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Worcester Business Journal • www.wbjournal.com • 2 017 Economic Forecast 3 While I did not achieve my resolutions for 2016, they did serve as motivation for me to run 700 miles before June and finish with 1,000 by the end of the year. In that vein of forcing me to strive for something better, I consider my resolutions to be successful, or at least half-successful. In that same column last year, I laid out resolutions for vari- ous Central Massachusetts industries. Let's see how they did: • 2016 real estate resolution: Fill empty storefronts in Worcester and Framingham with businesses to create 24-hour destinations. Result: Success! Buzz-worthy busi- nesses – mostly restaurants – moved into the region's urban centers. • 2016 energy resolution: Install more energy infrastruc- ture like gas pipelines to cut down on high prices and fuel instability. Result: Half-success. Energy projects in the region were delayed by the usual regulatory and local snags, although the state did pass a new law trying to move away from fossil fuels. • 2016 healthcare resolution: Lower costs. Result: Half success. The rise in healthcare spending did drop from 4.4 percent to 3.9 percent, but that means costs still are increasing. • 2016 education resolution: Develop technology transfer programs to get more student and faculty research into the marketplace. Result: Success! The amount of patent activity out of schools like Worcester Polytechnic Institute more than doubled. • 2016 banking and finance resolution: Strengthen com- munity banks and credit unions. Result: Success! Continuing to fill the void left by big banks pulling out of smaller mar- kets, community banks and credit unions found increased influence, which also led to a rise in bank mergers. • 2016 manufacturing and technology resolution: Entice Boston-area startups to set up manufacturing shops in lower- cost Central Massachusetts. Result: Half success. The large flood of startups moving west still hasn't happened, but the region is setting the stage for it to happen this year with aggres - sive development plans in places like Worcester and Devens. While it seems last year's resolutions either led to successes or provided motivation toward admirable goals, let's see what next year should bring: • 2017 real estate resolution: Long-time downtown Worcester property owners should prevent the city from resorting to eminent domain by working with the govern- ment's plans for a revitalized urban core. • 2017 energy resolution: The state should formalize a solar tariff program to wean the industry off subsidies while still providing some stability, especially since it seems federal subsidies are going away. • 2017 healthcare resolution: The industry needs to take a giant leap forward in 2017 to move to the next generation payment model of keeping entire populations healthy. • 2017 education resolution: College needs to be made more affordable through fixed-price career tracts and enhanced articulation agreements. • 2017 banking and finance resolution: The coming higher interest rates will create higher margins, but financial institutions should remain aggressive in offering affordable financing. • 2017 manufacturing and technology resolution: Before the new presidential administration completes the complex work of redoing trade agreements, manufacturers need to get more money out of exports. Achieving resolutions creates a sense of empowerment and accomplishment, but the process of even setting a resolution at the start of the year means we see areas in ourselves where we can improve. Central Massachusetts has plenty to be optimistic about next year, but our business community should continually strive for something better. As for me, I remain committed to lowering my body mass index to the point where I can finally run that elusive sub-4 hour marathon. - Brad Kane, editor TABLE OF CONTENTS Economic Forecast survey ..................................5 10 predictions for 2017 ........................................9 A look back at our 2016 predictions ................... 10 Top organizations from 2016 WBJ lists .............. 11 Manufacturing & Technology .............................. 13 Energy ............................................................... 17 Real Estate ........................................................21 Health Care ........................................................25 Education ...........................................................29 Banking & Finance .............................................35 Using our resolutions as motivation Editor, Brad Kane, bkane@wbjournal.com Digital Editor, Sam Bonacci, sbonacci@wbjournal.com (Real estate, construction, retail) Staff Writers Laura Finaldi, lfinaldi@wbjournal.com (Manufacturing, energy, technology, higher education, finance, nonprofits) Emily Micucci, emiccuci@wbjournal.com (Health care) Contributors Susan Shalhoub Livia Gershon Research Director, Stephanie Meagher, smeagher@nebusinessmedia.com Research Assistant, Heide Martin, hmartin@nebusinessmedia.com Production Director, Kira Beaudoin, kbeaudoin@wbjournal.com Associate Art Director, Mitchell Hayes, mhayes@wbjournal.com Senior Accounts Manager Matt Majikas, mmajikas@wbjournal.com Custom Publishing Project Manager Christine Juetten, cjuetten@wbjournal.com Marketing & Events Manager Kris Prosser, kprosser@wbjournal.com COO, Mary Rogers, mrogers@nebusinessmedia.com Accounting Manager, Valerie Clark, vclark@nebusinessmedia.com Accounting Assistant, Rae Rogers, rrogers@nebusinessmedia.com Collections Manager, Raki Zwiebel, rzwiebel@nebusinessmedia.com Human Resources, Kim Vautour, kvautour@nebusinessmedia.com Publisher, CEO, Peter Stanton pstanton@nebusinessmedia.com Associate Publisher, Mark Murray mmurray@wbjournal.com President, Joseph Zwiebel jzwiebel@nebusinessmedia.com Worcester Business Journal (ISSN#1063-6595) is published bi-weeky, 24x per year, including 5 special issues in April, July, September, November and December, by New Engand Business Media. 172 Shrewsbury St., Worcester, MA 01604. Periodicals postage paid at Worcester, MA. Copyright 2015. 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 $54.95. For more information, please email wbjournal@ cambeywest.com or contact our circulation department at 845-267-3008. Fax: 845.267.3478 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. Worcester Business Journal 172 Shrewsbury Street, Worcester, MA 01604 508-755-8004 tel. • 508-755-8860 fax www.wbjournal.com A division of: Worcester Business Journal WBJ I n last year's Economic Forecast, I told you I planned to lose 15-20 pounds and run a marathon in 3 hours and 38 minutes, which would have been a personal best. Well, I lost 10 pounds before July but gained 15 of it back by December, while running a marathon in 4 hours and 42 minutes, making it my second worst in five races. W