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.
TAXES
top corporate income tax
on the Tax Foundation’s State Business Tax Climate Index ranking
EDUCATION
of students graduated high school in 2019
of adults age 25 and older have a bachelor’s degree or higher
UNEMPLOYMENT RATE
RIGHT TO WORK STATE
No
QUALITY OF LIFE
POPULATION GROWTH
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