Marlborough – The city of Marlborough added more than 750 new jobs to its labor market, nudging the unemployment rate to a 19-year low of just 2.0 percent, according to a press release issued by the Marlborough Economic Development Corporation (MEDC).
More than 20 companies moved to or expanded in Marlborough in 2019, together occupying over 225,000 square feet of commercial space. Some of Marlborough’s largest new move-ins, together occupying more than 180,000 square feet, include Candela and Doble Engineering, which relocated their headquarters to the city, and Akoya Bioscience and the Massachusetts Department of Public Health, the latter of which alone brought 200 new jobs from Boston. A number of smaller businesses also opened in the city, including Lost Shoe Brewing Co., Venture X and Nasuni.
The city’s office vacancy rate fell a full percentage point year-over-year to land at 13 percent and the overall commercial vacancy rate remained steady at 9 percent in 2019, according to the MEDC’s annual report. The report also noted that $2,634,488 of new growth, which represents new developments of residential, commercial and industrial real estate, was applied to the city’s levy limit in 2020. The Local Option Rooms Revenue, part of which is used to fund MEDC, was up by 2 percent in 2019 to reach $2,781,370. The Local Option Meals Revenue, all of which goes towards improvements of the city’s parks and fields, rose by nearly 12 percent to $1,082,259.
To read the full report visit http://marlboroughedc.com/annual-report.