5 Reasons Why Doing Business in Massachusetts is a Good Idea
5 Reasons Why Doing Business in Massachusetts is a Good Idea
Expanding your business to the US is always a good idea but doing business in Massachusetts may be our best kept secret - until now. As the fourth leading technology hub in America, Massachusetts is renowned for its world-class educational facilities and the infamous Harvard University. Overflowing with young ambitious top talent, whether you’re recruiting for tech, life sciences or healthcare – sourcing the right candidate for your business will be a walk in the park.
Nearly 16x smaller than New York City, the capital city of Boston can be described as a small town that possesses all the perks of city life squeezed into idyllic, picturesque neighborhoods. The combination of the close-knit infrastructure and the thriving and bustling business environment make Massachusetts the perfect place for doing business, we’re going to explore more reasons in this blog.
Educated Workforce
Boston is just a subway ride away from the most prestigious institution in the United States - Harvard University. With 29 colleges and Universities, there are over 150,000 students - making it an attractive location to source passionate, highly educated individuals for your business expansion. If your main goal when doing business in Massachusetts is to break into the tech industry, the Massachusetts Institute of Technology can provide the skilled talent you require with ease.
The young, ambitious population that have ventured to Massachusetts for University offer fresh ideas and openness that you may not find anywhere else. Several of our clients have shown a keen interest in recruiting and moving business to Massachusetts in the past year, and with world-class university talent on your doorstep, we can understand why. Regardless of your specific industry, it has been reported that exactly 45% of Massachusetts residents over 25 hold a Bachelor's degree or higher.
2. Growing STEM hub
As Massachusetts, in particular, Boston continues to thrive in the tech industry, it has been projected that by 2024 there will be an additional 12,000 more jobs in Biotech within Massachusetts. Currently, there are 550 biotech organisations and 350 Fintech startups doing business in Massachusetts, combined with the high-quality tech talent makes it the perfect place if you are a tech recruiter specialist looking to hire within the area, or if you are looking to expand your tech business to Massachusetts. WalletHub has reported the city of Boston as number 1 in the United States for “STEM-friendliness”, which is a summed total of the city’s school math scores, the quality of engineering universities, Research and Development spending, and male-female disparity in STEM occupations.
3. Economic Incentives
On your journey to doing business in Massachusetts not only will you be joining a popular upcoming location for the tech hub, but you can also benefit from several different incentives provided by Federal, state, and other local agencies. The Economic Development Incentive Program Credit (EDIPC) will provide tax incentives in return for doing business and creating jobs in Massachusetts. Within the program, there is a potential to gain a credit of $5,000 per job created. These opportunities made available to businesses looking to expand to Massachusetts are in return for the innovation and technology your business will bring, that ultimately is responsible for driving the state’s economic development.
4. Healthcare and Lifestyle
It is no surprise that the main city of Massachusetts’ Boston has attracted such a talented workforce. The city is full of cultural delights and despite its popularity and bustling, ambitious nature the city has been described as a ‘walking city’, due to its surprisingly compact layout and fantastic infrastructure. The city’s subway and public transportation network serves the area’s 4 million inhabitants, making it easy when recruiting to attract a commuting workforce from a large surrounding area, giving you even more choice.
Medical expertise in Massachusetts can be traced back to 1846 when the first ever surgical procedure took place using Anesthesia, since then Boston has been regarded as the Leader in Medical Care. It has also been reported according to the United Health Foundation America’s Health Rankings Report Massachusetts is within the top 5 in the nation for low infant, neonatal, child, and maternal mortality. All these factors make recruiting or doing business in Massachusetts somewhat easier, knowing the health of employees and their families are in safe hands.
5. Cultural Landmarks
Although Massachusetts is renowned as an educational center for medicine and higher learning, the city of Boston founded in 1630 has parts of history and beauty trickled throughout. With a vibrant art scene, vibrant tourist landmarks, and the iconic Freedom Trail that speaks the story of the American Revolution - the state provides an endless list of possibilities to enjoy when taking a break from all things doing business in Massachusetts.
Ready to Start Doing Business in Massachusetts?
If you think doing business in Massachusetts or any US state could be a good idea for your business, you can easily expand with PGC. Receive dedicated assistance on finding the right state for you that matches your individual business needs, and easily hire employees there with our employer of record solution, so you can focus on the bigger picture – we will handle the rest.
Disclaimer: All information written here is for general informational purposes only and is not intended to be a substitute for professional and/or legal services.