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Mike Goodman comments on the possible economic impact of a stem cell bank in Central Mass.

Governor Deval Patrick is seeking a $1 billion life science research and development “investment” over the next 10 years. Part of this $1 billion would be used for a stem cell bank to be located in Worcester. Local economists attempt to predict the economic impact for the area if such a stem cell bank were to exist. Dr. Michael Goodman of the UMass Donahue Institute had the following insight for the Governor’s initiative:

“Those impacts could include the number of construction jobs created, the additional research grants snared and the ideas translated into products because of the building,” said Michael D. Goodman, director of economic and policy research for the University of Massachusetts Donahue Institute.”

“Big research initiatives, which typically create long-term jobs for highly educated and skilled people, are not economic solutions for entire communities,” he said. “But it’s certainly a positive sign for the city (Worcester),” Mr. Goodman said. “I think there’s no question the city can trade on its growing medical prowess.”

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