Israel Matzav

Israel brought $2.4 billion in revenues last year... to Massachusetts

A study conducted in Massachusetts shows that in 2009, Israel contributed $2.4 billion to the local economy (Hat Tip: Lance K).

The study, which surveyed Massachusetts business executives of companies based on Israeli innovation and entrepreneurship, was conducted by Stax Inc., a consulting firm. The study was commissioned, in part, by the Combined Jewish Philanthropies and released today at the New England-Israel Business Council's 2010 Life Sciences Summit at Brandeis University.

According to Stax, the study is an analysis of the economic impact of Israeli companies coming to Massachusetts and Israeli technologies imported to and licensed to companies in Massachusetts. The impact was measured in direct and indirect jobs created and revenues generated.

One study finding: Israeli entrepreneurs have gravitated to Massachusetts because of the state's "deep talent pool of educated workers, the opportunity to be part of an industry cluster, world class universities, and outstanding business infrastructure.".

"Massachusetts is a natural fit for Israeli businesses looking to expand, due to the our common focus on life sciences, IT, and clean technology," Yair Shiran, Israel's economic minister to North America, added in a statement.

The study also found that other states are aggressively pursuing linkages with Israeli businesses.

For all of you who think the United States would be better off not having Israel as an ally (the people who will comment on this post a week after all my regular readers have left it), I wonder how much you would have to multiply this number by to come up with the total Israeli contribution to the US economy.

Now compare that with the amount that the 22 Arab countries bring to the US economy.

I'll take Israel's contribution any time.

posted by Carl in Jerusalem @ 2:16 AM