A report by the Boston Foundation finds that a $1 billion investment in life sciences research in Massachusetts is starting to pay dividends. The study will be released this morning in Boston.
… the effort has helped stimulate a key sector of the state’s economy, creating more than 8,000 jobs through capital grants, tax incentives, and business loans.
Connecticut’s nearly $1 billion investment in bioscience at the University of Connecticut was, in part, a response to the investments that Massachusetts and other states have been making in life sciences research. The Globe quotes Northeastern University’s Barry Bluestone, author of the report:
“Here is a sector that grew right through the recession,” Bluestone, the director of Northeastern’s Dukakis Center for Urban and Regional Policy, said in an interview.
“If we’re competing with all the other life-sciences regions, the question is, ‘Has the life-sciences initiative succeeded in getting us to the top of our game?’ And the answer is yes.”
Massachusetts’ investment has helped it overtake other state in competition for life sciences-related jobs. In one recent notable example where Massachusetts snatched high-paying Connecticut jobs, Pfizer, Inc. moved hundreds of research jobs to the Boston area from Connecticut.