New England Continues To See Economic Improvement

As part of its rebounding economy, the New England region has seen its unemployment rate reach its lowest point since 2000.

By Kari Williams
From the January/February 2024 Issue

The New England region has seen economic improvements ranging from employment to salaries, according to data from the Federal Reserve Bank of Boston.

The Federal Reserve Bank of Boston’s “New England Economic Conditions through November 28, 2023” report also found that employment growth had slowed over the past year, but the area’s unemployment rate also reached its lowest level since 2000, falling below 3% in October 2023.

The New England region was represented across industries in the 2023 Business Facilities Annual Metro Rankings. Boston ranked No. 2 for smart cities and is in the Top 10 for corporate headquarters, which includes Reebok, Converse, and GE.

The Boston/Cambridge area came in at No. 4 for life sciences growth. New London, CT ranked in the Top 10 for small manufacturing hubs, while Hartford, CT was in the Top 10 for tech leaders with a labor pool under 50,000.

New England
Montpelier, Vermont (Photo: Adobe Stock/Sean Pavone Photo)

 

The New England region also was represented last year when the Biden Administration announced 31 Tech Hubs across the country:

  • Safe and effective autonomous systems: Ocean Tech Hub—ocean robotics, sensors, and materials: Rhode Island, Massachusetts.
  • Advancing biotechnology: Drugs and devices: ReGen Valley Tech Hub—organ and tissue biofabrication: New Hampshire.
  • Growing the future of materials manufacturing: Forest Bioproducts Advanced Manufacturing Tech Hub—sustainable wood biomass polymers: Maine.

Marlborough, Massachusetts: Strategic Location, Business Friendly

When looking to invest, grow, or move a business, look to Marlborough, MA. With an extensive list of top-tier companies, and a successful record of being business friendly, the City of Marlborough is a leader in economic development planning, policies, and accomplishments in both the Metro-West region and the Commonwealth of Massachusetts.

Marlborough has everything a business needs for success: a robust utility infrastructure, diverse hospitality and dining options, and easy access to major roads and highways. Site readiness makes it easy for businesses of all sizes across industries to flourish.

The city has more than 100 restaurants and the largest number of hotel rooms outside of greater Boston. It also touts easy access to a variety of passive and active recreation opportunities, including a newly constructed floating boardwalk and miles of connected hiking and walking trails.

New England
Marlborough, MA is a business-friendly community, with the city council, mayor’s office, and Marlborough Economic Development Corporation collaborating to prioritize business needs. (Photo: Courtesy Marlborough Economic Development Corporation)

 

Located at the crossroads of three major highways—with access to regional, state, and local transportation systems, as well as several higher education institutions—employers can attract talent from throughout New England and have direct access to a skilled workforce pipeline.

To help cover the last mile gap, the City of Marlborough offers a complimentary commuter shuttle for employees and residents, providing a direct link between commercial campuses and the local Commuter Rail station.

This allows employers to attract talent from both the Greater Boston and Worcester hubs.

The Marlborough Economic Development Corporation (MEDC) provides a business retention and expansion program to help businesses grow and thrive. MEDC offers expedited permitting, school-to-business opportunities, a range of grant programs, and a community loan fund geared toward aiding small and local businesses looking to locate or grow in Marlborough.

The combination of business-friendly programs, tax incentives, an optimal location, access to talent, and an abundance of amenities to help attract and retain employees make the City of Marlborough the ideal destination for all business endeavors.

MEDC works to create strong partnerships between businesses and the City of Marlborough, acting as a business liaison, encouraging economic growth and prosperity in the area. With tax incentive programs in place, the city supports businesses looking to move into, or improve, existing and new properties.

Marlborough is known to be a business-friendly community, with the city council, mayor’s office, and MEDC collaborating to prioritize business needs. As a result, Marlborough is home to a multitude of well-known companies, including a large collection of life sciences, advanced manufacturing, high-tech, and GMP facilities.

These industries, among others, have experienced significant growth over the years in Marlborough, helping maintain the city’s ranking by MassBio as a Platinum Level Bio-Ready community. Cytiva, Quest Diagnostics, ReWalk Robotics, Sartorius, Boston Scientific, Hoogic, Aspen Aerogels, BJ’s Wholesale Club, Raytheon, Resilience Bio, and, most recently, Moderna, are among the most notable companies that have set up shop in Marlborough, while many continue to choose Marlborough and expand.

The combination of business-friendly programs, tax incentives, an optimal location, access to talent, and an abundance of amenities to help attract and retain employees make the City of Marlborough the ideal destination for all business endeavors.

For more information, visit marlboroughedc.com.

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