MEDC 2015 Annual Report showcases city’s expanding business community, job market
Marlborough, MASS. January 27, 2016 – Marlborough’s overall commercial vacancy rate fell for a fourth consecutive year. It dropped 65% since 2012, and 15% since last year, to land at 11.9% at the end of 2015. Over the same period, Marlborough added more than 5,000 new jobs, bringing the unemployment rate down by 35% to just 3.7% in December 2015. Last year, the city saw $4M in new growth, and commercial assessments increased by 8% year-over-year.
The figures were released in the Marlborough Economic Development Corporation (MEDC) 2015 Annual Report, distributed at the organization’s annual Board of Directors meeting held today at the Embassy Suites hotel.
The report outlines the various initiatives through which the organization has been helping bring new companies to Marlborough, supporting the growth of local businesses and building the city’s image regionally and nationally in 2015.
Among the highlights is the MEDC’s recently launched financial incentives program, the Economic Development Toolbox, which aims to support small businesses through gap financing, tax reimbursements and credits, rental assistance and beautification grants.
“When it comes to economic development, Marlborough has continued to surpass expectations,” said MEDC Executive Director Tim Cummings. “As the Boston Business Journal once put it, the city is seeing a beautiful commercial real estate revival, and I am proud to say that the MEDC is at the forefront of these developments. We are bringing in businesses and making it easier for the local players to grow, all of which is creating tremendous movement in the local real estate and job markets. Looking ahead, we will be focusing more of our attention on supporting the small businesses through our new Economic Development Toolbox and we certainly hope to see many business owners and entrepreneurs taking advantage of it.”
During the annual meeting, the MEDC board elected the following four new members: Joseph Delano – City of Marlborough, Robert Gustafson – Marlborough Regional Chamber of Commerce, Andrea Pion – DAVIS Companies, Sheila Hennessy – Solomon Pond Mall.
The following board members are returning to serve the MEDC for another term: Richard Tomanek, Arthur Bergeron, William Pezzoni, Arthur Vigeant, Dave Walton, Michael Murphy, Rick Grady, Robert McCabe, Walter Bonin, Kevin Malloy, Ellen Carlucci, Wes Tuttle, Chris Berglund, David McCay, Anthony Kotarski, Greg Mitrakas, Joe Santos, Molly Brodeur-Nesbitt, Brian Bouvier, Doug Kelhelm, Lauren Baker.
View or download the full MEDC 2015 Annual Report online at http://marlboroughedc.com/about-medc/medc-2015-annual-report/.
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The 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, visit www.MarlboroughEDC.com.