Latest news with #economic opportunity
Yahoo
04-08-2025
- Business
- Yahoo
Study: Federal research cuts put $16B at risk in Massachusetts
AMHERST — Federal research and development funding in Massachusetts creates $16 billion in economic opportunity, nearly doubling Uncle Sam's money, according to a new study from University of Massachusetts Amherst Donahue Institute. Research funding in Massachusetts supports a total of 81,300 jobs, $7.8 billion in income. Massachusetts is home to 1 in every 10 R&D jobs in the U.S., compared to 1 in 40 for all jobs throughout the nation's economy. Institutions in Massachusetts received about $8.57 billion in research funding in the 2024 budget year, the report said. The Trump administration and Republicans in Congress are pushing cuts. 'But they aren't proposing that it goes to zero, right?' said Rod Motamedi, assistant director of economic and public policy research at Donahue. 'The issue is there is significant ambiguity on what they are proposing.' The report applies a multiplier factor, showing the public that $1 billion in research spending creates 9,500 jobs, $911 million in income and $1.9 billion in economic activity. And that's across the entire economy, not just universities. Think suppliers, housing, goods and services. 'It doesn't just support people in lab coats thinking big thoughts,' Motamedi said in an interview. 'That money reinters the economy.' He wants voters to see the impact. 'There is something esoteric about people doing basic research,' he said. 'This isn't esoteric.' Stories by Jim Kinney UMass Amherst marmoset monkey lab that drew PETA's ire closes Sports betting brought trouble for gamblers, not jobs for Mass., UMass research finds After word of potential Mercy sale, Baystate CEO reassures staff but points to nondisclosure, confidentiality Read the original article on MassLive. Solve the daily Crossword
ABC News
22-07-2025
- Business
- ABC News
Report finds 2032 Brisbane Olympic and Paralympic Games could bring $70 billion in economic opportunities
The potential economic opportunity of the Brisbane 2032 Olympic and Paralympic Games is $70 billion, a new report has estimated. The analysis, from Deloitte Access Economics, examined the "catalytic effect" hosting the event could have on Queensland and the nation. "This is not an assessment or impact analysis of Brisbane 2032, but rather a provocative thought starter for how economic reforms can lift our growth potential," the report noted. "This study quantifies the economic opportunity that is ours to build over the 20 years from 2032-2052, if we so choose." It estimated over that period, south-east Queensland could see growth of almost $40 billion, with a further $31 billion in positive impacts for regional Queensland and Australia. "This uplift will be felt first across the growing south-east Queensland mega region, which will benefit from new connectivity, a healthier and more active workforce, and greater access to international markets for tourism, exports, and foreign direct investment." Olympics Minister Tim Mander said while the report talked about "potential, rather than hard figures", the opportunities were "undeniable". "There is no doubt that it's going to be an enormous, enormous economic stimulus to our state and unbelievable opportunities for local businesses and Australian businesses." The report's framework considered three pillars in creating economic opportunity: people, places, and perception. It noted reforms to drive a "sustained uplift in physical activity" could drive more than $500 million in "economic activity through cost savings in the healthcare sector". Further, the 50,000 volunteers needed for the Games could enhance economic outcomes. "Higher labour productivity and additional output from ongoing volunteering, could stimulate an additional $2.4 billion in economic activity overall," the report read. The report estimates infrastructure for the Games, which is also needed for Queensland's growing population, would lead to a better-connected transport network and generate an estimated $53 billion in additional economic activity. "This means someone in the Sunshine Coast can work in Brisbane, business across the state can access an integrated south east market, and a global visitor can access the region for work, play and future investment," it said. The report noted the 2024 Paris Olympics received "412 billion engagements" on social media, highlighting an estimated $24 billion opportunity with the world's focus on Queensland in 2032. "A great event tells the world what we can do, and our marketing strategy should invite people to share in it," the report said. "Before, during and after Brisbane 2032, heightened attention should crowd-in tourists, creating opportunities for locals to provide Queensland experiences to the world." Australian Olympic Committee chief executive Mark Arbib said the report clearly outlined the benefits of hosting the Games. "It's music to our ears to hear the economic benefits of volunteering, to hear the economic benefits from sport, that you can see across an economy and across a society when you can lift participation rates, lift volunteering rates, lift health outcomes," he said. A 2021 KPMG report estimated the quantifiable economic and social benefits of the Games to Queensland were $8.1 billion, and $17.1 billion for Australia.
