Massachusetts’ second city feels like it’s on the verge of major change. State and local leaders would do well to support that with investments and incentives to ensure equitable growth.
As Steve Adams details in this week’s issue of Banker & Tradesman, and as Diane McLaughlin described in our Jan. 17, 2022 issue, both lenders and businesspeople are in alignment: Worcester is entering a significant growth spurt.
New industries are growing in and near the Heart of the Commonwealth, principally biomanufacturing, that leverage the blockbuster changes going on in Greater Boston’s own economy. The Worcester Red Sox’ new stadium is catalyzing the development of a residential and entertainment district catering to many of these higher-paid workers. And all this money is keeping construction workers busy and fueling a growing restaurant scene.
But if this growth is to be sustained, political leaders have to make sure its benefits are spread around. Worcester is an incredibly diverse city; very nearly majority-minority, more than 1 in 5 worcesterites were born outside of the country according to the Census Bureau. It also contains significant pockets of need; 1 in 5 live below the poverty line and the median household income is $48,139, compared to $71,115 in Boston or $58,469 in Brockton.
Are construction firms both seeking out existing women- and minority-owned subcontractors and creating a pipeline to help new ones grow? Are public officials holding their feet to the fire to make sure this happens, and taking a hard look at their own spending to do the same?
Is Beacon Hill conscious that the city will need more investments in housing production – particularly affordable housing – in the coming years? And that the city’s bus network will need to improve?
Greater Boston, for better or for worse, has struggled through many of the problems created by rapid economic growth, and come up with several innovative solutions along the way. Let’s not let that experience go to waste.
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