Massachusetts is experiencing a vast outmigration of young people. Businesses are leaving, resulting in a loss of nearly $15 billion in income, and a new study says 40 percent of Bay State households are facing food insecurity.
Other than that, things are just ducky.
Study Shows Historic Drop in Business Formation
Oh, wait, another new report says, “The Commonwealth had the nation’s lowest net business formation rate from 2020 to 2024, losing more than 17,000 employer businesses over nine consecutive quarters.”
The Pioneer Institute study says, “Once a national leader in entrepreneurship, Massachusetts has fallen to the back of the pack in generating new businesses – a reversal that is weakening job growth, slowing the economy, and accelerating the state’s loss of young talent.”
Study: The Massachusetts Business Formation Rate Has ‘Collapsed’
“From January 2020 through September 2024, Massachusetts posted the lowest average quarterly net business formation rate of any state,” the report states. “The Commonwealth recorded net-negative business formation for nine consecutive quarters from September 2020 to September 2024, losing a net total of 17,549 employer businesses during that period.”
Firms Leaving Massachusetts for Other States
MassDailyNews reports, “Massachusetts lost 70 firms to other states in 2023 – the worst single year of business migration since at least 1994.”
“From 2020 to 2023, the state lost 149 firms in total, with the exodus flowing primarily to Florida, Texas, and North Carolina,” according to the publication.
Taxes, Housing and Policy at Center of Debate
The Pioneer Institute’s Jim Stergios suggests the Massachusetts millionaire’s tax, rising housing costs, and aggressive climate mandates have contributed to the exodus.
Economic Concerns Shape Governor’s Race
Taxes, energy costs, and the state’s housing shortage have emerged as key issues in this fall’s gubernatorial race. Incumbent Democrat Maura Healey is seeking a second term and is facing a challenge from Republicans Mike Minogue and Brian Shortsleeve.
PHOTOS: 17 Retro ’80s Car Features We Totally Miss
Gallery Credit: Stephen Lenz
PHOTOS: Step Inside a 1970s Kitchen — 34 Things You’ll Recognize
From Tupperware jugs (you know the ones) to those ever-present knife sharpeners, let’s take a nostalgic trip back to the quintessential ’70s kitchen.
Gallery Credit: Stephen Lenz
