Jobs & Unemployement: In the wake of the "great recession" both Greater Boston and Massachusetts experiences staggering job lost and unemployment.  Between June 2008, the last employment peak, and June 2009, gains since 2004, when the state began to emerge from the last recession, were virtually erased. Massachusetts employment declined by 3%, more than 100,000 jobs overall, with Greater Boston losing 68,000, or 3%. Education and Health services statewide grew by 2% from June to June.

Small Business Economy:Accodring to the Inner City 100 list, compiled by the Initiative for a Competitive Inner City, Boston had more of the fastest-growing minority-owned inner city businesses in 2008 than nearly every other US city

Creative Economy

• Massachusetts established the first-in-the-nationCreative Economy Council in 2008, and, in the Massachusetts Office of Business Development, the first Creative Economy Industry Director.
• In 2007, Governor Patrick upgraded the Film Tax Credit law signed by then-Governor Romney in 2005.  The “new Act” increases the tax credit available to producers, studios and filmmakers who shoot at least half of their film in the Bay State to roughly 25 cents for every dollar they spend in Massachusetts and a twelve-month, 100% sales tax exemption for all purchases made in the state.

Transportation Economy:

• Record fluctuations in gasoline prices: mirroring national and global trends, Massachusetts gas prices reached the all-time high or $4.11 per gallon in July 2008, before plummeting to a 3-year low in November 2008to less than $2 per gallon in the wake of the global financial crisis.
• A sobering Transportation Finance Commission Report. Following three years of analysis of statewide transportation agency records from the previous 20 years, the  landmark report, released in 2007, found that the Commonwealth’s transportation system needs over the next 20 years exceeds current  fiscal resources by $15 - $19 billion.

Green Economy:

• The Green Jobs Act, 2008: a $68 million, five year plan to develop green technologies in the Commonwealth, including the Massachusetts Clean Energy Centersupporting R&D, entrepreneurship, and workforce training in the clean-tech industries.
• Massachusetts broke ground on the new Wind Technology Testing Center in Charlestown in 2009, funded through a $25 million stimulus grant from the Department of Energy, the center will be the first in North America with the ability to test blades for commercial wind turbines that are longer than 50 meters.

Innovation Economy:

• Massachusetts Life Sciences Initiative, 2008: a ten-year, $1 billion package of investment resources designed to foster continued growth in the Massachusetts Life Sciences Supercluster.
• Broadband Act establishing theMassachusetts Broadband Institute, 2008: A major new initiative to extend affordable high-speed internet access to all homes, businesses, schools, libraries, medical facilities, government office and other public places in the State.
• Greater Boston ranked as the Milken Institute’s #1 Life Sciences Cluster in 2008 and Massachusetts continues to top all other Leading Technology States on key measures

Housing Economy: 

• In July 2008 Governor Patrick signed a newhousing bond bill, which, at $1.275 billion, was the largest state investment in housing in Massachusetts history.  This bill included $220 million for the state’sAffordable Housing Trust Fund, $125 million for the Housing Stabilization fund, to help communities and developers acquire, preserve and rehabilitate affordable housing; $500 million for upgrading and repairing the state’s public housing developments; and $100 to support the Capital Improvement and Preservation Fund, for development and repairs at privately owned subsidized housing units.  However, due to persistent budget shortfalls, many of these programs have been cut or shifted tothe quasi-publicMassachusetts Housing Partnership andMassachusetts Housing Finance Authority for administration.
•  Housing and Economic Recovery Act of 2008, signed into law on July 30, 2008, placed the government-sponsored enterprises, Fannie Mae and Freddie Mac, under the conservatorship of the Federal Housing Finance Agency.  The act also established Hope for Homeowners Act, a program administered by the Federal Housing Authority to provide insurance and assistance to distressed homeowners.
• Support for Gateway Cities: in November 2008, the Department of Housing and Community Development awarded $1.35 million inGateway Plus Action Grants to 18 cities to assist urban revitalization efforts through a new state initiative designed to support affordable housing and economic development opportunities for mixed-income gateway communities across Massachusetts