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Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
Massachusetts Economic Development Council
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Massachusetts Economic Development Council

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A presentation to the Massachusetts Economic Development Council 12-4-2009 …

A presentation to the Massachusetts Economic Development Council 12-4-2009
What MassDevelopment is and what it offers. Statistical data about the Massachusetts and New England economy from the past eight years and what should be planned for the future.

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  • 1. Massachusetts Economic Development Council Annual Meeting December 4, 2009
  • 2. Agency Background
  • 3. Who We Are • Statewide finance and development arm • Quasi-public authority formed from the Massachusetts Government Land Bank and the Massachusetts Industrial Finance Agency merger • 175 employees in regional and satellite offices
  • 4. Where We Are • Boston • Devens • Fall River • Lawrence • Springfield • Worcester
  • 5. What We Do/How We Help • Utilizing tax-exempt bonds; loans and guarantees; and real-estate planning and development services, MassDevelopment offers customized financing and development solutions focusing on housing, job creation, real-estate development, and urban revitalization. • During FY2009, MassDevelopment financed or managed 229 projects representing an investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 5,159 new housing units & 6,636 jobs (3,295 permanent & 3,341 construction-related).
  • 6. Specialty Loan Programs • Brownfields Redevelopment Fund • Emerging Technology Fund • Cultural Facilities Fund 6
  • 7. Brownfields Redevelopment Fund • $30M Fund created in 1998 and recapitalized with $30M in 2006 to revitalize and redevelop neglected areas • Offers – up to $100G interest-free financing for site assessment – up to $500G in flexible financing for cleanup loans
  • 8. Emerging Technology Fund • $24.75M Fund created in 2004 & recapitalized in 2006 & 2007 with additional $25M • Loans from Fund encourage creation and expansion of production facilities by emerging technology (“teenage”) companies • 20 companies financed to date
  • 9. Cultural Facilities Fund • Since 2007, $37M investment in 224 capital projects for nonprofit institutions (like EcoTarium of Worcester at left) that attract visitors to and create jobs in MA • Run in partnership with MA Cultural Council
  • 10. A Statistical Review of Changing Conditions in Cities, the Commonwealth, and New England over the Past Eight Years: People and Places
  • 11. 2 Biggest Cities Grow, Others Shrink 1990 2000 2008 Boston 574,283 589,141 609,023 Lawrence 70,207 72,043 70,014 New Bedford 99,922 93,768 91,365 Pittsfield 48,622 45,793 42,652 Springfield 156,983 152,082 150,640 Worcester 169,759 172,648 175,011 • Population figures from the U.S. Census Bureau.
  • 12. Massachusetts Population Ages 2000 2006-2008 Under 5 397,268 ( 6.3%) 382,036 ( 5.9%) 18+ 4,849,033 (76.4%) 5,032,597 (77.8%) 65+ 860,162 (13.5%) 862,493 (13.3%) • Population figures from the U.S. Census Bureau.
  • 13. Massachusetts Data Points/Deltas 2001 2009 change Population 6,407,269 6,497,697 + 1.4% Jobs 3,316,400 3,176,300 - 4.2% Housing Units 2,621,989 2,735,443 + 4.3% • Population figures from the U.S. Census Bureau with most recent figure from 2008. • Jobs data from the Bureau of Labor Statistics from September 2001 and September 2009. • Housing units from the U.S. Census Bureau from 2000 and 2008.
  • 14. New England Data Points/Deltas 2001 2009 change Population 13,922,517 14,303,542 + 2.7% Jobs 6,986,000 6,770,300 - 3.1% Housing Units 5,941,108 6,240,537 + 5.0% • Population figures from the U.S. Census Bureau with most recent figure from 2008. • Jobs data from the Federal Reserve Bank of Boston from October 2001 and October 2009. • Housing units from the U.S. Census Bureau from 2000 and 2008.
  • 15. A Statistical Review of Changing Conditions in the Commonwealth over the Past Eight Years: Expenses and Revenues
  • 16. Background for State Spending Chart • Raw data come from the Massachusetts Budget and Policy Center • Spending is adjusted for inflation and displayed in millions of dollars • Category headings in abbreviated forms include: – Environment and Recreation – Infrastructure, Housing and Economic Development – Law and Public Safety
  • 17. State Spending: FY01 versus FY09 FY01 FY09 change Education 7,896 6,998 -11.4% Environment 347 224 -35.5% Health Care 10,109 13,092 +29.5% Human Services 4,015 3,603 -10.3% Housing 1,996 1,437 -28.0% Public Safety 2,685 2,548 - 5.1% Local Aid 1,885 1,246 -33.9% Other 4,791 4,162 -13.1% Total 33,724 33,310 - 1.2%
  • 18. Background for the Revenue Chart • Raw data come from the Massachusetts Taxpayers Foundation • Revenues are adjusted for inflation and displayed in millions of dollars
  • 19. Revenues: FY01 versus FY09 FY01 FY09 change Income 12,088 10,577 - 12.5% Sales 4,585 3,869 - 15.6% Corporate 1,154 2,099 +81.9% Other* 2,594 1,714 - 54.7% Total 20,421 18,259 - 10.6% * Includes alcohol, cigarette, gas, and hotel
  • 20. What These Changing Conditions Mean for Massachusetts
  • 21. Factors Affecting Change in … • Spending – Continuing explosion in healthcare costs – Maturation of Massachusetts healthcare law – Impact of possible federal legislation • Revenues – Increase in sales tax rate … – … offset by decrease in spending in Massachusetts? • Population – Slow relative growth in New England – Federal redistricting following the 2010 elections • Jobs
  • 22. Additional Considerations • All politics is local – Commonwealth not a single homogenous economy – Import and attractiveness of Gateway Cities • The next big breakthrough – just around the corner? – In a targeted industry like the green economy – And/or in something unanticipated • Possible ticking fiscal time bombs – Pensions – State debt – State debt service
  • 23. 800-445-8030 www.massdevelopment.com twitter.com/MassDev

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