Governor Romney Helped Turn Around The Massachusetts Economy And Today, The State Is Among The Most Economically Competitive In The Nation:
Because of work done by Governor Romney, Massachusetts is now credited with being one of the most economically-competitive states in the nation.
· The Boston Globe: “Nonetheless, Romney’s policies are credited with improving the state’s competitiveness. His administration promoted high-density development to increase housing production, got a fast-track permitting law enacted by the Legislature to help businesses expand, and revived an agency to help firms move to the state.” (Brian Mooney, Stephanie Ebbert and Scott Helman, “Ambitious Goals,” The Boston Globe, 6/30/07)
· The Beacon Hill Institute: Massachusetts “One Of The Most Economically Competitive States In The Nation.” “Massachusetts ranks as the one of the most economically competitive states in the nation, buoyed by innovation, entrepreneurship, and an educated and skilled workforce, a new study concludes. The study, released today by the Beacon Hill Institute, a think tank at Suffolk University, ranks Massachusetts second only to Utah in the attributes that create and sustain high levels of income for residents.” (Robert Gavin, “Reports: Mass. A Top U.S. Economic Competitor,” The Boston Globe, 12/19/07)
· The Information Technology And Innovation Foundation: Massachusetts First In The Ability “To Compete In A Dynamic, Innovation-Driven Global Economy.” “It follows another study, by the Information Technology and Innovation Foundation, a Washington think tank, that measures states’ abilities to compete in a dynamic, innovation-driven global economy and ranks Massachusetts first.” (Robert Gavin, “Reports: Mass. A Top U.S. Economic Competitor,” The Boston Globe, 12/19/07)
· Under Governor Romney, The State’s Credit Rating Was Upgraded For The First Time Since January 2000. “Governor Mitt Romney today announced that Standard & Poor’s has raised the state’s credit rating one notch, from ‘AA-‘ to ‘AA’. This is the state’s first ratings upgrade since January 2000, when Moody’s Investors Service raised the state’s credit rating from ‘Aa3’ to ‘Aa2’.” (Office Of Governor Mitt Romney, “Governor Romney Announces Bond Rating Upgrade For Commonwealth’s Debate,” Press Release, 3/15/05)
· MassINC And Northeastern University Report: “The Massachusetts economy is the envy of many other states. Our economy consistently ranks among the top in measures of New Economy success. We rank near the top of the nation in our level of labor productivity and have outpaced the nation in recent years in the rate of growth. We have the most educated workforce in the nation. We also score near the top in terms of knowledge jobs and innovation capacity.” (MassINC & The Northeastern University Center For Labor Market Studies, “Mass Jobs: Meeting The Challenges Of A Shifting Economy,” November 2007)
Under Governor Romney, Massachusetts Added Tens Of Thousands Of Jobs After The End Of A Deep Recession:
Before Governor Romney took office, Massachusetts was losing jobs month after month after the tech bubble burst in 2001. Under Governor Jane Swift, Sen. McCain’s chief Massachusetts surrogate, the state lost over 140,000 jobs.
· Massachusetts “Suffered The Deepest Job Losses In The Nation After The Tech Boom.” “Massachusetts, because of its large technology sector, suffered the deepest job losses in the nation after the tech boom went bust in 2001, shedding 6 percent of its jobs, compared to 2 percent nationally.” (Robert Gavin, “Job-Growth Study: Mass. Next To Last,” The Boston Globe, 11/28/07)
· Under The Previous Administration, Massachusetts Lost Jobs Month After Month. Under Governor Swift, Massachusetts lost 141,000 votes. (Bureau Of Labor Statistics, “State And Area Employment, Hours, And Earnings,” Massachusetts, Total Non-Farm, Seasonally Adjusted, Accessed 1/21/08)
Under Governor Romney, jobs began to return to Massachusetts. Massachusetts added 57,600 jobs after the recession ended in December 2003. In 2006 alone, Massachusetts added 18,700 jobs.
· Massachusetts Added 57,600 Jobs Since The Recession’s End In December 2003 Until The End Of Governor Romney’s Term. “Massachusetts has added 57,600 payroll jobs since December 2003.” (Massachusetts Department Of Workforce Development, “Jobs In Massachusetts Up By 1,700 In December,” Press Release, 1/18/07)
· In 2006, Massachusetts Added 18,700 Jobs. “Total jobs are up 18,700 from one year ago to 3,224,700.” (Mass. Department Of Workforce Development, “Jobs In Massachusetts Up By 1,700 In December,” Press Release, 1/18/07)
· Under Governor Romney, Massachusetts Posted The First Gain In Manufacturing Jobs In Several Years. “For the first time in several years, Massachusetts has posted a gain in manufacturing jobs, according to the 2007 Massachusetts Manufacturers Register, an industrial directory published annually by Manufacturers’ News, Inc. (MNI), Evanston, IL. MNI reports Massachusetts has added 3,681 net jobs since August of 2005, indicating a slight reversal in the downturn the Bay state has felt since 2001.” (Manufacturers’ News, “Industrial Directory Reports Massachusetts Manufacturing Jobs Up,” Press Release, 8/30/06)
Under Governor Romney, personal incomes grew dramatically, and the level of personal income was far higher than the national average.
· During Governor Romney’s Term, Massachusetts Per Capita Personal Income (PCPI) Grew By 17%, Outpacing Per Capita Personal Income Growth For The Entire United States. In 2003, Massachusetts per capita personal income was $39,442 and rose to $46,255 in 2006. (Department Of Commerce, Bureau Of Economic Analysis, “State Annual Personal Income,” www.bea.gov, Accessed: 1/21/08)
· In 2006, Massachusetts Had A Per Capita Personal Income (PCPI) Of $46,255. This PCPI Ranked 3rd In The United States And Was 126 Percent Of The National Average, $36,629. (Department Of Commerce, Bureau Of Economic Analysis, “State BEARFACTS 1996 – 2006: Massachusetts,” Accessed: 1/21/08)
Under Governor Romney, Massachusetts Became A Better Place To Do Business:
Under Governor Romney, the business climate improved and more companies were attracted to Massachusetts.
· In Three Years Under Governor Romney, The Number Of Companies In The State’s Development Pipeline Went From 13 To 288. “Under Ranch C. Kimball, who became Romney’s secretary of economic development in 2004, the number of companies in the Massachusetts development pipeline jumped from 13 to 288 in three years.” (Brian C. Mooney, Stephanie Ebbert And Scott Helman, “Ambitious Goals,” The Boston Globe, 6/30/07)
· The Boston Globe: “Last year, Bristol-Myers Squibb Co. chose an 89-acre site at the former Fort Devens over one in North Carolina for a $660 million complex that will create 550 jobs. The deal required a customized tax credit, a $34 million infrastructure bond, and an unusual show of teamwork by Romney and the Legislature.” (Brian Mooney, Stephanie Ebbert And Scott Helman, “Ambitious Goals,” The Boston Globe, 6/30/07)
Governor Romney took the action necessary to improve the state’s business climate and stimulate the economy through pro-growth economic policies.
· ECONOMIC STIMULUS PACKAGE: In November 2003, Governor Romney Signed An Economic Stimulus Package To Help Spur The Massachusetts Economy. (Office Of Governor Mitt Romney, “Romney Signs Economic Stimulus, Supplemental Budget Bills,” Press Release, 11/26/03)
· ECONOMIC STIMULUS PACKAGE: In June 2006, Governor Romney Signed A Second Economic Stimulus Package To Help Spur The Massachusetts Economy. (Office Of Governor Mitt Romney, “Romney Vetoes Wasteful Spending, Cities Needed To Maintain Fiscal Discipline,” Press Release, 11/26/03)
· 2004 SALES TAX HOLIDAY: Governor Romney Enacted The State’s First-Ever Sales Tax Holiday In 2004. (Office Of Governor Mitt Romney, “Romney Promotes Tax-Free Shopping Day On Saturday,” Press Release, 8/14/04)
· 2005 SALES TAX HOLIDAY: Governor Romney Enacted A Second Sales Tax Holiday. (Office Of Governor Mitt Romney, “Romney, Dimasi, Hart Promote Tax-Free Shopping Weekend,” Press Release, 8/14/0)
· INVESTMENT TAX CREDIT: Governor Romney Signed An Economic Stimulus Package Making The Investment Tax Credit (ITC) Permanent. (Office Of Governor Mitt Romney, “Romney Signs Economic Stimulus, Supplemental Budget Bills,” Press Release, 11/26/03)
· BIOTECH MANUFACTURING JOBS TAX REBATE: Governor Romney Proposed And Enacted A Tax Rebate For Manufacturing Jobs Created In The Biotechnology, Life Sciences And Medical Device Fields. (Office Of Governor Mitt Romney, “Romney Signs Economic Stimulus, Supplemental Budget Bills,” Press Release, 11/26/03)
· RESEARCH AND DEVELOPMENT TAX CREDIT: Governor Romney Proposed And Enacted An Expansion Of The Research And Development Tax Credit. (Jay Fitzgerald, “Gov Nearly Halves Package; Rebellious Legislators Vow To Override Stimulus Vetoes,” The Boston Herald, 11/27/03)
· COMMUTER TAX RELIEF: Governor Romney Signed Legislation Allowing Commuters To Deduct Transportation Costs From Their Income Taxes. (Office Of Governor Mitt Romney, “Governor Romney Signs $25.2 Billion FY 2007 State Budget,” Press Release, 7/8/06)
· BUSINESS DEVELOPMENT: Governor Romney Proposed And Enacted A Refundable Tax Credit To Promote Development At The Former Fort Devens U.S. Army Base. (Stephen Heuser, “$660M Drug Plant, 550 Jobs For Mass.,” The Boston Globe, 6/2/06)
· PERMITTING REFORM: In August 2006, Governor Romney Signed Permitting Reform To Expedite The Permit Process For New Businesses. “Governor Mitt Romney today signed legislation that reforms and streamlines the commercial permitting process, making it easier for companies to expand and add jobs in Massachusetts.” (Office Of Governor Mitt Romney, “Romney Signs Permitting Reform Into Law,” Press Release, 8/2/06)
· INFRASTRUCTURE: Governor Romney Created A $200 Million Fund To Help Businesses Pay For The Infrastructure Costs Of Growing And Expanding. “The Governor signed into law the $200 million in bonding, half of which will go into a fund under the control of the Executive Office of Economic Development (EED) to help pay for infrastructure costs to help businesses grow and expand.” (Office Of Governor Mitt Romney, “Romney Vetoes Wasteful Spending, Cities Needed To Maintain Fiscal Discipline,” Press Release, 11/26/03)
· MARKETING MASSACHUSETTS: Governor Romney Expanded Massachusetts’ In-State Sales Force. “The Governor also signed $1.5 million for the creation of an in-state sales force to market Massachusetts to companies around the country.” (Office Of Governor Mitt Romney, “Romney Vetoes Wasteful Spending, Cities Needed To Maintain Fiscal Discipline,” Press Release, 11/26/03)