Sunday, October 31, 2010

(BIZ) Israelis Added $2.4 Billion To Massachusetts Economy In 2009

"A study commissioned by backers of trade with Israel and set for release Oct. 18 says deals between Massachusetts and Israeli companies are worth $2.4B to Bay State operations.

According to the report by Stax Inc.
  • Nearly 100 companies in Massachusetts are founded by Israelis or offer products based on Israeli technology.
  • These businesses generated $2.4 billion in direct revenue in Massachusetts in 2009.
  • In total, the direct and indirect revenue impact on the Massachusetts economy was $7.8 billion.
  • From an employment perspective, these businesses directly generated 5,920 jobs in Massachusetts.
  • 50 percent of these businesses focus on information technology, 29 percent are in life sciences, and the remainder in other industries.
  • Israeli entrepreneurs chose Massachusetts over other U.S. destinations to launch or grow their enterprises due to the deep talent pool of educated workers, the opportunity to be part of an industry cluster, world class universities and outstanding business infrastructure.

'The data shows that both Israel and Massachusetts are hotbeds of innovation and the Mass venture and corporate community has the ability to expand and capitalize on Israeli technology, exporting it to the world,' said Rafi Musher, CEO of Stax Inc. 'Some states and countries are actively investing in facilitating these kinds of relationships, which drive long-lasting returns to their communities. Smart investors look for areas like this, with a track record and where momentum is building.'" (source)

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