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State’s Effort To Boost Life Sciences Industry Yielding Few Jobs

BOSTON — Massachusetts is several years into a $1 billion effort to expand the life sciences industry, but so far the state has created only 8,000 jobs.

The state has spent about $300 million over the last four years, mainly to build research centers and life science incubators.

“It has been an unqualified success, to really be able to solidify what was already a strong community, to really catapult us into an undisputed international leadership,” said Susan Windham-Bannister, who heads the Massachusetts Life Sciences Center.

Even so, only 4,000 permanent jobs have been created — the rest were in construction. But Windham-Bannister said that does not include companies that are moving here or expanding because of the strength of the cluster.

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  • idler

    $100,000/year payout per job seems reasonable – so “only” 8,000 jobs paysback $800,000,000/year – seems like a good return to me…

  • Stephen

    Curt, in your piece you acknowledge that the $1 billion effort has attracted new businesses to relocate in the Boston area.  How come those numbers aren’t quantified somewhere in your statistics?  Surely the states’ commitment has something to do with the number of new businesses springing up, no?  Don’t keep your analysis a simplistic one; include at ALL the numbers.  

    • Stephen

       I meant to write “include ALL the numbers” in that last sentence.

  • Nobody

    This is an indirect investment and the payoff period is unknowable.  You could do statistical studies of similar investments for some indication. By comparison, I am invested in several companies that currently have depressed stock prices below conservatively calculated business value. While current pricing is obviously related to the economic depression (End it now!) it is unknown when price will match or exceed value.  Investors hold in the belief that price will eventually match value.

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