Issue link: https://nebusinessmedia.uberflip.com/i/996698
wbjournal.com | June 25, 2018 | Worcester Business Journal 11 FINANCIAL FREEDOM NEVER GOES OUT OF STYLE Worcester-area residents have been entrusting Bartholomew & Company to guide their financial lives since 1994. As one of the region's premier wealth management firms, our approach pairs a conservative investment philosophy with time-honored investment strategies to address every element of your financial picture. For a personalized plan to help you achieve your vision for today and the future, partner with the experts who are right in your own community. Call us for a complimentary consultation at 508.753.8807, or visit www.bartandco.com. PLAN WISELY. INVEST CONSERVATIVELY. LIVE WELL. 370 MAIN STREET, SUITE 1000, WORCESTER, MA 01608 | 508.753.8807 Securities and advisory services offered through Commonwealth Financial Network ® , Member FINRA/SIPC, a Registered Investment Adviser. Webster • Dudley • Oxford • Auburn • Worcester • Shrewsbury Designing services that deliver true value to her customers and exceed their expectations. At Webster Five, your success is important to us. Whether you're a small start-up or a large corporation, we offer all the financial tools, resources and progressive services you need to succeed. Make an appointment and tell Jane what's important to you. Visit web5.com/Jane or call 508.438.4731. What's important to Jane? Jane Cullen, VP, Business Services Manager KHJ23479_WEB-374_BuisLender_4.3x5.5_Jane_Mech2.indd 1 3/31/17 11:37 AM Notes: Bakersfield and Fresno are not included in median home price data, and Albany and Greenville are not included in crime data, with data for regions in both cases unavailable; hotels are measured by county, not metro area. All data is for latest year available: Unemployment rate, Fortune 100 companies and hotel rooms are from 2018; median home price, median home price growth, exports, housing starts, population growth, population growth projection and employment forecast are from 2017; poverty rate, educational attainment, median wage improvement, percent in labor force, jobs at young firms improvement, worker productivity improvement, standard of living improvement, per-capita income, GDP growth, economic growth, GDP, wages improvement, employment rate improvement, per-capita GDP, per-capita income growth and relative poverty improvement are from 2016; property crime and violent crime are from 2015. Sources: Bureau of Economic Analysis (per-capita income, per-capita income growth, GDP, GDP growth, per-capita GDP), U.S. Census Bureau (poverty rate, educational attainment, housing starts, population growth, percent in labor force), Brookings Institution (median wage improvement, jobs at young firms improvement, worker productivity improve- ment, standard of living improvement, exports, economic growth, wages improvement, employment rate improvement, relative poverty improvement), National Association of Realtors (median home price, median home price growth), U.S. Conference of Mayors (employment growth forecast, population growth forecast), FBI (property crime, violent crime), Bureau of Labor Statistics (unemployment rate), STR (hotel rooms), Proximityone.com (Fortune 1,000 companies). Worcester's renaissance, relatively speaking For this story, the Worcester Business Journal analyzed 28 indicators of the growth and vitality of the Worcester metropolitan area's economy, comparing to the 10 national metro areas with the closest poulations to Worcester: Albany, N.Y., Albuquerque, N.M.; Bakersfield, Calif.; Bridgeport, Conn., Fresno, Calif.; Greenville, S.C., Honolulu, Hawaii; Omaha, Neb.; Tucson, Ariz., and Tulsa, Okla. The metro region, which includes Worcester County and Connecticut's Windham County, does best on quality-of-life factors like an educated population and low crime rate, and poorly on signs of population and business growth, such as new-home construction and expected growth in the coming years. WHERE METRO WORCESTER IS DOING WELL Metro Worcester's rank, Category Worcester out of 11 Median wage improvement 11th nationally 2nd Property crime 1,746 per 100,000 residents 2nd Jobs at young firms improvement 25th nationally 2nd Percent in labor force 67.1% 3rd Median home price $252,700 3rd Poverty rate 11.4% 3rd Educational attainment 33.4% with bachelor's degree 4th Fortune 1,000 companies 2 4th Unemployment rate 3.6% 4th Worker productivity improvement 31st nationally 4th Standard of living improvement 35th nationally 4th WHERE METRO WORCESTER IS DOING OK Metro Worcester's rank, Category Worcester out of 11 Median home price growth 16.2% growth in five years 5th Per-capita income $51,242 5th Violent crime 435 per 100,000 residents 5th Wages improvement 61st nationally 6th Gross domestic product growth 18.7% growth in five years 6th Economic growth 54th nationally 6th Exports $4.7 billion 6th Employment rate improvement 62nd nationally 7th Gross domestic product $42.3 billion 7th WHERE METRO WORCESTER IS DOING POORLY Metro Worcester's rank, Category Worcester out of 11 Per-capita gross domestic product $40,023 8th Per-capita income growth 47.7% growth since 2003 8th Population growth 2.8% since 2010 8th Population growth projection 9.5% through 2046 8th Employment forecast 3,000 jobs by 2020 9th Relative poverty improvement 86th nationally 9th Hotel rooms 6,175 total rooms 11th Housing starts 1,785 units annually since 2003 11th