Report: Life sciences to drive growth in Central Mass
Life sciences will drive growth in Central Mass
Central Massachusetts is seen as an emerging leader in manufacturing, life sciences and health care in a recent report released by Citizens Bank.
The bank’s report, which is aimed at companies considering where they should locate, points specifically to Worcester’s $39 billion in annual economic output, which ranks it in the nation’s top 75 metro areas based on the size of the local economy. It also points to lower office rents compared to Boston and Cambridge as a motivator for companies to set up shop in Worcester.
Stating that “Worcester is in the midst of an economic revival,” the report further highlights health care, where the industry’s presence is 72 percent higher than the national average, and manufacturing, which it says is 27 percent higher.
But it points to life sciences as the driving force for future growth in the region.
“Life sciences research and innovation will build on the region’s strong health care base and enable new growth across Central and Western Massachusetts,” the report concluded.
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