A Diverse, Thriving Local Economy
Southborough has 430 thriving businesses and non-profit establishments which employ more than 7,400 people. Southborough is also home to over 200 DBAs (Doing Business As), the incubators of economic growth.
Among the successful companies and organizations calling Southborough home are: EMC, ikaSystems, Unisource Worldwide, Inc., UPS, Hewlett Packard, Optos, Inc., Ford Motor Company Regional Training Center, Eagle Leasing Co., New England Center for Children, Southborough Medical Group with Reliant Medical Group, Sevcon, Staples, Inc., Massachusetts Dental Society, UMass Memorial Health Care, Mitsubishi Electric, Eversource Energy, Harvard University - Southborough Campus, Massachusetts Restaurant Association, VNA Care Network, Inc., Gyrus ACMI Corp., division of Olympus, Lowe's and Wegmans New England Regional offices.
Southborough's economy is well-diversified. Four NAICS (North American Industry Classification System) supersectors generate nearly 75% of Southborough's total employment. The Education and Health supersector employs 23% of our workers, Professional and Business Services employs 21%, Manufacturing employs 18%, and Trade, Transportation, and Utilities employ 11%.
Southborough is a leader in job creation. Southborough's employment, payroll, average wage, and establishments have grown faster than the state or the nation in recent decades. Since 1980, the number of workplaces in Southborough has tripled adding almost 4,000 jobs.
The jobs in Southborough are well-paying ones. The average annual wage is $75,800, 54% higher than the national average and 24% higher than the Massachusetts average. Among the 13 communities in the Greater MetroWest Region, Southborough is third in average annual wage.
Sectors of Employment: (Source: MetroWest Economic Research Center, Framingham State University)
- Education and Health - 23%
- Professional and Business Services -21%
- Manufacturing -18%
- Trade, Transportation and Utilities -11%
- Public -10%
- Leisure and Hospitality -5%
- Construction -4%
- Financial Activities -4%
Many successful companies have recognized the advantages of moving to Southborough. Southborough's top employers include EMC, Kaz, and Southborough Medical Group with Reliant Medical Group, along with St. Mark's School, Fay School, and the New England Center for Children. Southborough is also home to hundreds of small to mid-size emerging businesses that provide jobs and represent the foundation of our economic diversity.
- 115% Job Growth since 1980. (Source: MetroWest Economic Research Center, Framingham State University)
- Household Income: $134,460 (Source: City-Data)
- Education Level: Bachelor's degree or higher: 63.1% graduate degree: 32% (Source: www.city-data.com / Source: MetroWest Economic Research Center, Framingham State University)
- Single Tax Rate: $16.18 per $1000 (Source: 2014, www.city-data.com)
- Total number of Southborough businesses: increased by 230% between 1980 and 2012 (from 130 to 430) (Source: MetroWest Economic Research Center, Framingham State University)