Marlborough hits 5-year-low commercial vacancy rate, 15-year-low unemployment rate
Marlborough, MASS. January 25, 2017 – More than 25 companies either expanded in or moved to Marlborough in 2016, together occupying over 295,000 SF of commercial space and adding upwards of 400 jobs to the city’s labor market.
The number of company moves and expansions represents a 100% increase over the previous year, when about a dozen businesses relocated to or grew in the city. As a result, Marlborough’s overall commercial vacancy rate fell for a fifth consecutive year, dropping 17% year over year, to land at 10% by the end of 2016. The city’s unemployment rate hit a 15-year low, plummeting 43% since December 2015 alone, to end at 2.1% in November 2016.
These and other economic indicators were released in the Marlborough Economic Development Corporation (MEDC) 2016 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 to bring new companies to Marlborough, supporting the growth of local businesses, facilitating large and small developments and building the city’s image regionally and nationally in 2016.
“Many people in Marlborough aren’t aware of what the MEDC does, but everyone in the city is impacted by our work, and we take that responsibility very seriously,” said MEDC Executive Director Meredith Harris. “When we help to bring in a new company or development to Marlborough, our residents get more employment opportunities and our small businesses gain new customers. When we apply for and receive infrastructure grants, our streets get renovated and our property values increase. When we promote Marlborough, more companies choose to move here, more commercial tax dollars flow into the city’s coffers and the residential tax rates stabilize. Last year’s numbers clearly indicate that Marlborough’s economy and MEDC’s efforts are moving in the right direction, and for that we couldn’t be happier.”
The Annual Report also summarizes the MEDC’s goals for the year ahead, including making tangible plans for the redevelopment and reuse of the Walker Building, conducting a comprehensive transportation study to help identify and bring additional transportation options to Marlborough’s residents and employees, and studying ways to improve Route 20 East as well as other areas of the city.
“This year might be one of our busiest yet, as we move full steam ahead on a variety of important projects” Harris said. “We are proud to serve the Marlborough community and look forward to delivering more improvements and developments that will continue to make this city a wonderful place to live, work and play.”
During the annual meeting, the MEDC board elected and confirmed the following new members: Frank Collins – Chairman of the Marlborough Regional Chamber of Commerce, Diane C. Mohieldin-Schwartz – Chief Operating Officer at MHQ, and Tom Clay – Chief Executive Officer of Xtalic.
The following board members are returning to serve the MEDC for another term: Andrea Pion, Anthony Kotarski, Arthur G. Vigeant, Brian Bouvier, Chris Berglund, David J. Walton, David K. McCay, Doug Kehlhem, Ellen Carlucci, Greg Mitrakas, Esq., Joe Delano, Joe Santos, Kevin Malloy, Lauren Baker, Michael Murphy, Richard Grady, Richard Tomanek, Robert McCabe, Sheila Hennessy, Walter Bonin , Wes Tuttle, and William M. Pezzoni.
View or download the full MEDC 2016 Annual Report online at http://marlboroughedc.com/about-medc/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. For a complete overview of MEDC, visit www.MarlboroughEDC.com.