|Program||# of Grants||EDA Funds|
During Fiscal Year 2013, EDA invested $4,792,251 in 15 projects in the State of Massachusetts. These projects are expected to create or retain 516 jobs and leverage $3,108,252 in private investment, according to grantee estimates. EDA’s investments help Massachusetts communities achieve bottom-up, locally-defined economic development goals and strategies.
EDA offers a complementary, balanced portfolio of grant programs designed to help rural and urban communities grow their private sectors and create jobs.
Investment Spotlight: Accelerating Biomanufacturing in Massachusetts
Massachusetts has long been an international center of pharmaceutical and biotech innovation. In 2013, The Commonwealth invested more than $14 million to construct the Massachusetts Accelerator for Biomanufacturing (MAB), an extension of the University of Massachusetts/Dartmouth, in Fall River. The project creates a win-win scenario for Massachusetts—not only would the Commonwealth strengthen its existing competitive advantages in biotech, but also bring those advantages to the southern region of Massachusetts, which was facing historic high levels of unemployment.
Placement of the MAB in Fall River helped the city's existing industrial and commercial parks with diversification and expansion, effectively establishing a "bio-park" with the MAB serving as an anchor tenant to attract bio-research and manufacturing. However, for a number of years, the city's commercial-industrial park was unable to provide adequate water service delivery. This service was further stressed by the large-scale water consumption needed for bio-related manufacturing at MAB, creating an urgent need in the city to meet current and future water delivery demands.
In September 2013, EDA invested $1.8 million to support improved water storage and delivery to more than 70 commercial and industrial users, including MAB. Short term estimates provided by the applicant anticipate up to 60 new jobs and $25 million in private investment related to education, bio-manufacturing and textile manufacturing. Long term estimates for the 300-acre bio-park, as well as the existing commercial-industrial park, support an increase of 2,000 new jobs and $125 million in revenue.