Doing Business in Worcester
TOP 10 REASONS TO INVEST IN WORCESTER
Worcester is GROWING.
The Chamber is the lead organization in the city’s strategic effort to recruit new businesses to the region, retain and develop a talented workforce, and foster entrepreneurial innovation in Worcester and the region. Information obtained from an analysis of data over the past decade is included below.
Between 2000 and 2010, Worcester experienced greater population growth than Boston and Massachusetts, and during this same period, Worcester’s employment increased twice that of the state with the number of households earning $75,000 or more per year growing by 66%.
Worcester is COST COMPETITIVE.
Worcester’s real estate, workforce, and living costs are less than Boston on average.
Worcester is ACCESSIBLE.
Worcester is conveniently located in the center of the state and is easily accessible from all directions by car, air, or train. Boston, Hartford and Providence are within a one-hour drive, and Manchester, NH within one hour and fifteen minutes. Worcester has its own airport, but is also approximately an hour from four major regional airports – Logan International Airport in Boston, TF Green Airport in Providence, Manchester-Boston Regional Airport, and Bradley Airport in Hartford.
Worcester’s Workforce is YOUNG and EDUCATED.
In 2010, nearly 25% of Worcester’s workforce was age 15 to 24, 84% of the workforce had greater than a high school education, and 30% had a bachelor’s degree or higher. A large volume of young workers will enter the workforce over the coming decade. To ensure a skilled and trained workforce, the Chamber has partnered with other organizations to provide leadership training, promote skills training in the manufacturing fields, and entrepreneurship in emerging industries.
Worcester’s INNOVATION ECONOMY is THRIVING.
Between 2000 and 2010, Worcester County’s manufacturing sector was 2.4 times stronger than that of Suffolk County. During this same period, scientific research and development grew employment by nearly a third and computer systems design and related services, which includes digital game development, grew by almost half.
Three distinct growth sectors presenting significant opportunity for job creation and private investment across the Greater Worcester Region.
Manufacturing in Worcester was the strongest sector in comparison to Boston. Across Worcester County, 31,279 people were employed in manufacturing in 2010, and nearly 10,000 people were employed in manufacturing in the City of Worcester. The average annual wage across the sector in Worcester County was $55,879 in 2010. Manufacturing is poised for significant growth statewide and the Greater Worcester Region is uniquely positioned to realize significant industry growth.
Education and Healthcare
Education and healthcare grew by more than a third between 2000 and 2010 in the City of Worcester and by 2010 represented the single largest employment base in the City with 28,956 employees and in Worcester County with 71,277 people. Worcester County has experienced astronomical growth in this sector over the last decade and projections suggest continued growth will take place.
Professional, Scientific and Technical
Between 2000 and 2010, the professional, scientific and technical sector grew by a third accounting for 3,498 new jobs in Worcester County. The two areas with the most growth are research and development and computer systems design, including video game design which grew by 40% and 46% respectively. This sector thrives on clusters, which exist and are growing in Worcester County thanks to the region’s unique resources such as MassDIGI – the Massachusetts Video Game Institute, UMass Medical School, the Massachusetts BioMedical Initiative – a thriving biotech incubator, and WPI at Gateway Park who hosts early stage science and engineering companies. Through continued collaboration, investment and focus on growing these existing clusters, it is expected that the sector will continue to expand.