Worcester Business Journal

wbjournal.com | November 9, 2020 | Worcester Business Journal 33 Regional Real Estate? Our World of Knowledge Can Bridge the Gap Between a Great Idea and a Grand Opening. Knowing the ins and outs of commercial real estate requires not only know-how but also knowing who. Our knowledge of local and regional markets allows us to assist you with the how and the why, the when and where, always with an eye on the time, regardless of the size of your project. Because when you have all of the right information, you're assured of making an enlightened decision. Call Mark Donahue 508.459.8029 or Todd Brodeur 508.459.8038. Real Knowledge in Real Estate COMMERCIAL REAL ESTATE | SPECIAL PERMITS SITE PLAN APPROVAL | MEPA FletcherTilton.com W O R C E S T E R | F R A M I N G H A M | B O S T O N | C A P E C O D Burns Bridge in Shrewsbury, MA. Photo by Jerry Callaghan C O L L E G E E N R O L L M E N T F A C T B O O K – which ones specifically aren't being disclosed – are at risk of falling below a threshold this school year for having enough cash on hand for six months of operations expenses. Still, each is relatively financially healthy thanks to budget cuts, said Haven Ladd, a managing director at EY-Parthenon. Framingham State has been able to avoid layoffs but has a $1-million structural deficit it plans to close through attrition, Cevallos said. At Worcester State, President Barry Maloney said he expects budgetary challenges related to the pandemic to last at least through the fall 2021 semester. at's spurred his administration to more closely scrutinize oversight of operations during the pandemic, he said. Maloney pointed to one positive change that came from the pandemic: a forced quick change toward more extensive use of technology in classrooms, a process that otherwise could have taken years. "at's something we all need to be mindful of," Maloney said. At the state's 15 community colleges, the picture is similarly challenging. ose campuses have instituted a total of $20 million in cost savings to partially offset an expected loss of state aid of nearly $30 million and a revenue loss of $5 million. Between those campuses – whose budgets total more than $700 million – a budget gap of more than $6 million remains. Mount Wachusett has avoided layoffs in part thanks to a larger financial reserve, Vander Hooven said. e five public campuses in Central Massachusetts, not counting UMass Medical School in Worcester, received a combined $29 million in federal aid under the $2-trillion CARES Act, with much of it earmarked for student aid. Congress hasn't approved subsequent aid under other potential legislation. To Chris Gabrieli, the Board of Higher Education chairman, campuses appear to be working proactively enough to manage their budgets during such an unpredictable time. "Our campuses are, I think, are positioned as well as they can be, through the adjustments they've made and the approaches they're taking, to be fiscally solid through this year," Gabrieli said. Year-over-year employment growth in the education industry Worcester U.S. Year County employment employment 2009 3.22% 0.57% 2010 0.45% -0.23% 2011 0.22% -0.37% 2012 0.61% -0.13% 2013 3.80% 0.31% 2014 0.69% 0.65% 2015 0.45% 0.92% 2016 0.36% 0.87% 2017 0.56% 0.90% 2018 1.83% 0.91% 2019 1.53% 0.84% Source: U.S. Bureau of Labor Statistics Continued from page 31 W

• Cover