Israeli firms in Mass. outpace state's economy
Israeli companies, eager for access to the larger American market, have flocked to Boston where direct flights to Tel Aviv and a "research-driven" economy are nurturing the international connection, according to a paper released Wednesday.
The 2016 edition of the Massachusetts-Israel Economic Impact Study was released ahead of Gov. Charlie Baker's attendance at an 11:45 a.m event at MIT celebrating the relationship with members of industry and Israel's consul general to New England, Yehuda Yaakov.
Baker, who has yet to travel outside the country as governor, has said he will visit Israel.
Since 2012, Israeli-founded businesses in Massachusetts experienced a 9.4 percent compound annual growth rate, more than double the gross state product growth of 4 percent over that period, according to the paper, which said Israeli-founded businesses in the Bay State also outpaced the information technology and professional sectors based on revenue growth.
Counting more than 200 Israeli-founded businesses in Massachusetts in 2015, the paper tallied $9.3 billion in direct revenues, roughly $18 billion in economic impact and 9,000 employees.
Taking an optimistic and boosterish outlook on the "Boston-Israel Power Partnership," the paper was prepared for the New England-Israel Business Council, a non-profit, with support from the Combined Jewish Philanthropies of Greater Boston. Written by Boston investor David Goodtree, the paper relies on research from Stax Inc. and TAMID at Boston University.
"The Israel - Massachusetts business relationship started over half a century ago and has grown ever since," Dan Trajman, president and CEO of the New England-Israel Business Council, said in a statement. "Looking towards the future, we can see in the next several years the addition of one hundred Israeli founded companies contributing to the local economy with the support of the innovative ecosystem on both sides of the pond."
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