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
EconomicDevelopmentIncentiveProgram(EDIP): Offers state and local tax incentives in exchange for full-time job creation, manufacturing job retention and private investment commitments.
JobCreationTaxIncentiveProgram: 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.
Researchand 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%.
InvestmentTaxCredit(ITC): Offers a 3% credit for qualifying businesses against their state corporate excise tax for the purchase of qualified property used in business operations.
Boston Planning & Development Agency: bostonplans.org/projects
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.
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.
13 Fortune 500 companies headquartered in state, including:
Liberty Mutual Insurance
Massachusetts Mutual Life Insurance
Thermo Fisher Scientific
“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