Worcester Business Journal

6 Worcester Business Journal | Fact Book 2018 | wbjournal.com G r e a t e r W o r c e s t e r R E G I O N S Community Avg. net worth Household average net worth Paxton $1,808,037 Holden $1,708,675 West Boylston $1,594,144 Hardwick $1,578,184 Shrewsbury $1,539,446 Boylston $1,527,208 New Braintree $1,367,833 Oakham $1,340,407 Rutland $1,232,181 Auburn $1,180,331 Leicester $945,950 Worcester $368,579 Sources: Esri's Updated Demographics, 2018 estimates, Esri Tapestry Segmentation, www.esri.com Continued from Page 4 Community Minutes Average commute Worcester 23.9 West Boylston 26 Holden 28.1 Paxton 28.1 Auburn 28.2 Shrewsbury 28.5 Boylston 29.1 Leicester 29.2 Hardwick 33.1 Rutland 34.4 Oakham 35.2 New Braintree 41.6 Sources: U.S. Census Bureau 2012-2016 American Community Survey W Tax rate per Community $1,000 in assessed value Property tax rates Shrewsbury 12.66 Oakham 15.20 Leicester 16.09 Boylston 16.73 Hardwick 16.74 New Braintree 17.56 Holden 17.61 Rutland 18.13 West Boylston 18.72 Paxton 20.43 Auburn* 24.18 Worcester** 34.03 *Residential tax rate is 18.44 **Residential tax rate is 18.91 Source: Mass. Department of Revenue "One of the things we are lucky about, the foundation of our industry is universities, colleges and hospitals," McGourthy said. Still, he said, since it's inevitable economic growth will eventually falter, bringing tougher times to the local area, it's important to ensure compa- nies have enough cash on hand and investments in economic development move forward while growth is strong. "You get the steel in the ground, you get projects moving forward so things are funded and ready to go," he said. More than just a city One challenge the city does have is competing with rural and suburban areas for businesses, McGourthy said, but it's important to see the city as just one part of the larger region. So, as a few companies have moved from Worcester to surrounding towns, they continue to contribute to the Greater Worcester economy. "The jobs that have moved have stayed local," he said. "People don't need to relocate. It just changes their commute." To Sharon Taubert of Busy Bee Nursery & Landscaping Construction in Holden, who's the president of the $30B 2013 $25B $20B $23.34B $27.32B 2014 2015 2016 2017 2018 Combined total property value Source: Mass. Department of Revenue Wachusett Area Chamber of Commerce, it's clear the fates of the region's communities are tied together. Her company does business across Worcester County in addition to draw- ing customers to Holden. "The climate is really good," she said. "There's lots of energy in Worcester." Right now, Taubert said, the biggest problem she runs into is hiring people for what can be demanding outdoor work in an environment of low unem- ployment. But for the most part, she said, the relative strength of the econ- omy is good for all local businesses, including hers. "Obviously, when the whole country is healthy it reflects in everybody's business," she said. "When the econo- my's tight, even if it's not bad in this area, it can reflect on us because people get nervous and don't spend as much." But Taubert said she's confident the local economy will hold up regardless of whatever storms may come. "We're not as affected as some of the other places," she said. "We are cushioned a little bit. It's a very well- educated and business-friendly envi- ronment." "Obviously, when the whole country is healthy it reflects in everybody's business. When the economy's tight, even if it's not bad in this area, it can reflect on us because people get nervous and don't spend as much." Sharon Taubert, president, Wachusett Area Chamber of Commerce

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