Historically, Worcester's economic roots were tied to the Blackstone River. Textiles, shoes, and finished clothing were some of the first industries in the city. A second wave of manufacturing facilities soon came on the scene to further develop Worcester into a manufacturing center. Wire and machinery were the strengths of this economic cycle. Today, Worcester has a diversified economy. The largest employer is the University of Massachusetts Medical School. The adjacent biotech park is host to many innovative companies, including Advanced Cell Technology, which focuses on the development of effective methods to generate replacement cells from stem cells, and Abbott Laboratories, a leading pharmaceutical research and manufacturing firm.
Morgan Construction, a manufacturer of steel rolling mills, has their headquarters in Worcester. Wright Line, a manufacturer of consoles and other workstations for 911/emergency operations centers, server enclosures and racks for data centers, office and computer lab furniture, is also headquartered in the city. Polar Beverages is also located in the city.
David Clark Company pioneered aeronautical protective equipment since 1941, ranging from anti-gravity suits to space suits. The company produces suit worn by modern space shuttle astronauts. The Worcester Foundation for Experimental Biology is best known for the development of the oral contraceptive pill (1951) and for pioneering research on in vitro fertilization.
The median household income for the year 2000 was $35,623. The unemployment rate was 5.5% in June 2007. |