Cities looking to spur economic growth should reconsider those tax breaks and subsidies intended to lure out-of-state corporations, and invest in local entrepreneurs instead, a new report suggests.
RELATED STORIES From the Scrap Pile to Your Produce Aisle Can Philadelphia Teach Silicon Valley a Thing or Two About Diversity? Boston Doubles Down on Providing Financial Empowerment to Residents Developing the Cure for Corporate Welfare “State Job Creation Strategies Often Off Base,” a report by Michael Mazerov and Michael Leachman with the Center on Budget and Policy Priorities, indicates that only 1 to 4 percent of total job creation each year stems from relocated out-of-state firms. About 87 percent of private-sector jobs created between 1995 and 2013 stemmed from in-state businesses, created by startups, entrepreneurs or the expansion of employment at existing companies.
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