Worcester has a diversified economy and is a prominent New England center for manufacturing, trade, distribution, retail and services. Important industries include high-tech, biotechnology, manufacturing, insurance and healthcare. In addition, the city includes thriving industries such as electronics, fiber optics and advanced ceramics.
The higher education institutions are major employers. The workforce's educational level has also attracted companies in fields such as technology, health and professional services. In addition, the city includes over 5,000 firms.
The economic assistance and incentives program attract companies to Worcester and helps to keep existing businesses in the city. The Worcester Workforce Central One Stop Career Center, offers job seekers information about employment opportunities and training. The Workforce Training fund, provided by the Massachusetts Division of Employment and Training, offers resources to companies for training current and new employees. The Hiring Incentive Training Program offers incentives for companies hiring workers who have been out of work for more than a year.
Worcester's leading nonagricultural employment sectors are:
- Educational and health services
- Trade, transportation and utilities
- Leisure and hospitality
The largest employers in Worcester are shown below:
- EMC Corporation
- UMass Memorial Health Care
- UMass Medical School
- Fallon Community Health Plan
- Bertucci's Corporation
- Worcester Public Schools
- Waters Corp
- Allmerica Financial/The Hanover Insurance Company
- Advanced Cell Technology
- Abbot Laboratories
- Morgan Construction
- Wright Line
- Polar Beverages
- Hanover Insurance
- Paul Revere Life Insurance Company
- Harleysville Worcester Insurance Company
- David Clark Company
- Opus Investment Management, Inc
- Allegro Microsystems, Inc
- Citizens Corporation
Noteworthy data about Worcester, Massachusetts: In 2007 the estimated median household income in the city was $45,000. In 2008 the cost of living index was 122.2 which is higher than the nation's average of 100. Regarding the population over the age of 25, about 23% have achieved a bachelor's degree or higher.
Helpful organizations offering to work with local businesses include:
- Worcester Regional Chamber of Commerce
- Worcester Economic Development
- Massachusetts Economic Development Council
- MassEcon: Massachusetts Alliance for Economic Development
Telegram.com is a good resource for keeping up-to-date regarding Worcester business and industry news.