Worcester Business Journal

www.wbjournal.com • Worcester Business Journal • 2 018 Economic Forecast 9 The Pawtucket Red Sox will not move to Worcester. Civic and business leaders want the Red Sox's top farm team to come to Central Massachusetts, but the historic pull of Pawtucket, a larger metro market and the Bay State's reluctance to pony up funding – along with Rhode Island's fear of losing a brand name – will keep the team where it's always been. } At least five recreational marijuana stores will open in Central Massachusetts. Nearly a dozen medical marijuana dispensaries are looking to open in the region, and one already is open in Leicester. Once those companies – in addition to new recreational retailers – are allowed to apply for recreational cannabis licenses in April, many, if not all of them, will start serving the recreational side of the business. A critical mass of restaurants and residents will finally arrive in Downtown Worcester. It's been on the horizon for years, and there's still much progress to make. But with several new restaurants, a hotel and dozens of residences slated to open, the city can show success in reality, and not just on a drawing board. The Worcester Business Development Corp. lands an anchor tenant for a new biotech complex. e agency had a step backwards in 2017 when an expected anchor tenant, LakePharma, decided against the site next to AbbVie and UMass Medical School. But with the UMass Medical Science Park full, demand for space will get the new biotech park off the ground. A large out-of-state healthcare company will move into Central Massachusetts. Health insurance policies are favorable in Massachusetts, attracting interest from providers across the healthcare spectrum. In addition, small providers are eager to find larger partners to provide needed capital to stay competitive. Amazon won't locate its HQ2 Central Mass., but large companies are paying attention. e impressive bids and nearly $1 billion in combined tax incentives offered from three Central Massachusetts communities may not have been enough to lure Amazon away from larger cities, but it sent a message to other large companies the area means business. Worcester Railers find box office success in first season, while Pirates struggle. e minor league hockey team Railers started their inaugural season with more of a base: an area that's a hotbed for hockey and a track record of engagement in the community. e Pirates, unfortunately, follow several unsuccessful arena football teams in the past, in an area not known for football – unless it's the Patriots. The craft beer scene will continue to grow despite concerns of a bubble. Cra beer has shown no signs of slowing down in the country, and Central Massachusetts is no exception. At least five breweries are expected to open in 2017, and more should be on the way. UMass Memorial Medical Center will lose some patient volume. Health insurance products continue to favor lower-cost hospitals, and UMass Memorial is not participating in the new MassHealth accountable care program, meaning it likely loses Medicaid volume in the coming year. Smaller hospitals connected to MassHealth ACOs may receive some of that volume instead. New landing system finally brings reliability to Worcester Regional Airport. Commercial carriers have come and gone over the years, but never before has Worcester Regional Airport had a landing and radar system it now has, following a $32-million upgrade. at'll help lead to the reliability to bring passengers back again. ...and why it will happen Our prediction... 2018 Predictions } } } } } } } } } ECONOMIC FORECAST 2018

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