Economy of Worcester MA

also make up a large portion of the city’s economy. Higher education compounded by Worcester’s many universities has a considerable presence in the city’s economy. Hanover Insurance was founded in 1852 and retains its headquarters in Worcester. Unum Insurance also holds an office in city. Polar Beverages is the largest independent soft-drink bottler in the country and is located in Worcester.

The biotechnology and technology industries have helped spurred major expansions at both the University of Massachusetts Medical School and Worcester Polytechnic Institute. The Massachusetts Biotechnology Research Park hosts many innovative companies including Advanced Cell Technology and Abbott Laboratories. The Worcester Foundation for Experimental Biology located in nearby Shrewsbury developed the oral contraceptive pill in 1951.

Downtown Worcester used to boast major Boston retailers Filene's and Jordan Marsh as well Worcester's own department stores Barnard’s and Denholm & McKay. Over time most retailers moved away from downtown and into the suburban Auburn Mall and Greendale Mall in North Worcester.

In 2010, the median household income was $61,212. Median income for the family was $76,485. The per capita income was $29,316. About 7.7% of families and 10.8% of the population were below the poverty line, including 14.1% of those under age 18 and 7.5% of those age 65 or over. In October 2013, Worcester was found to be the number five city for investing in a rental property