Unprecented Boston growth leads to surge in tax revenue
Courtesy/Tim Sackton
New residential and commercial construction surged in fiscal 2017 in Boston.
New residential and commercial construction in Boston spiked in fiscal 2017, a development that means higher property tax revenues for the city, according to Moody's Investors Service.
The city's unprecedented $4.3-billion growth in taxable valuation was credit positive for the city, the rating agency reported Thursday, and accounted for 23 percent of the $18.2 billion in total new growth across all 351 cities and towns in Massachusetts. In fiscal 2016, taxable new growth in the city was estimated at 2.3 billion.
The added taxable properties reflect construction projects in the Seaport District, the Longwood Medical Area and the New Balance headquarters in Brighton Landing, according to Moody's. Residential development accounted for 60 percent of the new growth.
"The strong contribution reflects Boston’s significant economic development initiatives in recent years and its importance to the regional economy," Moody's officials wrote in their Feb. 9 CreditOutlook report. "Additionally, the 2017 total new growth for all cities and towns constitutes the fifth consecutive year of improving new growth and is just below pre-recession levels that peaked in 2007, indicating that most of the state is experiencing modest new development, mostly in the residential sector."
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