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 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.
Metropolitan Area Planning Council
Worcester Regional Chamber of Commerce Economic Development worcesterchamber.org/economic-development
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.
18 Fortune 500 companies headquartered in state: