Banker & Tradesman: Leading Life Science Clusters Share Strengths and Risks

Sep 26, 2022

By Steve Adams | Banker & Tradesman Staff

This story originally appeared in Banker & Tradesman.

Greater Boston is poised to regain the national lead in life science space from California’s Bay Area, with nearly 18 million square feet of life science construction and conversions. Pictured is the 10 World Trade lab tower under construction in Boston’s Seaport District. Image courtesy of Sasaki

MassBio CEO Joseph Boncore said former Gov. Deval Patrick’s $1 billion Massachusetts Life Science Initiative primed the pump for the state’s recent biotech boom, doling out $1 billion to support the industry from 2008 to 2018. Gov. Charlie Baker authorized another $623 million toward the program in 2018, through a combination of state borrowing and tax credits.

The latest round of funding runs out in 2023, and Boncore said another extension should be a priority for the next administration.

“When industry and companies see government is invested in creating an ecosystem where they can thrive, they’re going to think of Massachusetts as the best place in the world,” Boncore said.

Read the full story from Banker & Tradesman.

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