How does Massachusetts stack up in the economic battle among states?
Massachusetts is at risk of losing its competitive edge as rising costs and a labor force that has not returned to pre-pandemic levels challenge the state's position as a leader in innovation and economic growth, according to a new report from the Massachusetts Taxpayers Foundation (MTF). The first annual MTF Competitiveness Index created in partnership with the Massachusetts Competitive Partnership and UMass Amherst’s Donahue Institute, is a comprehensive study that examines the state's economic standing through 26 key metrics, designed to offer policymakers, business leaders, and the public a clear, data-driven understanding of how Massachusetts measures up against other states.
The Index reveals that while Massachusetts continues to benefit from its symbiotic relationship between its highly educated workforce and marquee economic sectors like healthcare and higher education, the state also faces significant challenges related to cost and demographic shifts. Among the most pressing issues are the high costs of energy, housing, and childcare, as well as a declining labor force, aging population, and increasing rates of outmigration.
"Massachusetts has long been a leader in innovation and economic productivity, but our ability to maintain this status is under threat," said Doug Howgate, President of the Massachusetts Taxpayers Foundation. "The 2024 Competitiveness Index provides a critical baseline for understanding where we stand today and what we need to do to ensure Massachusetts remains an attractive place to live, work, and invest in the future."
Read the Boston Globe for more perspective.
Read article: How does Massachusetts stack up in the economic battle among states?
September 09, 2024
