Worcester Business Journal

www.wbjournal.com August 15, 2016 • Worcester Business Journal 15 DON'T MISS THE PARTY OF THE YEAR! Pre-registration required www.wbjournal.com/40underforty MECHANICS HALL, WORCESTER 5:00 pm - Awards Ceremony Cocktail reception & networking to follow. Cost: $55 SEPTEMBER 14, 2016 2016 Honorees will be announced in the August 29 edition! Please join the Worcester Business Journal and our sponsors as we celebrate the class of 2016! REGISTER TODAY! Presenting Sponsors 15th ANNIVERSARY 15th ANNIVERSARY 2016 >> H I G H E R E D U C AT I O N pursue further opportunities in the field of academia. When doing his research for WEI, White found that no two cities were alike. He compared statistical data and unemployment rates in Worcester to other cities such as San Diego, Jacksonville, Saint Cloud and Wichita. It's important to make a quarterly composition because economic infor- mation changes on a weekly basis, making weekly reports contradictory, he said. White is the only contributor to the WEI and collects the data for his indi- cators primarily from government cen- sus agencies, such as the U.S. Bureau of Labor Statistics. The collected informa- tion in the WEI includes employment and unemployment rates as well as trends in the local job market, he said. Assumption College provides a bud- get for data and support, White said. Regional importance Worcester is often ignored next to Boston, Keeley said, which makes White's work especially significant to attract attention from the right people to the region. "This contribution is especially important for the economic well-being of our region and attracting new inves- tors," Keeley said. The Worcester chamber hired a team to analyze labor data three years ago, Murray said, showing Worcester is a diverse economy where "we may not see the highs of the economy, but we also don't see the lows." WEI is a huge plus and gives an extra level of analysis, which helps to bench- mark where the city is at and what boards are challenged, said Murray. Economic analysis White said Massachusetts as a whole, similarly to the rest of the country, is more service-oriented versus manu- facturing-directed. Both White and Murray said the data from the WEI, among other sources, indicates that the healthcare industry in particular is growing and creating access to more jobs in Central Massachusetts. "Professor White is a highly-regarded faculty member at Assumption College. He is respected by his faculty colleagues who admire him for his exemplary research, engaged teaching and consis- tent service, but also for the reasonable- ness and fair-mindedness of his judg- ments," Keeley said. The WEI is free for anyone to use and is accessible through the Assumption College website's economic indicator page. The files are available in PDF form and will possibly eventually be available in the form of a newsletter to be sent via email, White said. Consumers are able access archives of WEI through Assumption College's website. These reports feature past fig- ures on economic development as well as maps of business incorporations, which show markers in regions of growth. n Worcester economy grows; adds healthcare, construction jobs BY SAM BONACCI Worcester Business Journal Digital Editor T he Worcester economy has bounced back to a sluggish end to 2015 with a second strong quarter, with the area adding jobs and the unemployment rate dropping to 4.5 percent, according to the Worcester Economic Index. The quarterly economic analysis by Assumption College Professor Thomas White released on Aug. 2 found both payroll employment and household employment have increased while the local unemployment rate has fallen. Using U.S. Bureau of Labor Statistics data, employment rose by more than 1,400 employees since March. The unemployment rate fell to a seasonally-adjusted rate of 4.5 percent in June, down from 4.8 percent in March. Among the jobs added since last June, the healthcare industry contributed the most with 2,000 new jobs. However, the construction sector grew by the highest percent, adding 900 jobs for 8.7-percent growth. However, it was not all good news, with Massachusetts initial unemployment claims having increased 7.2 percent, while online help- wanted advertisements continue to dip, down 25.8 percent from this time last year, according to White. However, the professor is bullish on the Worcester economy, expecting 2-percent growth through the end of the year, noting new business incorporations within the Worcester area are up 15.1 percent in the quarter. n

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