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Deval Patrick discusses his economic development vision at breakfast sponsored by Mass Insight

Boston, July 26 – Noting that "we can't fuel the future on flames from the past," gubernatorial candidate Deval Patrick laid out his economic vision before about 30 Boston business and civic leaders at a Global Massachusetts 2015 Leadership Roundtable Breakfast hosted by Maryann Gilligan Suydam of Equity Office Properties on July 26th at the Boston Harbor Hotel.

Patrick focused his remarks around investing in our economic future, innovation, and making it easier for businesses to start and grow in Massachusetts.

Talent, Taxes and Innovation
He called for increased investment in developing talent. Even as more than 80 percent of public higher education graduates choose to stay in Massachusetts, Patrick noted that the Commonwealth ranks 47th in the nation in funding for public higher education. He called for more clarity regarding the mission for each level of public higher education and said community colleges should play a bigger role in state workforce development efforts.

Reducing state income tax rates only to raise fees and local property taxes is a "fiscal shell game," Patrick said. Instead, he urged that surpluses be invested in state aid to municipalities and school districts. In return for new money, the state should expect better planning from municipalities. By growing the economy over time, he said, we will be able to afford reducing the income tax to 5 percent.

As an economy that is based on innovation, Massachusetts must always be looking for "the next big thing," Patrick said. With world oil resources being depleted and additional demand coming from growing economies in places like China and India, he believes renewable energy — a talent-based, potentially high-margin industry — is a potential fit for Massachusetts' strengths.

Business Friendly
Patrick said the Commonwealth needs to improve our "speed to market" by streamlining permitting regulations. He contrasted North Carolina, which provides one-stop shopping for businesses wanting to locate or grow there and shepherds them through the permitting process in a few months; to Massachusetts, where businesses are on their own in a process that could take years. Patrick urged a combination of cutting regulations and staffing up to keep up with permitting demand.

Finally, Patrick said Massachusetts needs to be more open to ideas from outside, "Not because we don't value what we have, but because we can always learn from others."

NOTE: Mass Insight is sponsoring a series of Global Massachusetts 2015 Roundtables to facilitate discussion between gubernatorial candidates and business and education leaders.

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