Worcester economy expands in first quarter of 2016
The economy of the Worcester area showed growth in the first quarter of 2016.
The economy of the Worcester area showed growth in the first quarter of 2016, according to the Worcester Economic Index (WEI).
The Index, a quarterly economic analysis created by Assumption College Professor Thomas White, found that the Worcester economy experienced stronger growth, 1.8 percent on the index, in the first quarter after a sluggish fourth quarter of 2015. The WEI is expected to continue to grow at a modest rate in the near future at about 1.8 percent over the next six months. The index is based on Bureau of Labor Statistics data on employment and unemployment for the Worcester metropolitan area.
Providing positive indicators for the area’s growth are Massachusetts initial unemployment claims, which are down while the number of new business incorporations in the Worcester area have risen year-over-year by 27 percent, according to White. However, online help-wanted advertisements are down over 21 percent compared to the first quarter of 2015.
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