Marlborough, MASS. May 21, 2015 – Over 50 of Marlborough’s most prominent officials, business leaders and commercial real estate brokers gathered at the Marlborough Economic Development Corporation’s (MEDC) annual Founders Reception to celebrate a year of unprecedented economic growth and an influx of job-creating businesses.
Mayor Arthur Vigeant, City Council President Trish Pope, and MEDC Chair Richard Tomanek spoke to guests, who gathered to learn about the MEDC’s and the city’s recent successes.
Over the past 12 months, some of the most technologically advanced international companies—GE Healthcare, Boston Scientific, Quest Diagnostics, SanDisk and, now, Hologic—found their place in Marlborough, with more than 20 others moving to or expanding in the city.
Mayor Vigeant delivered opening remarks, during which he announced that Marlborough would be recieving a $10,000 donation from Atlantic Management in David Gadbois name, a prominent attorney in Marlborough and the former City Solicitor.
Vigeant also discussed upcoming expansions in Marlborough, namely Hologic’s announcement of their relocation.
“Last week we were finally notified that Hologic is going to relocate its headquarters to Marlborough, bringing with them 150 jobs,” said Vigeant. “Marlborough is continuously creating new jobs and new opportunities for businesses.”
“Marlborough’s value as a biotech hub and a rapidly growing economic community has become very clear over the past year,” said MEDC Executive Director Tim Cummings. “The companies that are relocating to our city are not only pioneers in their fields, but are diversifying the range of industries here, providing hundreds of new jobs, and ultimately bring value to the area.”
Marlborough’s overall commercial vacancy rate dropped to approximately 14% and office vacancy fell to approximately 18%, amounting to nearly $2.5 million of new growth last year. Unemployment also fell by more than 20% year-over-year to just 4.0%—well below the state and national averages.
At the end of 2014, following the creation of a Downtown Study Committee and the involvement of nearly 200 officials and local residents, the Marlborough City Council approved MEDC’s downtown rezoning proposal, effectively creating the new 50-acre Marlborough Village mixed-use zoning district.
“Last year the city generated 65% more business permits than the previous year,” Tomanek said. “Tim [Cummings] and his team have done an amazing job and we continue to focus on big developments and successes.”
“MEDC plans to continue attracting developers to the city,” said Cummings, “and, hopefully, will soon be able to provide financial assistance to the smaller Marlborough businesses, while still working with the larger players.”
For high-resolution images of the event, go to: http://bit.ly/1HoKWhZ
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Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization and development. For a complete overview of MEDC, go to www.MarlboroughEDC.com.
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