Secretary Bialecki Highlights Success of State Economic Recovery During Visit to Salem’s Jacqueline’s Gourmet Cookies
SALEM – May 8, 2013 – Celebrating Massachusetts’ success and ongoing economic recovery, Secretary of Housing and Economic Development Greg Bialecki today visited Jacqueline’s Gourmet Cookies, a company that is growing with assistance from the Commonwealth’s Economic Development Incentive Program.
Jacqueline’s produces and sells frozen cookies to hotels, cruise lines and food service distributors across the country, and is an example of how Massachusetts has recovered from the last recession. In March the company received a $283,000 EDIP tax credit award, supporting a $2.8 million private investment in expanding the company that will add 35 employees and retain 75 workers.
“Through the Patrick-Murray Administration’s investments in innovation, education and infrastructure, our economy has recovered more quickly and more strongly than the nation as a whole. We are creating economic opportunity for everyone in Massachusetts,” said Secretary Bialecki. “Jacqueline’s is a great example of a private company that received a little help from the state in the form of an EDIP award and is now thriving in our growing economy.”
“I’m so pleased that Secretary Bialecki has taken time to recognize the success of small businesses in the City of Salem,” said Sen. Joan Lovely. “Jacqueline’s is a great example of a small business that has benefitted from public support.”
“I’m happy to welcome Secretary Bialecki and express my thanks to him and the Patrick-Murray Administration for their investment in our local economy through the Commonwealth’s Economic Development Incentive Program” said Rep. John Keenan. “Small businesses serve as the economic fabric of smaller cities like Salem, and this program provides a wonderful mechanism to boost their development.”
In the first three months of 2013, there were a number of indicators of the state’s continued economic growth. In January, employment levels in the Commonwealth returned to pre-recession numbers, making Massachusetts one of seven states to reach that threshold. In the first quarter of 2013, the economy grew faster than the nation as a whole, increasing at an annual rate of 3.9 percent. Additionally, wages and income grew at a 19.9 percent annual rate.
Throughout Massachusetts, business development has been supported by the EDIP tax credit program, which is the Commonwealth’s investment tax credit program for businesses. Since the program was reformed by Governor Patrick in 2010, EDIP has become one of the most effective programs helping businesses grow in Massachusetts and 141 projects have received approval, leading to the creation of 9,102 new jobs and retaining 34,105 jobs, and leveraging $4 billion in private investment. The reforms also included the creation of important clawback provisions that allows for the Commonwealth to recoup money invested through the credit if companies do not meet their job-creation targets.