic Development Councils.

New York City accounts for a major part ($45.9 billion) of the economic activity of independent colleges and universities in the state. The Finger Lakes region is next with $5.6 billion, followed by Southern Tier ($5 billion), Mid-Hudson ($4.5 billion), Capital Region ($4.2 billion), Long Island ($3.4 billion), Central New York ($3 billion), Western New York ($1.4 billion), North Country ($679.9 million), and Mohawk Valley ($639.7 million).

CICU President Laura L. Anglin said in a release announcing the economic impact study results that the Independent Sector, playing the role of anchor tenants with communities around the state, educates hundreds of thousands of students while also providing jobs and significant fiscal impact for the communities where they are located.

Enrollment at independent colleges and universities in New York has risen to nearly 492,000, as per the latest available data. The Independent Sector of higher education in the state now produces 51 percent of the bachelor’s degrees awarded, along with 71 percent of the master’s degrees and 80 percent of doctorates and professional degrees.

CGR Chief Research Officer Kent Gardner, who led the study, said in the release that the continued major contribution of New York’s Independent Sector to the state economy is particularly impressive in the current hyper-competitive higher education economy.

Gardner added that these schools have maintained enrollment in the face of declining numbers of high school grads, and boosted research spending by 17 percent despite reductions in federal research investments.

Full CICU economic impact study report (pdf)

Greater Seattle’s Regional Economic Development Plan to Attract FDI and Grow Exports

The Trade Development Alliance of Greater Seattle and the Economic Development Council of Seattle and King County have unveiled an ambitious regional economic development plan to attract foreign investment and grow exports over the next five years.

Greater Seattle Region Global Trade and Investment Plan

Photo – seattletradealliance.com

The Greater Seattle Region Global Trade and Investment Plan is the result of a public-private partnership effort in which the TDA, Seattle-King County EDC and others partnered with multiple state and federal agencies.

The U.S. Department of Commerce and the Washington State Department of Commerce were involved, as were the Puget Sound Regional Council, and the economic development councils of Kitsap, Pierce and Snohomish Counties. Not to mention a host of local governments, trade associations and educational institutions.

The plan focuses on strategies to increase FDI inflows into Washington State’s advanced industries including aerospace manufacturing, clean tech, IT and life sciences. It is designed to increase by 25 percent the number of foreign-owned firms that choose to locate their operations in the region and create greater employment opportunities.

A major focus of the plan is on long-term relationships with partners in China in order to facilitate exports and foreign investment opportunities for regional companies. To this end, the plan calls for the creation of a new organization called ChinaSeattle.

This is being done by the Washington State China Relations Council, which is working with the TDA, Washington State Department of Commerce, City of Seattle and others.

Other focus areas include increased regional economic collaboration, helping small- and medium-sized enterprises access new capital and export markets, and development of a potential investor pipeline – students and tourists.

This plan is part of the work done by the Greater Seattle region as a participant in the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The Seattle MSA was one of the first six metropolitan areas picked to participate in the pilot program to develop and implement regional strategies for growing exports and securing FDI.

With the development phase of the plan now complete, JPMorgan Chase announced a new grant of $150,000 to support the region’s implementation of the plan and its participation in a new round of export planning. Among other things, this new funding will be used for organizing investment and export workshops, and for the creation of a database of investment opportunities.

Suzanne Dale Estey, president and CEO of the Economic Development Council of Seattle and King County, said in a release that “The Greater Seattle Region Global Trade & Investment Plan demonstrates the unified response our region is taking to international competition for jobs and investment.”

Trade Development Alliance of Greater Seattle President Sam Kaplan said that the TDA is proud to be an active partner in the creation and implementation of this plan.

Stefan M. Selig, Under Secretary of Commerce for International Trade, U.S. Department of Commerce, said in the release that expanding trade and attracting more foreign direct investment are sound economic strategies that bring good-paying jobs to the region.

Selig added that this plan, with its emphasis on collaboration, global investment and innovation opportunities, is a true game-changer for the Greater Seattle region.

Here’s the full (pdf) Greater Seattle Region Global Trade & Investment Plan.

RI Lawmaker Reintroduces Rhode Island New Qualified Jobs Incentive Act

Rhode Island State Representative K. Joseph Shekarchi (Dist. 23, Warwick) is taking one more shot at getting a hiring incentive bill passed by the RI General Assembly.

RI State Rep. Shekarchi

RI State Rep. Shekarchi (photo – rilin.state.ri.us)

The Rhode Island New Qualified Jobs Incentive Act of 2015 (H. 5116) is the third attempt to get this measure passed, but its prospects look much brighter this year.

A few days after being introduced, the bipartisan legislation has already attracted more than 40 co-sponsors, and has been referred to the RI House Committee on Finance.

The bill, if signed into law, will make new tax incentives available to companies that hire full-time employees in Rhode Island who work at least 30 hours per week and receive a salary that is at least 250 percent of the prevailing hourly minimum wage in the state.

The bill makes large companies eligible for a .25 percent tax incentive off their net income tax rate for every 50 new hires. Smaller businesses would get the .25 percent incentive off their personal income tax for every 10 new hires.

The rate reduction would be limited to a maximum of six percentage points for the applicable income tax rate, and no more than three percentage points for the applicable personal income tax rate.

Representative Shekarchi, the chairman of the RI House Committee on Labor, said in a release announcing the bill’s introduction that an important aspect of the bill is that it ties incentives to qualified jobs. He noted that it will help ensure that businesses in the state receive incentives not just for the creation of a lot of minimum-wage positions, but for good-paying, sustainable jobs.

The bill also requires companies receiving these state tax incentives to provide annual employment reports to the Division of Taxation, which in turn would be required to provide annual reports to the General Assembly and publish the data on their website.

Previous versions of the bill didn’t get through the RI Legislature, partly out of concern over the reduced tax revenue collection. Rep. Shekarchi said in the release that tax incentives such as those proposed in this legislation can obviously mean a reduction in taxes collected by the state.

However, Rep. Shekarchi framed the bill as providing a boost for Rhode Island economic development, adding that the new job creation would lead to these employees paying income tax, buying houses, spending money at Rhode Island establishments and contributing to charities.

He said that in keeping with the RI General Assembly’s initiatives over the past two years, and the announced intent of legislative leadership and the state’s new governor to make job creation a prime focus this year, they need to consider creative and bold initiatives to bring new firms to Rhode Island and encourage and nurture the businesses already in the state.

Iowa Announces Economic Development Incentives for Projects Generating $86M Investments

At its latest meeting, the Iowa Economic Development Authority Board approved incentives for four projects creating 96 jobs and generating $86 million in new capital investments for the state.

Barilla pasta

Barilla pasta (photo – Fudgella/flickr)

One of the companies awarded tax benefits is Italian pasta company Barilla Group’s U.S. subsidiary.

The company, founded in Parma in 1877 and still a family-owned private business, has 30 production facilities all over the world, and exports its food products to more than 100 countries.

Barilla is investing $26.5 million at their production facility in Ames, IA to add two new production lines for producing gluten-free pasta, along with storage space and required packaging and palletizing equipment.

The IEDA Board has awarded Barilla more than $765,000 in tax incentives through the High Quality Jobs program (HQJP) for this expansion, which is expected to create 23 new jobs. At least two of the new jobs being created at the Barilla facility in Ames must offer a qualifying wage of $23.21 per hour.

Another company awarded HQJP tax benefits was Cambrex Charles City, Inc., a subsidiary of Cambrex Corporation (NYSE:CBM) of East Rutherford, NJ. The company makes APIs (active pharmaceutical ingredients) and advanced intermediates for branded as well as generic pharmaceuticals.

To accommodate rapid growth, Cambrex is proposing an expansion of its campus in Charles City, IA to add 45,000 square feet of warehousing space, along with QC labs and improvements that include internal roads and a second entrance.

The IEDA Board awarded Cambrex $1.54 million in HQJP tax benefits, which include research tax credits as well as sales tax refunds. The expansion will result in the creation of at least 32 jobs at a qualifying wage of $14.93 per hour.

A third project awarded HQJP tax benefits is an expansion by St. Louis, MO-based scrap metal recycling company Alter Trading Corporation in Davenport, IA. The company is investing $5.9 million to add a new facility adjacent to the existing one in Davenport, and expects to create 13 new jobs.

The IEDA Board awarded Alter Trading Corp $160,225 in tax benefits. At least four of the new jobs the company is creating will have a qualifying wage of $17.47 per hour.

The fourth project receiving state incentives is an expansion by Federal-Mogul Ignition, an automotive component manufacturer which has a production facility in Burlington, IA that makes spark plugs. The company is investing $925,000 at this facility to install packaging equipment and add capacity for integrating product packaging.

Federal-Mogul Ignition has been awarded $100,000 in direct assistance for this expansion that will create 28 new jobs. At least 11 of the new jobs will have a qualifying wage of $14.73 per hour.

The IEDA Board also approved innovation funding for three startups. Des Moines, IA-based Ruster Sports is getting a $25,000 grant from the Proof of Commercial Relevance (POCR) Fund for the development of an advanced type of bicycle inner tube.

Coralville, IA-based NaturemiRI was likewise awarded a $25,000 POCR Fund grant for technology development, and Clinton, IA-based NuMake was awarded a $95,000 loan via the Demonstration Fund for market entry and planning activities for its proposed biobutanol refinery.

Iowa Economic Development Authority Director Debi Durham said in a release announcing these state incentive awards that the IEDA remains committed to increasing and improving opportunities for Iowans, and added that these projects from both large and small companies demonstrate that they are succeeding.

California Awards Economic Development Tax Credits for Projects Creating 4900 Jobs

The Governor’s Office of Business and Economic Development (GO-Biz) announced that 56 companies have been approved to receive California economic development tax incentives for expansion and job creation projects.

BYD electric bus

BYD electric bus (photo – MTAPhotos/flickr)

This latest round of California Competes tax credit awards is helping create a combined total of 4,900 jobs and generating $900 million in investment.

The BYD Motors, Inc. electric bus manufacturing project is the largest one in the lot in terms of both the number of jobs being created as well as the size of the tax credit award.

BYD is investing $51 million and creating 590 jobs at their California locations in Lancaster and Los Angeles, and has been approved to receive a CA Competes Tax Credit allocation of $3 million.

BYD Motors Inc., headquartered in Los Angeles, is a wholly owned subsidiary of Shenzhen, China-based BYD Company Ltd. In 2013, BYD received a contract from the Los Angeles County Metropolitan Transportation Authority to manufacture and deliver up to 25 new electric buses as a pilot project.

The BYD-Metro contract includes a stipulation that the company has to create a local jobs program. BYD is fulfilling the terms of this contract by producing the electric buses at their new manufacturing plant in Lancaster, CA. This is the company’s first manufacturing facility in the United States.

Late last year, BYD took local officials on a tour in their 60-foot articulated electric bus designed and built at the Lancaster factory. The zero-emission bus can carry 120 passengers and go 170 miles on a single charge.

They’re now in the process of delivering the first five of the 40-foot, 100 percent battery electric transit buses ordered by Los Angeles Metro. Each electric bus eliminates emissions equivalent to 33 cars every day, and will provide annual fuel and maintenance savings of $35,000.

Arkay Acquisition, LLC, another heavy-duty transit bus manufacturer, has been approved to receive a tax credit award of $1.8 million. The Livermore, CA-based company will increase its workforce by 105 and invest more than $100.4 million to establish a new facility and purchase manufacturing equipment.

Another big project approved to receive a $2.7 million tax credit award was Niagara Bottling’s bottled water manufacturing plant in Rialto, CA. The company is investing $193,685,882 and will add 409 net new jobs.

Network security company Oasis Technology, Inc. was approved to receive a $2 million tax credit award for an expansion of their operations in Camarillo, CA. The company has committed to a net increase of 357 full-time jobs and is investing $1 million to purchase research and development equipment.

Here’s the full list of 56 projects approved to receive the California Competes tax credit awards.

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