“One Stop is a vital economic development tool to spark growth, spur development and strengthen local economies across the state. These funds will help make possible community-led projects that build vibrant downtowns and unlock economic potential in every region of Massachusetts, while creating new jobs, housing, and opportunity.”
— Governor Maura Healey
Annisquam lighthouse in Massachusetts (Photo: Adobe Stock/Christian Delbert)
TOP BUSINESS FACILITIES RANKINGS
#1 Life Science Leaders
2024 State Rankings
Top 5 Tech Talent Pipeline
2024 State Rankings
Top 10 AI Growth Hubs
2024 State Rankings
Top 10 Foreign Direct Investment
2024 State Rankings
#3 Medtech/Medical Devices
2024 State Rankings
Top 10 Outdoor Recreation
2024 State Rankings
Top 5 Agritech: Boston
2024 Metro Rankings
Top 5 Top Performing Container Ports: Port of Boston
Finance: Financial companies make up an important part of the state’s economy. Financial companies operating in the state include names such as Fidelity Investments, Liberty Mutual Group, and the Massachusetts Mutual Life Insurance Company.¹
Biotechnology: Massachusetts’ capital city, Boston, is the hub for the state’s biotechnology industry. The city, as well as the neighboring community of Cambridge, both house nearly 1,000 biotech companies.¹
By the end of 2026, the LEGO Group will move its head office for the Americas from Enfield, CT to Boston, MA. The Commonwealth’s Economic Assistance Coordinating Council approved three projects for participation in the Economic Development Incentive Program. The projects are expected to create 230 net new jobs while leveraging roughly $115 million in private investment. State leadership also announced $164 million for more than 330 grant awards to support local economic development projects statewide.
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FAST FACTS
Population (July 2022 est.): 6,981,974¹
Largest Cities (2020): Boston (674,272); Worcester (206,242); Springfield (155,556); Cambridge (117,699); Lowell (115,264)¹
Real GDP (2022): $543.8 billion²
¹U.S. Census Bureau ²Bureau of Economic Analysis, U.S. Dept. of Commerce
WORKFORCE DEVELOPMENT
The Economic Development Incentive Program fosters job creation and stimulates business growth. Companies can receive state tax credits and/or local property tax incentives in exchange for a commitment to new job creation, existing job retention, and private investment.
Community One Stop for Growth is an application portal overseen by the Executive Office of Economic Development that provides a streamlined process for municipalities and organizations to apply for 13 state grant programs that fund certain economic development projects.
Highlighting the life sciences industry’s evolution, JLL’s new 2024 Life Sciences Real Estate Perspective and Cluster Analysis introduces new rankings for talent and AI.
Business Facilities’ annual state rankings highlight leading states for industry sectors including aerospace/defense, food processing, life sciences, medical devices, and semiconductors.
