From the Governor
“A big part of our success as a Commonwealth has been this ability to retain the strength and vitality and the vibrancy of local communities at the same time we continue to grow all these terrific intellectual assets that make us unique in many cases around the world.” —Gov. Charlie Baker
Booming in the Bay State
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.
Massachusetts Life Science Center (MLSC): Offers 10 different tax incentives valued at up to $15,000 for each net new job created in a calendar year and maintained for the following four years.
Economic Development Incentive Program (EDIP): Offers state and local tax incentives in exchange 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 Grant: 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. Has no income requirements but requires a company match that can be met by any “in-kind” costs incurred in providing the training.
Boston Office of Economic Development: boston.gov/departments/economic-development
Worcester Regional Chamber of Commerce: worcesterchamber.org
Highlighted Program or Initiative
The Massachusetts Workforce Skills Cabinet aligns the executive offices of education, labor and workforce development, and housing and economic development towards a comprehensive growth agenda. The cabinet creates and implements a strategy to meet the needs of employers in the state and to date has awarded more than $24 million in grants to 63 institutions, improving programs that impact more than 1,700 students per year.
- Alexion Pharmaceuticals relocated its headquarters from New Haven, Connecticut to Boston in the summer of 2018.
- Online retailer Wayfair announced in December 2018 it will create 300 jobs and open a sales service center in Pittsfield.
- Insulet Corporation opened in May 2019 a $200 million global headquarters and manufacturing facility in Acton.
- Wynn Resorts opened in June 2019, the $2.6 billion Encore Boston Harbor in Everett with 5,000 jobs.
16 Fortune 500 companies headquartered here, including:
Liberty Mutual Insurance Group
Massachusetts Mutual Life Insurance
Thermo Fisher Scientific
BJ’s Wholesale Club
“At Wayfair, we really believe that what makes our company great is the people, and obviously where you’re located, helps you attract great people.” —Niraj Shah, Co-Founder and CEO, Wayfair
“We’re based in a great location in Chelmsford, close to other tech firms, convenient to major highways, and supported by strong local government. We’re proud to be out front in advancing Massachusetts’ reputation as an innovative, world-class robotics hub together with universities, research centers, and fellow robot companies who call the Commonwealth home.” —Sean Bielat, CEO, Endeavor Robotics
“When talking about life science, you automatically talk about the Greater Boston area. This is where the future of science is being invented, and that is why we are here.” —Stefan Oschmann, Chairman of the Executive Board and CEO, Merck KGaA, Darmstadt, Germany