Worcester, MA Economy


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Worcester, MA is located in Central Massachusetts and is the second largest city in New England. The city has a population of 184,000 people and offers a diverse range of activities and attractions. Notable companies located in Worcester include the University of Massachusetts Medical School, the Hanover Insurance Group, and Fidelity Bank. There are also a number of highly ranked colleges located within the city such as Clark University, Worcester Polytechnic Institute (WPI), Assumption College, and Holy Cross College. The cost of living for two bedroom rentals is $1,640 per month whereas the US average is $1,430 per month. Additionally, grocery costs are about 5% higher than the national average index with it at 105 versus 100 in the US. The city has many unique offerings that make it attractive to both business and leisure travelers alike.

Worcester has an unemployment rate of 7.6%. The US average is 6.0%.

Worcester has seen the job market increase by 4.2% over the last year. Future job growth over the next ten years is predicted to be 37.5%, which is higher than the US average of 33.5%.

Tax Rates for Worcester
- The Sales Tax Rate for Worcester is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Worcester is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Worcester
- The average income of a Worcester resident is $24,447 a year. The US average is $28,555 a year.
- The Median household income of a Worcester resident is $56,746 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyWorcester, MassachusettsUnited States
  7.66
  -8.4%-6.2%
  37.5%33.5%
  6.3%6.2%
  5.1%4.6%
  $30,855$37,638
  $56,746$69,021
  $71,265$85,028
  Population by Occupation
  0.1%1.2%
  0.0%0.5%
  5.2%6.8%
  9.6%10.0%
  1.9%2.5%
  12.2%11.0%
  4.6%4.8%
  0.6%0.8%
  1.9%1.9%
  3.9%4.7%
  1.0%1.9%
  6.5%7.6%
  0.1%0.1%
  3.8%4.2%
  12.7%9.3%
  20.6%14.0%
  1.4%2.1%
  6.4%7.0%
  4.6%4.8%
  2.9%4.7%
Reviews for Worcester
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Over 10 years ago

I don't understand why your statistics say there aren't any Hispanics/Latinos in Worcester. I'm Puerto Rican, and I grew up there. There are plenty of Latin people all  More

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Over 12 years ago

Great healthcare statewide, not just in  More

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Though I don't live there, Worcester is a first class bargain for a great first class education! Worcester has at least 10 great colleges and universities in this city,  More

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