Gov. Healey Plans To File Economic Development Bill This Week Aimed At Keeping Mass. Competitive
After proposing a $4B housing bill in October, Gov. Maura Healey is preparing this week to file another major bill focused on economic development.
Healey previewed the Economic Development Bond Bill in front of hundreds of business leaders Tuesday morning at the Greater Boston Chamber of Commerce's Government Affairs Forum, while also promoting her housing efforts.
The economic development bill would prioritize established and emerging industries like life sciences, climate tech and artificial intelligence to keep the state competitive and attract and retain businesses.
She said the administration plans to file the bill sometime later this week but didn't specify the total amount of spending it would be proposing.
"This bill will position Massachusetts for sustained growth and shared prosperity," Healey said.
"It's going to advance every sector of our economy in every region of our state. It supports small business, rural development and coastal development. It expands workforce training, permitting reform, broadband expansion and transformative public-private partnerships"
She first mentioned the upcoming economic development bill during her State of the Commonwealth address on Jan. 17. During her speech Tuesday morning, Healey laid out her priorities for the bill, with life sciences and climate tech at the forefront.
Healey plans to extend the state's life sciences initiative for another 10 years. The initiative was first signed by former Gov. Deval Patrick in 2008 and received $1B in funding. Gov. Charlie Baker extended it in 2018 and added another $623M in funding. The initiative is set to expire next year.
The bill would also fund a 10-year climate tech initiative and an Applied AI Hub to help grow the two emerging sectors in the state. Healey specified that she wants to "make AI a job-creator in Massachusetts, not a job-destroyer."
In recent years, the state has poured millions of dollars into the climate tech and clean energy space, including advancements in offshore wind production in Salem, Martha's Vineyard and New Bedford.
During her speech, Healey also promoted her Affordable Homes Act, a $4B housing bond bill that would help fund thousands of homes if approved. Healey said that affordable housing has become the biggest roadblock in attracting and retaining a strong workforce for the state.
"There's a reason why people think about North Carolina or Texas or other places to go," Healey said. "It's housing. I want to prevent that."
The trend of outmigration from Massachusetts has accelerated in recent years and become concerning for commercial real estate professionals and business owners as it leads to less demand for space and new development.
Healey urged business leaders in attendance to support the bills and be vocal members in their communities as crucial conversations are had about housing production, especially as it relates to the MBTA Communities law.
"I want to focus on two critical priorities: housing and economic development," Healey said. "On both these fronts, we are proposing to take action, this year, that will position Massachusetts to compete and win both now and for a generation to come."
Also Tuesday morning, Massachusetts Attorney General Andrea Campbell filed a lawsuit against the town of Milton for not complying with the state's housing law after residents voted to scrap its zoning plan earlier this month.
"But if there’s one thing, above all others, that could derail us, it’s complacency," Healey said. "The world changes fast, as we’ve seen in a period of climate change, pandemic and global conflict. We are at an inflection point. If we don’t take action, we risk falling back."
