Worcester Business Journal

14 Worcester Business Journal • August 15, 2016 www.wbjournal.com H I G H E R E D U C AT I O N << Assumption professor works to score Worcester economy Awards W o r ce s t e r B us i n e s s J o u r n a l 2016 B E S T O F B U S I N E S S W o r ce s t e r B us i n e s s J o u r n a l "The Worcester Economic Index helps us to have a fact-based analysis of what's going on with the economy. We don't have to play detective and there's no guesswork involved. Professor White and Assumption College deserve credit for this com- munity benefit," said Timothy Murray, president and CEO of the Worcester Regional Chamber of Commerce. The WEI didn't happen overnight, though. It wasn't until 2013 after White had looked at what economic indica- tors he wanted to include that the first report published. "It took a long time to gather data," said White, associate professor in the Department of Economic and Global Studies at Assumption. Now, every quarter for the WEI, White compiles figures like unemploy- ment rates per household, consumer expectations, interest rates, credit indexes, as well as local leading indica- tor changes in online help wanted advertisements, new business incorpo- rations and Massachusetts initial claims. What comes out of the WEI is meant to be a scorecard for the economy, A bout five years ago, a now former Assumption College provost leaned over to Professor Thomas White and suggested he create an index on the Worcester economy. More than a dozen quarterly reports later and White's Worcester Economic Index provides a valuable tool for busi- nesses and policymakers in the city and Central Massachusetts to consistently know which way the economy is headed. White said. The last quarter's report showed to the economy to be fairly strong, with a 2.9-percent annual rate, which was better than the previous six months (see sidebar). "His research is important for every- one who has a stake in the local econo- my. His research tells us where we've been, where we are now, but also where we're going as evidenced by leading indicators," said Louise Carroll Keeley, provost and vice president for academic affairs at Assumption. WEI beginnings White joined Assumption in 1994. Originally from Minneapolis, White taught in both New York and Springfield, Mass., before accepting a position at Assumption College to BY CAITLIN REIDY Special to the Worcester Business Journal Thomas White, associate professor in the Department of Economic and Global Studies at Assumption College, puts out the Worcester Economic Index quarterly to avoid weekly swings in the numbers. P H O T O / C A I T L I N R E I D Y

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