In a move to bolster job growth and keep businesses thriving, the Massachusetts Economic Assistance Coordinating Council (EACC) has just approved eight lucrative projects. These initiatives are projected to spur job creation and to keep almost a thousand jobs in the Bay State. Under the Economic Development Incentive Program (EDIP), these projects are set to create 778 new jobs, retain an additional 877, and reel in a whopping $1 billion in private investment, alongside $2,267,500 in state tax credits. A mix of manufacturers and projects in Gateway Cities are included in this economic push.
Yvonne Hao, the Economic Development Secretary, remarked, “The Healey-Driscoll administration is committed to making Massachusetts the best place for businesses to call home.” In a statement obtained by Mass.gov, Hao expressed the value these incentives bring, helping companies expand their footprint and forge deeper community ties. Meanwhile, businesses are looking at various benefits, ranging from the construction of new facilities to increases in job numbers and investing in local improvements.
Case in point: Feedback Earth Inc. in Grafton, positioned to grow its food waste upcycling facility by 6,000 sq. ft., is planning a strong addition of 33 new jobs and a $2.5 million investment. The local government's skin in the game includes a five-year tax break worth over $24,000, plus an enticing $495,000 in state tax credits. Over in Holyoke, Clean Crop Technologies will swell its ranks by nine, courtesy of a multi-million-dollar investment aimed at enhancing its state-of-the-art facility.
Performance Food Group's expansion in Springfield signals a $36 million investment and 131 new jobs, bolstered by significant local tax incentives and over one and a half million in tax credits from the state. That's not pocket change, and it reflects the administration's strong push to keep the economy competitive and jobs local. Just as impactful, Sartorius Stedim's R&D expansion in Marlborough and the hefty private investment by Factory Mutual Insurance Company in Norwood will see a sizeable influx of jobs and tech-driven advancements to the region.
Then there's a spotlight on neglected cityscapes, with two new Vacant Storefront Districts getting the nod from the EACC. This includes Trem Caipira Restaurant in Lowell which is making a move to a historic building with the help of a $10,000 refundable tax credit and city funding for enhancements. These districts are part of a concerted effort to revitalize urban centers and foster local enterprise, proving that from the underutilized urban shells can spring economic rejuvenation, as per Mass.gov.
