President Biden recently signed the Fiscal Year 2024 (FY24) budget into law following months of bipartisan debate in Congress. In a sharp break with recent precedent, the budget reduces National Institutes of Health (NIH) funding to $48.5 billion (down 0.8% from FY23) and National Science Foundation (NSF) funding to $9.06 billion (down 8.0% from FY23). While it’s easy to dismiss changes in the federal budget as a problem for Washington, it’s important to understand that reductions in the NIH and NSF budget are more than just points of debate on Capitol Hill. The recent reductions in each agency’s budget could have lingering consequences for workforce development, innovation and economic growth in Western Virginia.
In FY23, the Congressional districts west of Richmond (VA-5, VA-6 and VA-9) collectively received just under $375 million in federal funds from NIH and NSF. The funding includes outlays to Virginia Tech, James Madison University, Washington and Lee, the University of Virginia, Liberty University, Longwood University and Piedmont Virginia Community College to fund advancement in education and research and development. Further, in FY23, private businesses received more than 40 awards from the NIH and NSF through non-dilutive Small Business Innovation Research (SBIR) grants that support startups and small businesses in our local economy.
Science funding isn’t just about financing research projects; it’s an investment in our nation’s future that directly impacts our local community. The NIH and NSF are pivotal in driving scientific discovery, fostering innovation, and training the next generation of scientists, engineers and healthcare professionals. This investment cultivates a skilled workforce and stimulates economic activity by creating jobs and fostering industry collaborations. Collectively, these investments in our community attract and retain talent and businesses, helping position us as a center of innovation and entrepreneurship. As we continue to develop our workforce toward advanced manufacturing, healthcare, life sciences and biotechnologies in GO Virginia regions 1, 2, 3, 8 and 9, sustaining the inflow of NIH and NSF awards to the region is critical. This task is made more difficult by contracting budgets.
While the FY24 budget is now in the books, the U.S. Senate and House of Representatives are already looking ahead to FY25 appropriations. As constituents, we have a responsibility to remind our representatives about the significant impact science funding has on our community and economy. In an era of budgetary constraints, advocating for sustained funding for institutions such as the NIH and NSF isn’t just about dollars and cents; it’s about safeguarding the future of our workforce, innovation capacity and economic vitality.
Ryan King’s views are his own and do not necessarily represent those of his employer.