"A new report from the Massachusetts Taxpayers Foundation warns that rising housing, energy, and health care costs and slow private sector growth are driving residents to lower-cost states even as the state's talent, innovation, and quality of life remain strong. "This year's Index underscores the dual reality Massachusetts faces," Doug Howgate, president of the Massachusetts Taxpayers Foundation, said in a statement. "Our state's foundation in talent, innovation, and quality of life remains strong, but rising costs, especially in housing, energy, and health care, are stifling private sector growth and pushing residents away.""
"Key findings in the report show that Massachusetts remains in the top of national rankings for education. It is first nationally for the most significant percentage of its 25+-year-old population with a bachelor's degree. The state also ranks first in venture capital funding per $1 million in gross state product, signaling strength in innovation despite a significant year-over-year decline in funding."
"However, the report also shows some challenges. Private employment growth ranks 50th nationally, with a 0.6% decline in private jobs from 2023 to 2024. The cost of living also remains high, with the state ranking 47th nationally for regional price parity. This index measures price level differences across the U.S., showing how expensive goods and services are compared to the national average."
Massachusetts ranks first nationally for the percentage of its 25+ population holding a bachelor's degree and remains near the top in education measures. Venture capital funding per $1 million in gross state product ranks first, though funding declined year over year. Gross state product per capita stands at $110,023, reflecting high productivity and workforce efficiency. Private employment growth ranks 50th nationally, with a 0.6% decline in private jobs from 2023 to 2024. Regional price parity places the state 47th, with high housing, energy, and health care costs. Slow transportation times and stagnant job creation are contributing to out-migration to lower-cost states. The Massachusetts Taxpayers Foundation was founded in 1935 and focuses on state and local fiscal, tax, and economic policies.
Read at Boston.com
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