Magazine Ranks Framingham 9th Best Place for Business Nationwide

Area Development magazine ranked Framingham #9 overall, #1 regionally, and #4 within Its population category for economic and job growth nationally.

The magazine's rankings looked at 380 metropolitan statistical areas across 21 economic and workforce indicators including those generated by the Bureau of Labor Statistics, Bureau of Economic Analysis, and the U.S. Census American Community Survey.

Data from the MetroWest Economic Research Center (MERC) at Framingham
State University shows that despite a slower recovery elsewhere in the state and nation, the MetroWest region, with Framingham at its center, is thriving. 

In Oct. 2012 the Framingham unemployment rate was recorded at 4.7 percent, well below the Massachusetts unemployment rate of 6.2 percent and the U.S. unemployment rate of 7.5%.

In 2011 Framingham’s 2,300 establishments generated over 45,300 jobs with a $3.3 billion payroll and an average annual wage of $72,200. 

In 2011, Framingham alone generated 43% of the total Greater MetroWest employment.

Framingham Community and Economic Development Director Alison Steinfeld said Framingham offers tremendous assets including great access, a talented and highly educated workforce, and a wonderful quality of life that combine to make this a highly desirable location for businesses. 

She credits the “Choose Framingham campaign with changing the way people think about the town and helping position the town for growth after the recession." 

Framingham Economic Development and Industrial Commission (EDIC) Chair Michael Gatlin said this ranking confirms that the efforts of the entire Town are paying off, but that our work is by no means finished. 

“With the support of the Board of Selectmen and Town Meeting, the EDIC and Community and Economic Development Division will increase our efforts to support existing businesses and attract appropriate new development and business activity in order to strengthen our tax base," said Gatlin in a press release.

“The Leading Locations are MSAs that have managed to thrive emerging from the recession as economic leaders,” said Geraldine Gambale, editor of Area Development in a press release. “These MSAs are leaders based on their economic strengths and year-over-year economic growth; growth of their young, educated work forces; and their ability to bounce back to economic levels seen before the recession’s onset. They deserve special recognition for their efforts.”

Lafayette, Louisiana, ranked first overall, followed in the remaining top-10 spots by Fargo (ND-MN), Odessa (TX), Columbus (IN), Sunnyvale-Santa Clara (CA), Austin-Round Rock-San Marcos (TX), Midland (TX), Holland-Grand Haven (MI), Framingham and Bismarck (ND).

The full report on the Leading Locations will be published in the Q2/Spring issue of Area Development and posted online at www.areadevelopment.com/LeadingLocations2013.