Although Advantage Uncertain as Baker Budget Fails to Prioritize Education and Innovation
BOSTON—A Connecticut Post business column published over the weekend, “Competing with Massachusetts a tall order for Connecticut,” has once again highlighted why after eight years of Democratic leadership’s strategic investments, the Commonwealth has become a tough state to beat economically.
"Our neighbors in Connecticut cite Massachusetts' investments in knowledge-based economy as reasons for GE and ongoing economic competitiveness,” said MassDems Spokesman Pat Beaudry. “These investments were made by Democratic leaders, but now are at risk with status quo Governor Charlie Baker and his status quo budget."
By Hugh Bailey
January 31, 2016
When Connecticut can’t compete with lower-cost states in the South, officials have managed to appeal to businesses that place importance on less tangible benefits like quality of life and a highly educated workforce. But with its neighbor to the north emerging as a growing economic force, those attributes don’t go as far.
Massachusetts, chosen two weeks ago as the new home for General Electric, presents a unique challenge to Connecticut, with good schools and high incomes in its own right. And according to data from Fitch Ratings, the Bay State is attracting businesses in key sectors even as they are fleeing Connecticut.
“Massachusetts has had a pretty robust economy in recent years, largely driven by greater Boston,” Park said, calling the technology and health care sectors major drivers of job growth. “It’s a result of the knowledge industries that have built a presence in Boston over the last few decades.”
According to Fitch, between 2009 and 2013 Massachusetts has added companies in the information industry; professional, scientific and technical services; and management of companies and enterprises, while Connecticut has lost companies in each of those fields.