BOSTON - On May 7, 2024, Governor Maura T. Healey, Lieutenant Governor Kim Driscoll and Economic Development Secretary Yvonne Hao testified in support of H.4459, the Mass Leads Act, before the Joint Committee on?Economic?Development?& Emerging Technologies.  

The Mass Leads Act is Governor Healey’s first economic development bill, the blueprint to making Massachusetts more affordable, competitive and equitable. The bond bill proposes $3.5 billion in critical investments, of which approximately $2.8 billion is supported through capital authorizations and $750 million is sourced from economic development tax changes.  

A recent analysis from the UMass Donahue Institue finds that the Mass Leads Act’s climatetech initiative of $1.3 billion across 10 years is expected to generate $16.4 billion in economic activity, creating nearly 7,000 new jobs.  

“Massachusetts’ economy is strong, but we urgently need to address challenges around the high cost of living and workforce shortages. We are a global hub for innovation, but we are facing increasing competition every day. The Mass Leads Act is made for this moment,” said Governor Maura Healey. “This bill will lengthen our lead in life sciences, stake our claim in emerging sectors like climatetech and applied AI, create jobs, attract and retain talent, and strengthen our economy and our competitiveness. We’re grateful for the opportunity to present our case for this bill to the Legislature and appreciate their careful consideration of this transformative proposal.” 

“Our economic development bill introduces groundbreaking investments that will help Massachusetts win the race to new discoveries, new companies and new jobs,” said Lieutenant Governor Driscoll. “We took what we heard from everyone across the state and packaged it into this bill that will benefit the unique economics of all 351 cities and towns.” 

Governor Healey, Lieutenant Governor Driscoll, and other members of the administration visited communities across Massachusetts during the Mass Leads Act Roadshow, highlighting the ways in which the bill will grow the state’s economy, support businesses, and attract talent. 

“When people think of Massachusetts, they envision a state renowned for its history of firsts. We aim to expand on that legacy, shaping Massachusetts as a hub of innovation, driven by proactive individuals with visionary ideas seeking to address our community needs,” said Secretary of Economic Development Yvonne Hao. “Our 10-year proposal equips our state with the resources to achieve new heights in innovation. Through strategic investments in climatetech, life sciences, housing, tourism, and more, the Mass Leads Act will undoubtedly stimulate economic growth, attract new companies, and strengthen our workforce for a brighter future.”  

“Governor Healey’s climatetech initiative would have a 12-to-1 return on investment for the Commonwealth. The climatetech sector has the power to bring jobs and revenue to communities from North Adams to New Bedford, representing an extraordinary opportunity for all of Massachusetts to lead the world in climate innovation,” said Massachusetts Clean Energy Center CEO Dr. Emily Reichert. “The Mass Leads Act meets the moment by investing in the growing companies that want to invest in the Commonwealth.” 

Statements of Support:

Julie Chen, Chancellor, UMass Lowell:  
“The Healey-Driscoll economic development bill recognizes the key role of Massachusetts’ public higher education institutions in the development and retention of talented workers and leaders across multiple high-tech industries. UMass Lowell’s educational and research priorities align with the administration’s goals for growth and we’re grateful for the administration’s support of our mission.” 

Q.J. Shi, Director, Asian Business Empowerment Council:  
“We’ve found that 8 out of 10 AAPI businesses saw rising operating costs and getting capital as a major concern. Now more than ever, AAPI businesses need the support outlined in this bill. Many of the businesses that the Asian Business Empowerment Council support are on the precipice of growth but lack the resources to be setup for success. The programs outlined in the Governor's plan can make a huge difference.” 

Eneida Roman, President & CEO, Amplify LatinX:  
“The Mass Leads Act provides a bold vision for investment in our talent, our most valuable resource, for decades to come. It aims to leverage our existing assets and build future assets to make a more competitive, affordable, and equitable commonwealth. Massachusetts is home to almost one million Latinos, making up 14% of the state's population – a community that, despite opportunity gaps, is fueling our region’s economic growth and progress. This economic development bill will unlock the potential of success for all its residents by investing in small businesses and workforce development – two key pillars of our work with the fastest growing demographic in Massachusetts. At Amplify LatinX we are pleased to partner with the Healey-Driscoll Administration to move forward this transformative bill, and we look forward to working with stakeholder coalitions and with the legislature to make this proposed legislation a reality for Massachusetts.” 

Michael J. Bobbitt, Executive Director, Mass Cultural Council: 
“Mass Cultural Council thanks the Healey-Driscoll Administration for prioritizing arts and culture in their economic development plans and policies. Supporting this key economic sector will bring continued benefits for residents and employers, including revenues, employment opportunities, and the good health, wellness, and vibrancy of our communities. Federal data shows that the Massachusetts creative and cultural sector is a strong and innovative economic engine for the Commonwealth, generating $28.6 billion in revenues and supporting more than one hundred and thirty-three thousand jobs. Targeted state investments, like the recapitalization of the Cultural Facilities Fund as proposed by the Mass Leads Act, will ensure our sector will continue to thrive statewide.” 

Nicole Obi, President and CEO, Black Economic Council of Massachusetts: 
“We regularly hear from our members and the businesses we support that the biggest obstacle to their firms' success is a lack of access to adequate, affordable capital. BECMA has advocated for and continues to strongly support the Healey-Driscoll Administration’s Economic Development Bond Bill and the programs and provisions that will create and expand opportunities for diverse and small businesses, particularly the creation of a surety bonds pilot program, CDFI grants, and other capital investments that will provide critical technology and equipment needs to help level the playing field for diverse enterprises and enable entrepreneurs of color to build wealth and prosper.” 

Monique Messier Joseph, President, Discover Central Massachusetts:  
“Tourism has proven itself to be a key economic driver for Worcester and the Central Massachusetts region. Continuing the momentum by supporting growth of this sector assists local businesses and creates job growth, which are two vital components to a healthy economy.” 

Tadeu Carneiro, CEO, Boston Metal: 
“The first steel made in the U.S. was in Saugus, Massachusetts almost 400 years ago, so it’s only fitting that Boston Metal is decarbonizing steelmaking in the very same state. The Mass Leads Act ensures that Massachusetts will continue to lead the world in climate technology innovation.” 

Shreya Dave, Co-Founder and CEO, Via Separations:  
“Mass Leads will take high technology coming out of universities and create opportunities for the trades. It will connect innovators and innovation to pathways to reality.” 

Jon Weaver, President & CEO, Massachusetts Biomedical Initiatives:  
“The Life Sciences Initiative has established Massachusetts as the greatest biotechnology cluster in the world. The Mass Leads Act will bring that success across the Commonwealth by connecting new populations and expanded geographies into great opportunities in biomanufacturing and biotechnology.”