Marlborough employment, property values hit pre-recession levels
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A mixed-use proposal for Main Street in Marlborough. Fast growth has caused city officials to temporarily stop special permits for new housing.
Key economic indicators in Marlborough, including employment and property values, have matched their pre-recession levels, according to an announcement this week from the Marlborough Economic Development Corp., the city's business development arm.
The number of households is up 12 percent since 2000, with two out of five such households having income above $100,000, according to findings from Boston economic planning and real estate consulting firm RKG Associates. The average home valuation has risen during that period by 81 percent, from $181,000 to $328,430, the firm found. About 1,500 new apartments have been built in that time and 700 new for-sale units, although RKG Associates said such growth has not had an effect on the city's public school enrollment, indicating that much of the growth has been in childless homes.
Looking ahead, RKG estimated that the city will add 619 households and 1,325 jobs by the year 2025.
The Marlborough Economic Development Corp. commissioned the housing study after the City Council passed a moratorium on new special permits for home construction amid concerns of growth taking place too quickly. The results were released at a public meeting Tuesday organized by the agency.
“It is clear to anyone looking at Marlborough today that the city has been undergoing substantial and positive changes that have been laying the foundation for steady economic growth,” Marlborough Economic Development Corporation Executive Director Meredith Harris said in a statement. “RKG’s preliminary findings certainly support that, and we are glad they were able to share them with and gather feedback from our community. We now look forward to receiving the full report and recommendations in the next couple of months.”
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