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Western Mass Economic Development Council: Transformative Economic Investment Strategy in Western Massachusetts

For the Western Mass Economic Development Council, and in partnership with MassINC, Cambridge Econometrics led a strategic economic investment plan for Western Massachusetts. Working closely with UMass and other regional stakeholders, Cambridge Econometrics pinpointed food science/ bio-manufacturing, advanced materials, and clean energy/water tech as key innovation economy sectors for investment. The plan was supported by a data-driven analysis of the region’s economic conditions, industrial mix and trends, and R&D capabilities and centers of excellence.

Case studies Reports
Western Mass Economic Development Council

Transformative Economic Investment Strategy in Western Massachusetts

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Rick Sullivan, President and CEO of the Western Massachusetts Economic Development Council says:

"From sustainably producing alternative proteins from cells to protecting our drinking water supplies from pollutants and extreme weather events, our region is developing the technologies of the future. It is imperative that we collectively recognize the opportunity and make strategic investments in these growing sectors."

Ben Forman, MassINC research director and co-author of the study is eager to see the state act with urgency in this moment:

"As a commonwealth, we have overlooked the Pioneer Valley for decades, jeopardizing its economic base. It’s time to recognize and build on the region’s considerable economic assets."

The Accelerating Inclusive Growth in the Pioneer Valley report serves as a call to action for policymakers, industry leaders, and community stakeholders to support strategic investments that will drive both the regional and state economy forward.

Key Findings

Our findings suggest that targeted state investment is critical for unlocking the Pioneer Valley’s potential.

1
A proposed $500 million economic development fund is highlighted as a key mechanism for positioning the region for success in the food science/ bio-manufacturing, advanced materials, and clean energy/water tech sectors, ensuring sustainable economic growth and inclusivity.
2
That funding is intended to primarily be used to support innovation economy investments, but also supported by funding to advance site and building development, and help the region expand its capacity to implement an ambitious economic development agenda.
3
The proposed funding is anticipated to be matched by at least 1:1 private and federal investments, potentially reaching $1 billion (or more) in investments over the next 10 years.
4
Food science, advanced materials and water/clean energy have been identified and supported by the region as areas with untapped potential for regional economic growth.

Our Approach

To identify potential economic investment ventures for the Pioneer Valley, the MassINC/Cambridge Econometrics research team applied a mixed-methods approach that involved.

Quantitative analysis of sectoral trends, including employment concentrations, R&D funding, and patenting activity.
Qualitative interviews with numerous leaders in economic development, higher education, workforce, private industry, and public utilities, with particular focus on sectors the data identified as high growth.
Application of evaluation criteria to screen potential economic investment ventures, including regional economic impact, alignment with regional assets, inclusive and equitable growth opportunities, and opportunities to build momentum with early and successive wins.

 

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Dan Hodge

Executive Vice President

t: +1 413 206 4001

e:dh@camecon.com

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