Worcester Business Journal

wbjournal.com | Book of Lists 2025 | Worcester Business Journal 3 T his year has been the year of upheaval: globally, nationally, locally. America is redefining its trade relationships with long- time allies and economic partners, which over time will reshape how goods and services are manufactured, transported, bought, and sold throughout the world. Federal funding for health and academic research is being significantly reduced, as is federal govern- ment support for higher education. Hospitals and other healthcare institutions, already deep into years-long financial and workforce cri- ses, are expected to take more hits in the coming years. Workers are being incentivized to take jobs overly reliant on tips and overtime. The many, many upheavals of 2025 will have expected and unexpect- ed consequences for the Central Massachusetts economy, both immedi- ately and over the long term. WBJ's annual Book of Lists exists as a snapshot amid all this upheaval, recording the industries, trends, companies, and people most important to the region's $52 billion in economic output in 2025. Look back at a Book of Lists from two decades ago, and you can see how the Central Massachusetts business community has evolved and shaped the world around it. Life sciences has taken a much bigger slice of the region's economic output, while paper mills' role is smaller, for example. Compared year-to-year, the Book of Lists doesn't change all that much; 42 of the 45 lists in this 2025 edition were in the 2024 edition, and most of the companies at the tops of the various lists this year were at or near the top last year. Yet, these small changes each year add up to decades of change in how the local economy operates. The new lists in the 2025 Book of Lists each highlight a different change in the region, or at least a change in per- ception. The top USDA farm commodity subsidy recipients list on page 15 shows how agriculture plays a role in the economies of some of Central Massachusetts' more outlying communities. Frankly, the importance of agriculture in this region predates the first Book of Lists by hundreds of years, but this industry is getting renewed attention. The highest-paid women executives list on page 75 showcases the vanguard of women leading the slow march toward gen- der pay equity. The largest family-owned businesses list on page 76 highlights the companies that helped anchor the Central Massachusetts economy for decades or, in some cases, centuries. As it is designed to do, I hope this Book of Lists edition hangs around your office, desk, lobby, or home workspace for the next year until the 2026 edition comes out. Then we'll see again how the Central Massachusetts economy has slowly changed again. One last note, regarding the cover image of this Book of Lists: Special thanks to the folks over at American Flatbread Worcester for letting us take some great photos of the newest candlepin bowling alley in Central Massachusetts. More than 140 years after the sport's founding in Worcester, candlepin returned to the city when American Flatbread opened in May inside The Cove development. Even as the Central Massachusetts economy evolves, this comeback shows what once was old can be new again. - Brad Kane, editor C O N T E N T S The changing world of 2025 BANKING & FINANCE ......................................... 9 Banks ........................................................10-11 Credit unions .............................................13-14 USDA farm commodity subsidies* .................... 15 Venture capital deals ....................................... 16 SBA lenders .................................................... 17 PROFESSIONAL SERVICES ............................... 19 Law firms ....................................................... 20 Insurance agencies ......................................... 22 Accounting firms. ........................................... .23 Ad, marketing & communications firms .......24-25 Clean energy companies ................................. 26 Chambers of commerce .................................. 27 IT services providers ....................................... 28 Co-working and makerspaces ......................... 29 Incubators ...................................................... 31 REAL ESTATE ................................................... 32 Commercial sales ........................................... 33 Commercial leases .......................................... 34 Architectural firms ........................................... 35 Commercial contractors .............................36-37 EDUCATION & NONPROFITS ............................ 38 Colleges and universities ................................. 39 Private high schools ........................................ 40 Vocational-technical high schools .................... 41 Human services nonprofits .............................. 42 Grant-making foundations & nonprofits ............ 43 Corporate foundations ..................................... 44 Arts and culture nonprofits .............................. 45 HEALTH CARE ................................................... 47 Hospitals ........................................................ 48 Health insurers................................................ 50 Physician groups ............................................. 51 MANUFACTURING............................................. 53 Manufacturers ...........................................54-55 Life sciences & biotech companies .............56-57 Breweries ....................................................... 58 Marijuana businesses ...................................... 59 HOSPITALITY .................................................... 61 Tourist attractions ...................................62 & 64 Hotels ............................................................. 65 Meeting venues ................................66, 68 & 69 Golf courses ..............................................70-71 GENERAL INTEREST ......................................... 72 Highest-paid CEOs .......................................... 73 Highest-paid nonprofit chief executives ............ 74 Highest-paid women executives* ..................... 75 Family-owned businesses* .............................. 76 Minority-owned businesses ............................. 77 Woman-owned businesses .............................. 78 Veteran-owned businesses .............................. 79 Employee-owned companies ........................... 80 Highest-paid state employees .......................... 81 INDEX OF PEOPLE AND COMPANIES ..........82-86 *New list created for first time in 2025. INDEXED BY INDUSTRY CATEGORY Worcester Business Journal (ISSN#1063-6595) is published bi-weekly, 24x per year, including 4 special issues in May, September, October, and December by New England Business Media. 172 Shrewsbury St., Worcester, MA 01604. Periodicals postage paid at Worcester, MA. Copyright 2025. All rights reserved. Postmaster: Please send address changes to: Worcester Business Journal, PO Box 330, Congers, NY 10920-9894. Subscriptions: Annual subscriptions are available for $84.00. For more information, please email circulation@wbjournal.com or contact our circulation department at 845-267-3008. Advertising: For advertising information, please call Mark Murray at 508-755-8004 ext. 227. Fax: 508-755-8860. Worcester Business Journal accepts no responsibility for unsolicited manuscripts or materials and in general does not return them to the sender. A division of: Editor, Brad Kane, bkane@wbjournal.com Managing Editor, Eric Casey, ecasey@wbjournal.com (real estate, manufacturing) Staff Writer Mica Kanner-Mascolo, mkannermascolo@ wbjournal.com (health care, diversity & inclusion) Contributors Sloane M. Perron, Giselle Rivera-Flores, Emily Micucci, Livia Gershon Photographers Matt Wright, Edd Cote, Christine Peterson Worcester Business Journal • 172 Shrewsbury Street • Worcester, MA 01604 • 508-755-8004 tel. • 508-755-8860 fax • www.wbjournal.com Worcester Business Journal WBJ Research Director, Stephanie Meagher, smeagher@nebusinessmedia.com Research Assistant, Heide Martin, hmartin@nebusinessmedia.com Production Director, Kira Beaudoin, kbeaudoin@wbjournal.com Art Director, Mitchell Hayes, mhayes@wbjournal.com General Manager Kris Prosser, kprosser@wbjournal.com Senior Accounts Manager Christine Juetten, cjuetten@wbjournal.com Accounts Manager Timothy Doyle tdoyle@wbjournal.com Human Resources Manager, Tracy Rodwill, trodwill@nebusinessmedia.com Director of Finance, Sara Ward, sward@nebusinessmedia.com Accounting Clerk, Rae Rogers, rrogers@nebusinessmedia.com Event Coordinator, Patty Harris, pattyh@wbjournal.com Director of Audience Development and Operations, Leah Allen, lallen@nebusinessmedia.com Business Office Assistant, Nicole Dunn, ndunn@nebusinessmedia.com Publisher, CEO, Peter Stanton pstanton@nebusinessmedia.com Associate Publisher, Mark Murray mmurray@wbjournal.com President, Tom Curtin tcurtin@hartfordbusinessjournal.com COVER PRICE: $25.00 On the cover: A candlepin bowling alley at the new American Flatbread Worcester location; Photo | Matt Wright

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