Israeli-Founded Companies In Massachusetts Contributed $6B in Revenue and 6,700 Jobs to the State’s Economy in 2012
New Study: Massachusetts Scores Significant Economic Gains from Israeli-Founded Businesses in the State
(via Business Wire) Israeli-founded companies are having a dramatically positive impact on the Massachusetts economy in terms of job growth and economic activity – and those contributions will continue to grow significantly in the future, according to the results of a new study released today by the New England-Israel Business Council (NEIBC) with support from Combined Jewish Philanthropies. The research findings were announced at an event with over 200 in attendance today at MassChallenge with Massachusetts Governor Deval L. Patrick.
“The accelerating economic value and strength of the partnership has only just begun to be realized.”
The research was conducted by Stax Inc., a global strategic consulting and research firm, and was described in whitepaper published today by NEIBC titled, “The Massachusetts-Israel Economic Relationship, 2nd Edition.” The whitepaper reveals that in the past three years, the revenue of Israeli-founded companies in the Commonwealth grew three times faster than the Massachusetts economy overall, a bright spot during the post-recession economy. These companies’ rate of revenue growth was also more than twice as fast as the state’s important IT and professional services sectors, including life sciences.
In the three-year period 2010-2012, Israeli-founded businesses in Massachusetts experienced 12.6% compound annual revenue growth and 5.3% compound annual job growth.
“Massachusetts has become a home-away-from-home for Israel’s innovation economy and I am proud that our 2011 trade mission and our strong public-private partnerships have laid the foundation for that success,” said Governor Patrick. “Strengthening our global relationships is central to our growth strategy because we know that in order to succeed in the 21st century global economy, we must be prepared to compete for jobs on the international stage.”
The complete article, including additional information, statistics and findings of the study, can be found at http://www.businesswire.com/news/home/20131205005323/en/Study-Massachusetts-Scores-Significant-Economic-Gains-Israeli-Founded?
CLICK HERE to read the study.