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Q: What drives Worcester, Mass's economy? ( Answered 5 out of 5 stars,   1 Comment )
Question  
Subject: What drives Worcester, Mass's economy?
Category: Business and Money
Asked by: shikibobo-ga
List Price: $20.00
Posted: 20 Oct 2004 09:39 PDT
Expires: 19 Nov 2004 08:39 PST
Question ID: 417584
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Answer  
Subject: Re: What drives Worcester, Mass's economy?
Answered By: googlenut-ga on 20 Oct 2004 21:42 PDT
Rated:5 out of 5 stars
 
Hello shikibobo-ga,

Education and health services are the primary economic drivers of the
Worcester region.  Other significant sectors are manufacturing, retail
and biotechnology.  The largest employers in the region are EMC
Corporation, UMASS Memorial HealthCare and UMASS Medical School.


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The Greater Worcester Area 
Comprehensive Economic Development Strategy
2004 Annual Report
The Worcester Regional Chamber of Commerce
http://www.worcesterchamber.org/pdfs/2004CEDSReport.pdf
?Educational Facilities and Other Institutions

One of the Region?s economic strengths is its abundance of
undergraduate and graduate institutions. Not only is this sector a
major employer, but also the large number of graduating students each
year helps to fill employers? needs for a skilled and educated
workforce.

Worcester County colleges are reported to have a $2.6 billion effect
on the Worcester area economy. A report entitled ?Discover the
Intellectual Capital of Central Massachusetts? highlights the
colleges? roles in developing a well-trained work force as well as
providing faculty experts, economic partnerships, community programs
and cultural opportunities for the region. The total enrollment of the
area?s 16 schools is 36,168 students, and the schools employ 10,740
people. Due to the ripple effect of campus spending, an additional
10,920 jobs are created that support the educational mission of the
schools. The total budget of all the colleges is equal to $850.6
million. Students spent $259 million off-campus on goods and services,
and guests of the students spent $50 million. The colleges contribute
over 7,000 graduates per year to the Worcester County area.?
(page 37)

---

?- Southern Worcester WIA total employment decreased 5,399 from
243,184 in 2001 to 237,785 in 2003.
- The Manufacturing sector experienced the largest decrease, from
35,358 in 2001 to 30,061 in 2003, a loss of 5,297.
- In 2003, other major sectors and their employment totals included
Education and Health Services (62,837), Trade, Transportation and
Utilities (47,663), Leisure and Hospitality (20,759) and Construction
(11,052).
- Among individual employment categories, Educational Services and
Accommodation and Food Services increased 1,637 and 1,245
respectively.
- The larger employment losers included Professional and Business
Services (-1,601), Health Care and Social Assistance (-761), Retail
Trade (-735) and
Information (-481).?
(page 97)




For Employment by Sector data see pages 51 and 52.  The Education and
Health Services sector has the largest employment with a 2003 average
monthly employment of 62,837, consisting of 25,282 in Educational
Services and 37,555 in Health Care and Social Assistance. The Trade,
Transportation and Utilities sector follows with employment of 47,662
made up largely of retail trade. The next largest sector is
Manufacturing with employment of 30,061.


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Worcester Region 2004 Top 100 Employers
The Worcester Regional Chamber of Commerce
http://www.worcesterchamber.org/pdfs/100_Largest.pdf
1. EMC Corporation 7200
2. UMASS Memorial HealthCare 7195
3. UMASS Medical School 6040
4. *Bertucci?s Corp. 5000
5. Fallon Community Health Plan 4626
6. Waters Corp. 3600
7. Worcester Public Schools 3458
8. Allmerica Financial/ The Hanover Insurance Company 2305
9. St. Vincent Healthcare System 2097
10. Saint-Gobain Abrasives, Inc 1884.
11. The Commerce Group, Inc. 1874
12. Fallon Clinic 1826
13. City of Worcester 1805
14. PFPC, Inc. 1800
15. Milford-Whitinsville Regional Hospital 1500
16. T.J. Maxx 1200
17. College of the Holy Cross 1117
18. Worcester State College 1018
19. UnumProvident Corp. 975
20. *Clark Consulting 966


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Worcester Executive Office of Economic Development
Advanced Manufacturing
http://www.worcestermass.org/business/manufacturing.html
?Worcester, in the heart of the New England, is also the center of
over $76 billion dollars of manufacturing business. In an effort to
remain competitive in today's environment, manufacturers are rapidly
moving to outsourcing and Worcester is perfectly situated to
accommodate the growing movement.

Worcester, the hub of industrial activity for over 200 years, offers a
central New England location with 26,000 manufacturing firms that can
supply and assemble virtually any product. The diversity of the
Worcester manufacturing base and the area infrastructure creates one
of the best just-in-time manufacturing locations in the country.?




Worcester Executive Office of Economic Development
Biotech
http://www.worcestermass.org/business/biotech.html
?Biotech building
Worcester is playing a key role in a new industrial revolution ? the
biomedical revolution. The Massachusetts Biotechnology Research Park
stakes claim to the caption "The Center of Excellence in
Biotechnology." The Research Park was created to support the growth
and expansion of biotechnology and medical device companies throughout
the region. The Park's occupants range from a world headquarters of
internationally known industry leaders to promising young companies
just emerging, each attracted to the continuous support and proven
commitment of Worcester as New England's other Medical Capital. Abbott
Bioresearch Center, ViaCell, Athena Diagnotics, Hypnion and Advanced
Cell Technology are among the firms represented in Worcester's
biotechnology, pharmaceuticals, and medical devices industry.

--- 

?Worcester Has the Credentials
- Three leading health science institutions - Massachusetts College of
Pharmacy and Health Sciences, The University of Massachusetts Medical
School, and Tufts University School of Veterinary Medicine.
- Fifteen colleges and universities in the area make Worcester the
intellectual capital of North America, with more students per capita
than any other major city. The Colleges of Worcester Consortium
includes one of the top national universities offering strong
bioengineering programs.
- A center of state-of-the-art health care and medical research
services, UMass Memorial Health Care is the largest not-for-profit
health care system in Central New England with 1,700 physicians and
over 10,000 employees in their network of care. Worcester Medical
Center is a $215 million complex that blends 24 acres of advanced
medical technology with Worcester's downtown landscape.
- The University of Massachusetts Medical School is one of the
fastest-growing academic health centers in the country, attracting
more than $92 million in research funding annually.?




Worcester Executive Office of Economic Development
Education
http://www.worcestermass.org/business/education.html
?Is it any wonder that Worcester is known as the Intellectual Capital 
of Central Massachusetts? With nine colleges and universities within
the City, and another half dozen in neighboring communities, Worcester
County boasts more than 36,000 students!

Employing more than 10,500 individuals, Worcester's higher education
industry and the vast educated labor pool it produces are among the
City's proudest assets. From the founding of the College of the Holy
Cross in 1843 to the most recently opened Massachusetts College of
Pharmacy and Health Sciences, Worcester offers students a wealth of
learning opportunities - including a first-rate teaching hospital, and
a top-notch veterinary, pharmacy and bioengineering school.

In addition to the positive and enriching influence such academia
offers to the Worcester community, a recent report by the Colleges of
Worcester Consortium estimated that students spent more than $250
million dollars off-campus, and visitors spent an additional $50
million dollars for a direct impact on the local economy of over $300
million dollars.?




Worcester Executive Office of Economic Development
Health Care Services
http://www.worcestermass.org/business/healthcare.html
?Advancing standards of health care, Worcester is a center of
state-of-the-art health care and medical research services. UMass
Memorial Health Care is the largest not-for-profit health care system
in Central Massachusetts with 1,700 physicians and over 10,000
employees.Worcester Medical Center is a $215 million complex that
blends 24 acres of advanced medical technology with Worcester's
downtown landscape. The University of Massachusetts Medical School is
one of the fastest growing academic health centers in the country,
attracting more than $92 million in research funding annually.?



=====================================================================



City Of Worcester, Massachusetts
http://www.ci.worcester.ma.us/
?Worcester (Massachusetts), city in central Massachusetts, seat of
Worcester County, on a series of hills overlooking the Blackstone
River. Lake Quinsigamond marks the eastern boundary of the city.
Worcester is the state's second-largest city after Boston and an
important manufacturing, insurance, and transportation center.

Since the late 1980s, biotechnological research has been important to
the city's economy. The Massachusetts Biotechnology Research Park
opened in 1987 and accommodates research facilities for numerous
companies. CenTech Park was later developed nearby specifically for
biotechnology-related manufacturing. The Worcester Foundation for
Experimental Biology (1944), a noted research center, is nearby.
Worcester is an inland port of entry for foreign commerce, and major
interstate highways and rail lines traverse the city. Air
transportation is through Worcester Regional Airport.

Worcester is noted for its fine educational and cultural facilities.
Among the institutions of higher education are Worcester State College
(1874), Worcester Polytechnic Institute (1865), Assumption College
(1904), Clark University (1887), the College of the Holy Cross (1843),
the University of Massachusetts Medical Center (1962), and Becker, QCC
and MCPHS.?


=====================================================================


Massachusetts Division of Career Services and the Division of
Unemployment Assistance
Worcester Data
http://lmi2.detma.org/lmi/lmi_town.asp?Area=000501



U.S. Department of Labor
Bureau of Labor Statistics  
Economy at a Glance
Worcester, MA
http://stats.bls.gov/eag/eag.ma_worcester.htm



Fedstats.gov
Worcester County, Massachusetts 
http://www.fedstats.gov/qf/states/25/25027.html



U.S. Census Bureau
2002 American Community Survey Profile    
Population and Housing Profile:  Worcester County, Massachusetts
http://www.census.gov/acs/www/Products/Profiles/Single/2002/ACS/Narrative/050/NP05000US25027.htm



=====================================================================


I hope this answer contains the information that you are looking for. 
Please let me know if you have any questions.

Googlenut




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shikibobo-ga rated this answer:5 out of 5 stars and gave an additional tip of: $20.00

Comments  
Subject: Re: What drives Worcester, Mass's economy?
From: googlenut-ga on 26 Oct 2004 10:31 PDT
 
Thank you for the generous tip!  As always, it has been good working with you.

Googlenut

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