BOSTON – On Wednesday, the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 17 projects for participation in the Economic Development Incentive Program (EDIP). These projects are expected to create 1,008 new jobs and retain 1,291 jobs throughout Massachusetts, while leveraging approximately $487.1 million in private investment.
Boise Cascade Company distributes building materials, such as lumber, studs, and plywood, composite decking, trim, engineered lumber, roofing materials, and siding, on a wholesale basis to lumberyards, home centers, industrial accounts, and other retail businesses across the country. The company’s Westfield branch, which opened in 1999, primarily serves customers in Massachusetts, Vermont, Rhode Island, Connecticut, and New York. The company, headquartered in Boise, ID, plans to develop 7.5 acres in Westfield, and build an 85,000 square foot warehouse storage facility and a 12,000 square foot sales office. The company will invest $7,955,000, create 9 new jobs, and retain 79 jobs. The City of Westfield approved a 5-year TIF, valued at $226,057. The EACC board awarded Boise Cascade Company $67,500 in investment tax credits.
“Economic development incentive funding is a tool for companies across Massachusetts to realize growth and expansion opportunities,” said Governor Charlie Baker. “Expansion and hiring incentives are cost-effective investments for the Commonwealth to expand a business friendly climate, and to catalyze significant, sustained economic growth.”
“EDIP incentives are tied to job and investment goals and spur business growth throughout the Commonwealth,” said Lieutenant Governor Karyn Polito. “The program strengthens our businesses and communities and helps sustain growth from Boston to the Berkshires.”
The EACC has approved 60 economic development projects since January. These projects will create 3,329 jobs, retain 4,707 existing jobs, and leverage more than $1 billion in private investment. This year, the EACC has assisted 31 manufacturing companies and 27 companies in Gateway Cities.
“Investing in businesses across Massachusetts as they expand helps to create job opportunities for hardworking residents while growing the state economy,” said Housing and Economic Development Secretary Jay Ash. “We remain dedicated to supporting communities and businesses across Massachusetts as they grow and prosper.”
“The EDIP helps sustain business growth while ensuring that Massachusetts has a wide range of competitive sectors – from distribution to manufacturing and high-tech,” said Assistant Secretary for Business Development Nam Pham. “This broad business base lays a foundation for sustained economic growth and prosperity.”
The EDIP is the Commonwealth’s investment tax credit program for businesses, and is one of the most effective tools helping businesses to grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. The EACC meets on a quarterly basis to review applications. More information about the EDIP is available on the Massachusetts Office of Business Development’s website.
