#45 Massachusetts


2.63 out of 10 in Taxation and Regulation

6.87 out of 10 in Workforce Quality

5.52 out of 10 in Living Environment


Winning With Tech

GE stunned the corporate world in early 2016 announcing that it would move its headquarters to Boston from Fairfield, Connecticut. Massachusetts officials sweetened the deal with incentives of up to $145 million, but it was largely about tapping into one of the world’s richest markets for highly educated young talent. GE  will bring with it 800 jobs, but its biggest impact could be in driving other investments. The company said it plans to become part of the city’s innovation ecosystem and has already invested in local tech companies, such as Rethink Robotics and HourlyNerd.

From the Governor

“Massachusetts continues to succeed in attracting new jobs, development and investment from around the world, and we are excited for the role these new companies will play in our economy and communities in the years to come.” Gov. Charlie Baker

Key Industries

Biotech

Key Companies

BJ’s Wholesale Club
Boston Scientific
EMC Corp.
Global Partners
Raytheon
The TJX Companies
Staples

Key Contacts

Office of Business Development

Annamarie Kersten, EDIP Director
617-973-8534
10 Park Plaza, Suite 3730
Boston, MA 02116
annamarie.kersten@state.ma.us
http://www.mass.gov/hed/economic/eohed/bd/

Key Incentives

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

Job Creation Tax Incentive Program: Offers incentive payments for newly created jobs for corporations engaged in biotechnology and medical device manufacturing. Candidates must create 10 or more eligible jobs to receive incentive payment equal to 50% of the job’s salary multiplied by applicable state income tax rate.

Research and Development Tax Credit: Offers tax credit for R&D investments for both manufacturers and R&D companies. Computed in two categories, one for qualified investments at 10%, the other for basic research payments at 15%.

Investment Tax Credit (ITC): Offers a 3% credit for qualifying businesses against their state corporate excise tax for the purchase of qualified property used in business operations.

EDCs

MassEcon: massecon.com

MassDevelopment: massdevelopment.com

Boston Planning & Development Agency: bostonplans.org/projects

DevelopSpringfield: developspringfield.com

Highlighted Program or Initiative

The ReadyMass 100 program began in 2009 and maintains an inventory of zoned, permitted and shovel-ready sites that can be quickly developed.

Big Deals

  • Moderna Therapeutics announced in September 2016 it will construct a $110 million drug manufacturing facility in Norwood. The company will transfer 100 employees to the facility and will hire an additional 100 workers.
  • Alexion Pharmaceuticals announced in September 2017 it will relocate its headquarters from New Haven, Connecticut, to Boston.
  • Insulet broke ground in October 2017 on a $100 million facility to establish its first manufacturing operations in the U.S. in Acton.

Big Companies

13 Fortune 500 companies headquartered in state, including:
General Electric
Liberty Mutual Insurance
Massachusetts Mutual Life Insurance
TJX
Raytheon Staples
Thermo Fisher Scientific
Dell EMC
Boston Scientific
Eversource Energy
Biogen

C-Suite Testimonials

“We have created an innovative ecosystem here that allows us to work with academic institutions, nurturing both public and private partnerships. There’s no greater place in the world to be.” —Bill Sibold, Global Head of MS, Oncology and Immunology, Sanofi Genzyme

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