#45 Massachusetts


From the Governor

“Reauthorizing the Mass Life Sciences Initiative will facilitate stronger public-private partnerships and strategic investments to train our workforce and attract world-class companies to the commonwealth…. In partnership with the legislature, our administration remains dedicated to generating economic growth and supplying researchers with the tools they need to create new advancements in medical care.” —Gov. Charlie Baker


Looming Large in Life Science

The Bay State retains one of the top-performing economies in the country and is expanding its life sciences sector. Danish pharmaceutical company Novo Nordisk and Japanese drug maker Takeda have both announced headquarters here in the past year, and Reebok recently opened its new headquarters in the Seaport District of Boston.

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

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

Job Creation Incentive Program: Offers incentive payments for the creation of new jobs engaged in research and development, production or provisioning of biotech or medical device manufacturers.

Research and Development Tax Credit: Offers a tax credit for research and development investment for manufacturers and R&D companies.

Investment Tax Credit: Offers a 3% tax credit for qualifying businesses to invest in the purchase or lease of qualified tangible property used in the course of business operations.

EDCs

MassEcon: massecon.com

Massachusetts Economic Development & Finance Agency: massdevelopment.com

Boston Office of Economic Development: boston.gov/departments/economic-development

DevelopSpringfield: developspringfield.com

Highlighted Program or Initiative

State officials broke ground in September on the Berkshire Innovation Center to further growth in western Massachusetts. The 20,000-square-foot center will offer advanced capabilities to assist small and mid-sized manufacturers in the life sciences sector.

Big Deals

  • Reebok opened its new 220,000-square-foot headquarters in the Seaport District of Boston in March 2018.
  • 99Degrees Custom announced in August 2018 a new expansion in Lawrence with the goal of employing 350 people by 2022.
  • Danish pharmaceutical company Novo Nordisk announced in September 2018 plans to establish a new business development unit in Cambridge.
  • Japanese drug maker Takeda announced in September 2018 it will move its U.S. headquarters from Chicago to the Boston Area.
  • Swiss Biotech startup Sophia Genetics announced in September 2018 it will open a U.S. headquarters in Boston.

Big Companies

12 Fortune 500 companies are headquartered in the state, including:

General Electric
Liberty Mutual Insurance Group
TJX
Massachusetts Mutual Life Insurance
Thermo Fisher Scientific
Biogen
State Street
Boston Scientific
Global Partners

C-Suite Testimonials

“No entrepreneur builds a business alone. I fully recognize how lucky I am to build 99Degrees in Massachusetts. In Lawrence, I have found a dream workforce and an inspiriting mill space.” —Brenna Nan Schneider, Founder and CEO, 99Degree Custom

- Advertisement -

CEO1000

CEO1000 Tracker

From the schools they went to to the types of companies they run, CEO1000 is tracking the trends among the CEOs of the 1,000 largest U.S. companies.

CEO CONFIDENCE INDEX

CEO Confidence Plunges On Tariff Fears In June

Amid announcements of new tariffs on China and, at the time of polling, Mexico, CEOs’ outlook for future business conditions plunged 6 percent from May to June, according to Chief Executive’s most recent reading of CEO confidence.
- Advertisement -

BEST & WORST STATES FOR BUSINESS

Best and Worst States For Business

Are you looking to relocate or expand? Evaluate each state's strengths with Chief Executive's 2019 Best & Worst States for Business.

CEO OF THE YEAR

CEO of the Year

Once a year, we celebrate the achievements of a CEO, honored for his or her success in and dedication to business, shareholders and customers.

SUBSCRIBE TO CHIEF EXECUTIVE

Sign Up to Receive Chief Executive’s Magazine and e-Newsletters

Chief Executive’s publications are designed to help CEOs do their jobs better and run their businesses more effectively. Subscribe here.