CEO Guide to Site Selection

#44

Massachusetts

CEO Rank on Best & Worst States for Business

BOUNCING BACK IN THE BAY STATE

In the first quarter of 2021, the Bay State’s economy grew by 11.3%, more than double the rate in the last quarter of 2020, according to MassBenchmarks. That’s well above the nationalaverage, something economic development officials credit to vaccine rollouts, small business support and good business policies. In February 2021, Gov. Baker signed House No. 5250, An Act Enabling Partnership for Growth, authorizing $626 million in capital and a five-year roadmap to support economic growth and improve housing stability.

“Massachusetts is the life science innovation hub for the nation and world, home to countless partners in industry and academia pioneering the next big breakthroughs…In order to retain our leadership position, our administration will continue to make strategic investments across Massachusetts that keep us at the forefront of life sciences advances and capabilities.”
Charlie Baker
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Massachusetts Life Sciences Center (MLSC): Offers 10 different tax incentives of up to $15,000 for each job created in a calendar year and maintained for the followingfour years.

Economic Development Incentive Program (EDIP): Offers state and local tax incentives for full-time jobs creation, job retention and private investment commitments.

Research & Development Tax Credit: Offers a 10% tax credit for R&D activities with an increase in credits for collaboration with a local college or university.

Manufacturers Investment Tax Credit: Offers a 3% investment tax credit towards any state tax obligation for qualified equipment and facility improvements.

Workforce Training Fund: Offers cash grants of up to $250,000 over a two-year period to train new employees or to upgrade the skills of existing employees.

EDCs

MassDevelopment
massdevelopment.com

MassEcon
massecon.com

Metropolitan Area Planning Council
mapc.org/get-involved/economic-development

DevelopSpringfield
developspringfield.com

Worcester Regional Chamber of Commerce Economic Development worcesterchamber.org/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE

In October 2020, Massachusetts landed a $3.2 million grant from the U.S. Department of Defense’s Manufacturing Technology Program (DoD ManTech) to develop amanufacturing technician training program. The MassBridge program will boost training opportunities for technicians with the development of an integrated, statewide program in a model that can be replicated nationally.

BIG DEALS

  • Merrow Manufacturing announced in October 2021 an expansion and 150 new jobs in Fall River.
  • Link Logistics announced in October 2021 a $176 million acquisition of six properties in Massachusetts to support new operations in the area.
  • JLL announced in October 2021 a $300 million deal to acquire Boston-based Building Engines.
  • Merrow Manufacturing announced in October 2021 an expansion and 150 new jobs in Fall River.

BIG COMPANIES

18 Fortune 500 companies headquartered in state:

  • General Electric
  • Raytheon Technologies
  • Liberty Mutual Insurance Group
  • Thermo Fisher Scientific
  • TJX
  • Massachusetts Mutual Life Insurance
  • BJ’s Wholesale Club
  • Wayfair
  • Biogen
  • Keurig
  • Dr Pepper