Healey-Driscoll
Administration, Economic Development Planning Council, Coalition of
Stakeholders Testify in Support of Mass Leads Act
BOSTON – Today, Governor Maura T. Healey, Lieutenant Governor Kim Driscoll and Economic Development Secretary Yvonne Hao testified in support of H.4459, the Mass Leads Act, before the Joint Committee on Economic Development & Emerging Technologies.
The Mass Leads Act is Governor Healey’s first economic development bill, the blueprint to making Massachusetts more affordable, competitive and equitable. The bond bill proposes $3.5 billion in critical investments, of which approximately $2.8 billion is supported through capital authorizations and $750 million is sourced from economic development tax changes.
A recent analysis from the UMass Donahue Institue finds that the Mass Leads Act’s climatetech initiative of $1.3 billion across 10 years is expected to generate $16.4 billion in economic activity, creating nearly 7,000 new jobs.
“Massachusetts’ economy is strong, but we urgently need to address challenges around the high cost of living and workforce shortages. We are a global hub for innovation, but we are facing increasing competition every day. The Mass Leads Act is made for this moment,” said Governor Maura Healey. “This bill will lengthen our lead in life sciences, stake our claim in emerging sectors like climatetech and applied AI, create jobs, attract and retain talent, and strengthen our economy and our competitiveness. We’re grateful for the opportunity to present our case for this bill to the Legislature and appreciate their careful consideration of this transformative proposal.”
“Our economic development bill introduces groundbreaking investments that will help Massachusetts win the race to new discoveries, new companies and new jobs,” said Lieutenant Governor Driscoll. “We took what we heard from everyone across the state and packaged it into this bill that will benefit the unique economics of all 351 cities and towns.”
Governor Healey, Lieutenant Governor Driscoll, and other members of the administration visited communities across Massachusetts during the Mass Leads Act Roadshow, highlighting the ways in which the bill will grow the state’s economy, support businesses, and attract talent.
“When people think of Massachusetts, they envision a state renowned for its history of firsts. We aim to expand on that legacy, shaping Massachusetts as a hub of innovation, driven by proactive individuals with visionary ideas seeking to address our community needs,” said Secretary of Economic Development Yvonne Hao. “Our 10-year proposal equips our state with the resources to achieve new heights in innovation. Through strategic investments in climatetech, life sciences, housing, tourism, and more, the Mass Leads Act will undoubtedly stimulate economic growth, attract new companies, and strengthen our workforce for a brighter future.”
“Governor Healey’s climatetech initiative would have a
12-to-1 return on investment for the Commonwealth. The climatetech sector has
the power to bring jobs and revenue to communities from North Adams to New
Bedford, representing an extraordinary opportunity for all of Massachusetts to
lead the world in climate innovation,” said Massachusetts Clean Energy Center
CEO Dr. Emily Reichert. “The Mass Leads Act meets the moment by investing in
the growing companies that want to invest in the Commonwealth.”
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