1. A memory medium comprising program instructions implementing a graphical program development environment, wherein the program instructions are executable by a processor to perform: creating a graphical program in response to user input, wherein the graphical program comprises a plurality of interconnected nodes which visually indicate functionality of the program, and wherein the graphical program comprises a plurality of data elements; analyzing the graphical program, comprising: determining memory requirements for each of the plurality of data elements; and determining one or more subsets of the plurality of data elements that can share a memory block; and including one or more static memory allocations in the graphical program in response to said analysis, wherein the one or more static memory allocations are executable to statically allocate shared memory blocks for each of the one or more subsets of data elements.