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A Worcester Business Journal investigation shows a broad range of practices in how communities use — or don't — tax breaks for development.
LakePharma company was going to bring 150 jobs to Worcester, but a Chinese competitor took its place after the company decided it couldn't wait any longer and moved to Hopkinton.
Looking solely at the numbers, Worcester's deal to bring the Pawtucket Red Sox to town ain't a good deal. Depending on how we define economic benefit, it may turn out to be a bad deal.
When international healthcare company Optum bought Reliant Medical Group for $28 million on March 31, the Worcester physician group's foundation was spun out as an independent entity.
Despite facing what may be an insurmountable uphill battle, the developer behind a planned $100-million marijuana growing facility in Charlton plans to continue pushing forward with the project.
Cutting back on costs can equal real money in the coffers and contribute to a more-positive bottom line.
The Telegram now joins MassLive as the two main local mass media organizations who now regularly say Worcester is in a renaissance as a statement of fact, without any real evidence supporting the claim.
Let's face it, a small town of 13,000 is going to be hard pressed to handle a request to build a $100-million, 1-million-square-foot marijuana cultivation facility.
You have just learned that your counterparty has filed for bankruptcy. Be aware that deadlines in bankruptcy move quickly, and creditors who sit on their rights may lose them.
In an effort to increase the pace of new housing development in Massachusetts, Gov. Maura Healey has proposed streamlining the environmental review process for certain new housing projects, with the goal of reducing the time spent on the process from about one year to 30 days. Environmental reviews are a hallmark of community planning, to ensure new development doesn't negatively impact surrounding properties or natural resources, even though the process does add significant time and often cost to projects. Healey's proposal comes after Massachusetts fell behind the national average in new housing production, despite adding 90,000 new units since she became governor in 2023.
New England already averages the longest timeline in the nation to build a single-family home once the developer has been giving the authorization to move forward with construction, according to U.S. Census statistics compiled by the National Association of Home Builders. In 2023, single-family homes in New England averaged 13.9 months from permit to completion. The South Atlantic states have the lowest average of 8.9 months while the region that includes Texas, Oklahoma, Arkansas, and Louisiana is the second quickest at 9.4 months. The second-longest average after New England is the New York, New Jersey, and Pennsylvania region, which takes 13.2 months.
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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