Economic Summit
On October 27th, Governor Patrick convened nearly 150 corporate, education, and non-profit leaders along with state officials for a day-long Economic Summit at the Boston Federal Reserve Bank to discuss how Massachusetts can best define its recovery, and collaborate on solutions to the state's challenges.
"The question today is how do we rebuild together," said Governor Patrick in his remarks. "I want to seize the moment to work with you to make sure that every region of our Commonwealth, every segment of our population and every neighborhood in every community has the best possible chance at recovery."
Governor Patrick highlighted a 4-pronged growth strategy based on innovation, education, infrastructure and regional clusters. Several working groups spent the afternoon identifying ways that government, industry, and academia could work in collaboration to best position the state for recovery by competing effectively for federal funds, improving access to capital and supporting small business needs, and maximizing business expansion.
Governor Patrick's Welcoming Remarks
Both the Administration and key industry leaders left the economic summit having forged new commitments to collaborate moving forward. Over the next eighteen months, the Commonwealth will work with private and academic partners on three major areas vital to promoting our short and long term economic recovery:
- Competing for Competitive Federal Funds - Federal funding presents a significant opportunity to bring new dollars into our Massachusetts economy in both the short- and long-term.
- Creating Access to Capital & Advice for Small Businesses - Small businesses employ the majority of the Commonwealth's workforce. Ensuring access to capital for growth will pave the way to job creation.
- Clearing the Way for Business Expansion - Addressing issues that create a positive environment for business growth through public private collaboration leads to job retention and job creation.
Upon the recommendation of Lt. Governor Tim Murray, regional economic summits will also be held to ensure that the Administration's efforts are inclusive and encourage regional development.
Read the latest on our Economic Summit Efforts and News
A Model for Success
The Patrick-Murray Administration has taken the necessary actions to promote long-term job growth and recovery despite a severe short-term downturn. By identifying and investing in several key areas the Commonwealth is now poised for recovery ahead of the rest of the nation. Governor Patrick has identified the following as being critical to Massachusetts' growth strategy:- Investments in education
- Investments in infrastructure
- Investments in innovation
- Promoting regional economic development
Accelerating the Commonwealth's recovery and addressing major challenges that lie ahead requires that government and the private sector work together in collaboration. The Patrick-Murray Administration has identified public-private partnerships as the most effective way make the necessary investments in our continued growth. The success of this model has been seen in several major initiatives:
Holyoke High Performance Computing Center
A collaboration between the Commonwealth, the University of Massachusetts, MIT, Boston University, EMC, Cisco Systems, Accenture, and the City of Holyoke to develop a High Performance Computing Center (HPCC) in downtown Holyoke that will provide an infrastructure for research computing and a collaborative research agenda in advanced computing and applications such as life sciences, clean energy, and green computing. The center will catalyze the development of an innovation district in downtown Holyoke, powered by green and cost-competitive energy.
Mass Challenge start-up competition
An independent startup competition funded by public and private funds to catalyze growth and job creation in critical sectors, like: healthcare, life sciences, IT, clean energy, and non-profits.
"It's All Here" public-private business marketing campaign
Originally formed in 2003, It's All Here is a state wide collaborative network with a focus on retaining existing employers and talent, and attracting new jobs, businesses and creative talent to Massachusetts. This innovative effort is a critical piece of establishing the identity of Massachusetts, supporting common goals and maximizing awareness of the state's global strengths. It's All Here is a constantly growing network of those committed to establishing Massachusetts as the destination of choice for every business, young mind and new idea contemplating a home in Massachusetts.
Buymass.org
Powered by the Associated Industries of Massachusets (AIM), BuyMass.org is a products and services database that provides contact information to manufacturing businesses throughout the state. Broken down by category to serve a wide range of industry sectors, many manufacturing businesses in a wide range of subsectors can be found here. The aim of BuyMass.org is to strengthen the local supply chain by promoting awareness across sectors of the services provided by other local businesses.
Massachusetts Already Recovering
Back on October 2, the Governor reminded reporters that private sector in Massachusetts is already recovering. That week the Boston Globe ran a front page story detailing that Massachusetts is emerging from the economic downturn faster than the rest of the nation, due in part to the Patrick-Murray administration's intelligent fiscal management during this crisis. State government, however, relies on tax collections (from revenue made over the past year) for much of its revenue, and therefore lags behind the private sector both in terms of slowdowns and in terms of growth.
Early signs of recovery, including slowing employment losses, leading sectors adding jobs and gains in the housing market, have already started. Additional positive signs include:
- CNBC recently ranked Massachusetts as the 8th best state to do business in the country.
- MSNBC and Moody's found that of only 23 metro areas in the country that showed a moderation of the recession, two were here in Massachusetts.
- In August, the Associated Industries of Massachusetts found that business confidence has improved 5 of the last 6 months, and is at its highest level since November of 2008.
Aggressively Responding to the Budget Crisis
Below is a timeline of the Patrick-Murray administration's efforts to date:
