495/MetroWest continues to drive economy
Since 1980, the 495/MetroWest region has undergone tremendous evolution, and has grown as an economic engine for the entire commonwealth by hosting some of the state’s top companies.
As a regional economic development public-private nonprofit, the 495/MetroWest Partnership periodically issues a report on the 35 communities we serve. Our most recent report is titled “Strengthening Numbers,” because it shows that our region’s direct and indirect economic importance continues to accelerate.
Most importantly, it shows that we have a $21.25 billion annual payroll, growing from $2.5 billion in 1980. In 2013 alone, our regional payroll grew by an unbelievable $2 billion, and we host 1 in every 11 jobs in the state. Over the last year, we can boast some diverse development successes, such as The Point in Littleton, with retail amenities to serve area employers and residents; Atlantic Management’s Marlborough Hills project, which hosts GE Healthcare’s Life Sciences hub with 500 employees, as well as Quest Diagnostics’ 1350-employee ‘lab of the future’ and one of their three diagnostic research and development centers.
Beyond developments, some of our cutting-edge employers are undergoing dramatic growth, such as SimpliVity in Westborough, which raised $175 million in March, is doubling its workforce to 800, and is valued at more than $1 billion two years after its first product launch.
This incredible growth has been fueled by our region’s competitive advantages, such as:
• Our highly skilled residents: Fifty-three percent have a college degree, twice the national average;
• Our location, poised between Boston, Worcester, New Hampshire and Providence, with easy access to interstate highways;
• Our diverse regional economy, featuring anchor employers in life sciences, manufacturing, information technology, health care, consumer products and other industries;
• Hosting corporate headquarters such as Bose, BJ’s Wholesale Club, Boston Scientific, EMC, Mathworks, Sunovion Pharmaceuticals, Staples, TJX, Waters and others;
• Hosting top facilities such as Genzyme Sanofi’s biggest employment center in Framingham; IBM’s second-largest software lab worldwide in Littleton; Cisco’s third largest facility in the U.S., and many others; and
• Municipal governments that understand the need to work collaboratively with employers and developers.
Also, thanks to our third annual regional employer survey with MetroWest495 Biz and Framingham State University, we now know that our regional employers are optimistic about their growth over the upcoming year. About 71 percent of the respondents feel the regional economy will continue to improve, and nearly 40 percent plan to hire over the coming year.
This optimism is an important message for our policymakers on the local, state and federal levels, as well as for other companies considering 495/MetroWest as a business location, so the Partnership is integrating these findings into our business development initiatives for the region. We’d like to thank our partners from MetroWest495 BIZ and Framingham State University, especially Professor Michael Harrison, the survey’s author, as well as our outreach partners – the Corridor Nine, Marlborough Regional, MetroWest, Milford Area, and United Chambers of Commerce – as well as all of you who took the time to participate.
Emphasis on transit
Beyond the optimism of the survey’s findings, respondents were very eloquent about the need for our transportation system – not only roads and bridges, but also transit, rail, and shuttle services – to be improved and expanded upon. This has always been a top priority of the Partnership, and we’re working with the Baker-Polito administration, MassDOT, the MBTA and the legislature to address these needs. Most recently, we worked with the administration and legislators to ensure that the I-495/90 interchange would continue to be included in the state’s capital budget and transportation plans, and to begin adjusting the commuter rail schedule to better meet commuters’ needs.
We look forward to continuing this work with the Baker/Polito administration and our legislators, since as one respondent said: “The to-and-from work commutes are prohibitive to all fields of business in our state.” n
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