$49 Billion in Trade Flows Through Worcester—See Where

Saturday, December 06, 2014

GoLocal News Team

Worcester saw nearly $50 billion in total trade flow -- imports plus exports -- in 2010, according to new research revealed by the Brookings Institution.

Electronics topped the list for Worcester trade flow products at $7.2 billion, followed by chemicals and plastics at $5.8 billion, and tools and manufacturing productsat $4.4 billion.

See Below: Brookings Institute's Interactive National Trade Flow Graph

"The value of trade represents the important role of the CSX yard and the Port of Worcester as transportation and distribution hubs. Worcester has a long history moving goods by rail, road and even canal. Railroads like CSX and Providence & Worcester, and trucking companies like Intransit Container, continue Worcester's position in interstate commerce," said Worcester Regional Research Bureau Executive Director Tim McGourthy. "Double-stacking of rail connects Worcester to West Coast ports and Pacific commerce. Worcester's opportunity is to tap that network and serve as a growing point of manufacturing and goods production."

Regionally, over $8 billion of the total trade was with Boston, followed by New York at $3 billion, and Providence at $2 billion.

International Growth

Two foreign countries made the top ten list for trade of all commodities with Worcester -- China ($1.7 billion) and Canada ($1.2 billion).

"We're an increasingly innovative economy," said Worcester Chamber of Commerce President Tim Murray. "We're still a strong manufacturing one - it's 17% of our economic base, most of which flows out. We've got the Providence Worcester railroad transit container -- and CSX -- so we're at a major freight crossroads for east coast and west coast, which is part of it."

"With the growing life sciences and biotech and medical device manufacturing industries, those are additional drivers of an economy that still focuses on products and materials," continued Murray. "We've got AbbVie which produces Humira -- the most successful and profitable pharmaceutical in history."

"A lot of people think of Boston, but we're second largest city in New England and we've got a lot to officer," added Murray. "We just launched a business recruitment program. We've undertaken a major effort to attract companies growing and expanding nationally -- and internationally. We've had a series of conversations with the consulate generals with Canada, Taiwan, Israel, Ireland, Germany, and now we're setting one up with Mexico. They're often the conduits of international growth, and we want them to think of Worcester."

$49 Billion in Trade Flows Through Worcester—See Where

See Below: Brookings Institute's Interactive National Trade Flow Graph

International Growth

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