Worcester Business Journal

28 2022 Economic Forecast • Worcester Business Journal • www.wbjournal.com 202 Brigham St., Northborough, MA • 508-393-2444 For Tee Times: www.juniperhillgc.com Juniper Hill Golf Course Celebrating Over 85 Years of Golf • Friendly Atmosphere • Two well groomed, established courses • No membership fee • Excellent meeting facilities • 36 Challenging Holes • Top 10 Public Golf Course in Massachusetts • Golf Teaching Center Call us at 508-351-9500 Give the gift of golf Gift certificates for golf, lunch, lessons and equipment are available in the Pro Shop 508-393-2444 Outings & Functions 3 to 300 guests in a variety of settings H I G H E R E D U C AT I O N caused by the pandemic will to a degree accelerate the mergers and closures we have seen in New England over the past decade or more," Schall said. "We continue to keep a close watch on all our institutions with the vast majority remaining in good standing with the Commission's standards. Our institutions are remarkably resilient and have made the necessary adaptations required for them to continue to serve their students well." e Board of Higher Education has been working with Becker for months and helped ensure that all of its edu- cational programs have at least one transfer option to another school. It also established an informational website for the public on the closure. A state law gives the Board of Higher Education the ability to push for com- prehensive options for students when a college is closing. Under that power, the board is also reviewing Becker's budgets and transfer agreements. Higher education experts have warned in recent years that small colleges in particular may struggle to survive amid rising costs of educating students and a demographic trend in which fewer high school students are graduating in the Northeast. "Becker's demise is sad and foreshad- ows things to come in higher education for smaller schools," said Scott Latham, a business professor at UMass Low- ell who studies higher education. "If you look at the data on recessions, for example, most companies fail aer the recession, not during. Why? ey do everything to survive, but it comes at a cost of long-term viability. You will see more and more small colleges going belly up in the next few years." "Becker did everything they could, but ran out of tricks to survive," Latham added. "Collapse never happens during the crisis, it happens aer." WPI launches largest-ever fundraising campaign Worcester Polytechnic Institute launched a $500-million fundraising campaign -- the largest in the school's history -- of which it has raised $354 million, according to an October press release from WPI. e Beyond ese Towers campaign combines philanthropy and sponsored research to focus on affordability, access, and innovation, per the announcement. The campaign's goals include four areas: 1. Tomorrow's Leaders: $100 million. is initiative will offer scholarships and fund academic and student life programs, including a planned WPI Center for Well-being. 2. Globally Engaged University: $50 million. is program will support WPI's Global School. 3. World-changing Research: $100 million in addition to securing $150 million in sponsored research. ese monies will go toward research through funding graduate fellowships, endowed faculty chairs, and graduate programs. 4. Innovative and Inclusive Community: $100 million. is allotment will go toward programs to encourage entrepreneurial endeavors and create an inclusive community. Clark taking out $100M loan to expand campus and rework finances ree days aer announcing the acquisition of a seven-acre lot on Park Avenue, Clark University in Worcester announced on Nov. 3 it is working to secure $100 million in financing to fund facility upgrades and new projects. Along with supporting a number of projects, the $100-million financing will enable the school to refinance $56 million in debt, according to a letter from President David Fithian. Of the projects supported by this new funding, Clark said it plans to construct an academic building which will combine computer sciences, visual and performing arts, and media arts and game design. e building will offer collaborative space for all students and become home to Clark's Department of Computer Science and its new Becker School of Design & Technology. Worcester Polytechnic Institute Continued from previous page W PHOTO/GRANT WELKER

• Cover