ECONOMIC DEVELOPMENT PROJECTS ADD NEW JOBS IN MASSACHUSETTS

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(Caption: The Great Wolf Lodge of New England, located in Fitchburg, is adding 200 new jobs)

The Economic Assistance Coordinating Council (EACC) had its quarterly meeting recently and approved 12 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 638 new jobs and retain 851 existing jobs, in addition to leveraging over $155 million in private investment and supporting construction projects across the Commonwealth.

Among the 12 approved projects are 3 manufacturing companies and 5 projects located in Gateway Cities. Three of the projects are hotels, and will positively impact the state’s tourism industry.

“Supporting companies that are choosing to grow in Massachusetts is one of the Administration’s key economic development objectives to create economic opportunity in every region of the Commonwealth,” said Massachusetts Office of Business Development Executive Director Michael Hunter. “These investments will help these companies expand and continue to enhance the Massachusetts economy by making our communities stronger in the long term.”

The EDIP is the Commonwealth’s investment tax credit program for businesses. In 2009, Governor Deval Patrick and Housing and Economic Development Secretary Greg Bialecki, along with the Legislature, reformed the program and, as a result, the EDIP has become one of the most effective programs helping business grow in Massachusetts.

Since these changes, 187 projects have received approval, leading to the potential creation of 13,304 new jobs, the retention of 39,752 existing jobs and leveraging of over $4.8 billion in private investment. The EACC has assisted 102 manufacturers through the EDIP and has supported 87 projects in Gateway Cities.

Here is a description of the 12 winning projects. Fore more information about the EDIP and the Local Incentive Program, contact the MOBD regional representative in your area.