Worcester Business Journal

wbjournal.com | December 23, 2024 | Worcester Business Journal 13 How did we do with 2024's bold predictions? 8 Two private schools in Central Massachusetts will close. Although bold, this seems like a safe prediction a year ago, as private school attendance figures have been stagnant and schools were adjusting their business models. Yet, all the private schools open at the end of 2023 were still open at the end of 2024. Oh boy. We couldn't have been more wrong about this one. Not only did commissioners make an offer to David Lakeman, a former CCC official who runs a similar agency in Illinois, but a WBJ investigation found Hilton-Creek was a major contributor to a toxic work culture at the CCC impeding the growth of the entire industry. Lakeman turned down the offer, so technically Hilton-Creek still could get the job, but a legislative overhaul of the agency is much more likely. The Massachusetts Cannabis Control Commission will make Debbie Hilton-Creek the permanent executive director. Life sciences companies will lay off a collective 500 employees in Central Massachusetts. The industry is still right-sizing itself after its rapid expansion in the wake of COVID-19, and a few companies laid off dozens of employees: Marlborough-based Sumitomo Pharma America laid off 53, and Marlborough-based Hologic is closing a plant in Connecticut, resulting in 86 layoffs. Yet, large-scale layoffs never happened at Central Massachusetts life sciences firms. The improvements at Worcester's Union Station will lead to an increase in Commuter Rail ridership. Through November, boardings at Union Station were estimated at 478,000 for 2024, up from 441,000 over the same period in 2023, according to the Massachusetts Bay Transportation Authority. The new leader of the City of Worcester's Executive Office of Diversity, Equity & Inclusion will have a moderate level of success. This could turn out to be true, but it will take more time, since the City of Worcester took longer than expected to find the right person. Kevin Lovaincy from Quinsigamond Community College started in the remade role of chief equity officer at the end of October. Lovaincy was already hit with his first major crisis: helping the City respond to a scathing U.S. Department of Justice report about alleged wrongdoings of the Worcester Police Department. The Amazon facility at the former site of the Greendale Mall in Worcester will remain unused. Amazon decided to activate this facility ahead of the busy holiday shopping season, officially opening the new location on Oct. 16. Attendance at Worcester Red Sox home games will drop noticeably. WooSox paid home attendance did dip slightly in 2024, but it wasn't a noticeable drop. Of course, paid attendance is a much different metric than the number of people who actually show up to games. Anyone watching the games at Polar Park or on NESN can tell the crowds are much thinner compared to the team's first three seasons. The legal marijuana industry remains highly competitive, with a significant number of businesses and dropping prices. While a handful of small cannabis businesses did close, no major chain called it quits in this region. One major cannabis chain pulls out of the Central Massachusetts market. As interest rates come down, the number of single-family home sales in Central Massachusetts will grow. The impact of lower interest rates wasn't felt until the second half of the year, but it was enough to reverse the trend of falling sales. Through November, 2024 single-family home sales were up 0.1% in Worcester County and 4.2% in Middlesex County, according to Peabody-based real estate data provider The Warren Group. 8 Following its bankruptcy, Heywood Healthcare will merge with UMass Memorial Health. Although both sides, particularly UMass Memorial, discussed this as a possibility as Heywood struggled financially, the Gardner-based health system righted its ship through bankruptcy and remains an independent health system. Elsewhere, UMass Memorial did merge with Milford Regional Medical Center. Our prediction... ...and what actually happened In December 2023, the WBJ Editorial staff made 10 bold predictions for news events to happen in Central Massachusetts throughout the year. Turns out, we missed the mark on all but two. 8 4 = Got it Right = Got it Wrong 8 8 8 8 4 8 ECONOMIC FORECAST 2025 8 4

• Cover