- Maura T. Healey, Governor
- Kimberley Driscoll, Lieutenant Governor
To the people of Massachusetts,
Today, we are proud to release our Administration’s first five-year capital plan, which invests more than $14 billion over five years in the future of our Commonwealth.
Our Administration is committed to celebrating and continuing Massachusetts’ many successes. There is much to celebrate in our great state. Whether it’s our leading life sciences and innovation economy, world-class education system from kindergarten through college, or highly ranked quality of life, Massachusetts is a beacon of success among our peers.
However, we know that purposeful investments and polices are required to ensure we keep improving the Commonwealth’s affordability, economic competitiveness, and equity for people from all walks of life.
Our Administration’s FY24-FY28 Capital Investment Plan (CIP) does just that. From record investments in developing affordable, high-quality housing in regions across the state to targeted resources that small businesses need to grow and thrive, our Administration is dedicated to doing what it takes to meet the moment and invest in the future for our Commonwealth.
The investments in the FY24-FY28 Capital Investment Plan complement and build on the funding we proposed in our inaugural operating budget, with a particular emphasis on advancing our housing, climate and economic development goals. Today, too many Massachusetts families are struggling with the burden of rising housing costs and limited availability. To meet these challenges, we must increase housing production and preserve our existing housing stock. Since taking office, our Administration has been laser focused on establishing the structure and resources needed to tackle this challenge head on, including establishing the new Executive Office of Housing and Livable Communities.
The capital plan continues these efforts through a historic investment in housing, with over $1.5 billion committed to housing initiatives, including programming to support the construction of hundreds of new, affordable housing opportunities each year. The CIP also dedicates $97 million in FY24 to establish a new HousingWorks program. Built on the successful model of the MassWorks grant program, HousingWorks injects new funding into the market and creates a flexible tool to support housing development, preservation, and rehabilitation, with the goal of enabling the construction of up to 300 new affordable housing units each year.
With billions more in investments across government, this capital plan also reflects our Administration’s full commitment to meeting our climate goals. Through FY28, we are investing over $1.4 billion in our transportation systems to reduce emissions through electrification, create more sustainable modes of transportation, and build resilient infrastructure prepared to withstand the impacts of a changing climate. Over five years, we are funding more than 40 projects at our state buildings with a focus on decarbonization, with total project values over $1.6 billion. Decarbonization and climate-conscious features are a key component of all new investments, ensuring a sustainable approach to managing and maintaining the Commonwealth’s assets.
Our plan is both bold in its investments and fiscally sustainable. We would like to thank the people across the Commonwealth whose ideas and passions come to life in this plan, and we look forward to realizing the impacts of this plan as we continue to invest in a more affordable, competitive, and equitable future for the Commonwealth.
Sincerely,
