Massachusetts biotech companies are tightening their belts as economic uncertainty mounts, pulling in less funding, laying off workers and delaying acquisitions, per a new industry report.

Why it matters: The state is one of the world's top producers of drugs treating rare diseases and other conditions, outpacing Chinese competitors.

• The mix of tariffs, federal funding cuts and other barriers may shrink the region's lead.

Driving the news: Massachusetts lost workers in biomanufacturing and research and development in 2024, though the state's overall biopharma workforce grew 0.1% last year, per the annual snapshot from the industry's trade association, MassBio.

• That doesn't include the hundreds of layoffs so far this year, all amid declines in venture funding, acquisitions and federal research funding.

What they're saying: "While this report shows Massachusetts' biopharma workforce holding firm, the reality is that we lost R&D and manufacturing jobs, and we almost certainly have lost even more since January," MassBio president Kendalle Burlin O'Connell wrote in a message to the industry.

Context: Industry leaders didn't expect the severity of the economic uncertainty that would come in 2025.

• Some factors have surfaced recently: tariff hikes, funding cuts or the overhaul to the Food and Drug Administration under President Trump.

By the numbers: MassBio estimates the state will lose out on more than $463 million in 2025 compared to a year earlier if funding cuts continue at the current pace.

• That would bring its total NIH funding for 2025 to just below $3 billion, the lowest amount since 2019.

Zoom in: Acquisitions slowed to a crawl in this year's second quarter, with a 74% drop in Massachusetts companies being acquired compared to Q2 in 2024.

• Acquisitions led by Massachusetts companies dropped further in the second quarter, compared to this time a year earlier.

Yes, but: Six Massachusetts companies were acquired for a disclosed total of $11 billion in July, per the report.

• Another eight companies were acquired for an undisclosed total.

The bottom line: O'Connell tried to stay optimistic.

• "I have full faith that when the dust settles, it is the Commonwealth of Massachusetts that will lead the way back. We've done it before. We're trying like hell to do it again."

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The fallout from Trump 2.0's stop-work order on Ørsted's nearly finished offshore wind project in New England extends beyond the development itself.

Catch up quick: The Interior Department demanded Friday that construction halt on Revolution Wind, a 65-turbine project off Rhode Island and Connecticut.

• Ørsted said Revolution — approved in the Biden era with plans to power around 350,000 homes — is 80% finished. It's a joint development with BlackRock's Global Infrastructure Partners.

Here are the takeaways:

1. Specifics are lacking. The letter to Ørsted from Interior's offshore energy branch broadly cites national security interests and protection of other marine uses, but omits details.

2. This could soon be in court. Ørsted said it's "considering a range of scenarios, including legal proceedings."

• "We are working with our partners in Connecticut to pursue every avenue to reverse this decision," Rhode Island Gov. Dan McKee said in a joint statement with Connecticut Gov. Ned Lamont.

3. It's already a very public fight. Governors held separate news conferences Monday, flanked by members of Congress, union workers and others.

• Look for this to become part of wider political messaging over electricity prices, with the state officials claiming that halting renewables puts even more upward pressure on bills.

4. It's a stark new example of Trump's war on wind, which the president and his lieutenants call unreliable and overly subsidized.

Keep reading: What's next

❌ Texas-based manufacturer AirBorn plans to shut down its plant in Taunton and lay off 86 workers. (BBJ)

📚 Mayor Wu is appointing Rachel Skerritt, former head of Boston Latin School, to fill the Boston School Committee's vacant seat. (UHub)

🏠 Bill Belichick listed his Nantucket cottage for nearly $3.9 million. (Current)

A weekend trip to the Cape may be cheaper this year.

By the numbers: The average price for a gallon of regular gas in Massachusetts was 36 cents cheaper than this time last year, per AAA's projections based on Aug. 18 gas prices.

• Hotel rates nationwide have dropped by 11%, though AAA didn't specify how Massachusetts hotels compared.

If you go: Travel in the mornings before traffic picks up.

• The worst travel times will be 1-8pm Thursday, noon-8pm Friday, 10am-6pm Saturday, noon-5pm Sunday and 1-4pm Monday.

Steph here. If you're like me, you're eager to get outside more before summer unofficially ends, without breaking the bank.

• I offer a few suggestions for events that are free and fun.

🎞️ DCR's "Movies in the Parks" series ends this week with two screenings starting at sundown.

• 8/27: "Wicked" sing-along showing on Castle Island.
• 8/28: "Wicked" sing-along on Houghton's Pond.

The Boston Landing's last summer movie screening will also be a "Wicked" sing-along.

• Pre-party starts at 5pm. Movie starts at 7pm.

🎻 The Boston Landmarks Orchestra will play its last free show of the summer tomorrow, performing music from Maurice Ravel's "Daphnis and Chloe" and Gustav Mahler's Symphony No. 1.

🎨 Art enthusiasts have until Thursday to catch "Creating Space," a free exhibition featuring local artist Danica D. Marshall at the Charles J. Beard II Media Center in Roxbury.

• The gallery is open 1-6pm.

Tell a fellow cheapskate

It's National Dog Day and the year of the Labrador retriever.

Driving the news: The Labrador retriever has become the top dog breed in the U.S., according to a new U.S. News & World Report analysis.

Zoom in: The Golden retriever and Labrador retriever tied for the most popular in Boston, followed by the Goldendoodle and the German shepherd.

The fine print: The annual report relies on pet insurance data, so it doesn't account for all dogs in the country.