Companies With Israel Ties Added $6.2 Billion to Massachusetts Economy
Companies with connections to Israel contributed $6.2 billion to the Massachusetts economy last year, a new study found.
The study, released on Thursday, was conducted by the consulting firm Stax and supported by Combined Jewish Philanthropies of Boston. It found that, when accounting for other business spending, the full economic impact of companies with Israel ties contribute $11.9 billion to the state economy. Revenues from this sector are growing three times as fast as the overall state economy.
“Massachusetts has become a home away from home for Israel’s innovation economy,” Massachusetts Governor Deval Patrick said.
Massachusetts is now home to more than 200 companies with ties to Israel, up from 78 three years ago, according to the report. The businesses, which range from information technology to life sciences and software, employed more than 6,600 people in 2012.
Israeli entrepreneurs are attracted to Massachusetts because of its high concentration of top tier academic and research institutions, a highly-educated workforce, access to venture capital and concentration of high technology industries, the study found. The higher education factor is evident in the fact that nearly one-third of the Israeli-founded companies were started by Israeli alumni of Massachusetts colleges, the study says.
A message from our CEO & publisher Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.
If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.
— Rachel Fishman Feddersen, Publisher and CEO
