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Key Sectors Lag Behind National Economy
BOSTON, MA - The Massachusetts Republican Party is drawing attention to a new report by the Pioneer Institute showing that key sectors of the Massachusetts economy are suffering while the nation’s economy remains strong. The report mirrors others indicating that Gov. Maura Healey has lost the trust of business owners who are shedding jobs or fleeing Massachusetts altogether.
Since the pandemic, critical industries like healthcare, education, and life sciences have sputtered under a tax-and-spend state system that refuses to reduce hurdles for businesses seeking fewer regulations compared to other states.
“[I]t’s our own policies that are driving up housing costs and pushing residents and employers out. Beacon Hill needs to have a greater sense of urgency to address these self-inflicted wounds,” Pioneer Institute Executive Director Jim Stergios told the Boston Globe.
From 2020 to 2024, Massachusetts lost 6.6% of its gross domestic product in professional, scientific and technical services sectors, making it the only state to see less growth in research compared to 2015 to 2019. During that prior period, the state’s knowledge economy grew by twice the national rate.
Meanwhile, Massachusetts’ GDP for all goods and services fell short of the 13.3% national average, sitting at 12.5% from 2020 to 2024.
As a result, the Commonwealth has fallen from 4th to 28th most fastest growth rate for per capita real gross state product.
“This report catalogues the results stemming from tone-deaf leadership on Beacon Hill, where Gov. Maura Healey and the one-party Legislature are more interested in finding ways to fund radical special interest groups, ‘unlawful’ no-bid contracts, or pay hikes for cabinet members,” said MassGOP Chair Amy Carnevale. “For Massachusetts to become competitive again, we need to return a Republican to the corner office, instilling confidence among businesses and employers about a future of lower state taxes and regulations.”
BACKGROUND:
- On Thursday the Pioneer Institute released a new report showing Massachusetts’ economy lags behind national standards in key sectors including healthcare, education, and life sciences (Pioneer Institute, 6.12.25)