Two recent headlines gave conflicting pictures of the Massachusetts economy: On the bright side, state policy makers celebrated toy and game maker Hasbro’s decision to relocate its headquarters from Pawtucket, R.I., to Boston. Days later, the Massachusetts Taxpayers Foundation’s latest competitiveness index report ranked the Commonwealth dead last in the nation for private employer job growth between 2023 and 2024, with a decline of 0.6 percent.

Hasbro’s move to Boston is unquestionably good news. But it shouldn’t obscure that the state is facing serious, systemic headwinds, and policy makers need to be focusing on the broader business climate to attract new businesses and keep the ones we have.

The way the state lured Hasbro, maker of iconic products like Monopoly and Mr. Potato Head, is unfortunately not a blueprint for sustained growth. It took $14 million in tax credits to entice the company to relocate, and there’s only so many handouts the state can give. Tax incentives are disliked by economists left and right, and while they might sometimes be necessary, they’re also risky (look no further than the 38 Studios fiasco in Rhode Island, or the Evergreen Solar debacle in Massachusetts).

What really matters is the fundamental business climate. Businesses should be starting or moving here because it’s a good place to do business — not for a special tax break.

To many conservatives, improving the business climate means cutting taxes. Liberals often stress factors like a well-educated workforce and strong infrastructure. The cost of health care, energy, and labor are also factors. So is housing: Businesses are less likely to locate in a state where employees will face ruinous housing costs.

Other than education, Massachusetts is lagging behind on almost every one of those measures. For instance, the Tax Foundation ranks Massachusetts 41st on state business tax climate. The Massachusetts Taxpayers Foundation report put the state in the bottom 10 nationally on energy costs, health care premiums, infant child care costs, commuting times, and housing costs.

No wonder that while Massachusetts lost jobs between 2023 and 2024, New York, Florida, Texas, and North Carolina all saw gains close to or over 1 percent.

North Carolina is especially notable because it competes for many of the same high-tech businesses as Massachusetts. In 2024, North Carolina saw a $10.8 billion expansion of its life science industry when 25 companies announced expansions or new facilities.

Meanwhile, in Massachusetts, there’s a glut of unused laboratory space. In fact, Hasbro is slated to move into a space that its developer describes as a “laboratory building’’ in the Seaport.

Massachusetts still has the second highest number of PhDs in its workforce — but North Carolina isn’t far behind, ranking at 10. The state boasts a slate of prestigious research universities and is a far cheaper place to live and do business. While Massachusetts has the 12th highest corporate tax in the country, North Carolina is in the bottom five — and will phase out the tax entirely by 2029.

“The bigger picture is grim,’’ Jim Stergios, the executive director of the Pioneer Institute, said. A Pioneer report shows that the Greater Boston area lost about 30,000 private sector jobs over the past five years. Meanwhile, Charlotte and the Research Triangle — made up of Raleigh, Durham, and Chapel Hill — gained about a quarter million private sector jobs over the same period. “That’s the real competition,’’ Stergios said.

Competing with North Carolina means getting serious about improving the state’s competitiveness, either by reducing taxes, improving public infrastructure, reining in energy and housing costs, or a bit of all of the above.

Hasbro’s move to Massachusetts is good news, but it’s also a one-off victory — like landing on Free Parking. To put it in Monopoly terms: if the state really wants to reclaim our broader economic momentum, we just can’t expect people to keep paying Broadway costs.

Editorials represent the views of the Boston Globe Editorial Board. Follow us @GlobeOpinion.