As a center for commerce, industry and learning, Worcester's growth can be attributed to the low cost of housing, high quality of life, overall accessibility and our growing knowledge-based economy. Worcester has evolved from its days as a manufacturing giant to a leader in information technology, biotechnology, health care and medical research. This change has transformed Worcester's economy - nearly 40% of all jobs within the City are in the educational and medical fields, attracting a young, educated workforce. Worcester has easy access not only to Boston and its western suburbs, but, via I-90, I-495, I-84 and Route 146, quick connections to the North Shore, South Shore, Springfield, Providence, Rhode Island and Hartford, Connecticut. Worcester has many sites ripe for development to accommodate a burgeoning office and residential marketplace.
Incentive Programs
The City of Worcester offers Incentive Programs. The Economic Development Incentive Program promotes growth in both emerging and maturing industries by offering local and state tax incentives to qualified businesses that choose to start-up, expand or relocate in or to Worcester. The Housing Development Incentive Program aims to increase residential growth, expand diversity of the housing stock, support economic development and promote stable neighborhoods.
Economic Development Incentive Program
Housing Development Incentive Program
Brownfield Cleanup
To reclaim abandoned and underutilized brownfield sites for productive reuse, provide additional job opportunities, increase the tax base, improve the quality of life for residents in surrounding neighborhoods, maximize leveraging opportunities from both the private and public sectors and promote the program to private developers, lending institutions, the real estate community and the non-profit sector.
Opportunity Zones
Opportunity Zones became part of the federal tax code by way of the Tax Cuts and Jobs Act on December 22, 2017. An Opportunity Zone is an economically-distressed Census Tract where new investments, under certain conditions, may be eligible for preferential tax treatment with regard to capital gains tax liability.
Resources
Building in Worcester Guide
Worcester Business Development Corporation
Worcester Redevelopment Authority
Contact Information
Address
Business and Community Development
City Hall 4th Floor
455 Main Street
Worcester, MA 01608
Contact
Phone: 508-799-1400
Fax: 508-799-1406
Email Us
Hours
Monday - Friday
8:30 a.m. - 5 p.m.