Local businesses thrive in the strong Newton-Needham
economy.
Business,
Commerce & Industry With
more than 3,000 business establishments in Newton and more than 1,000
in Needham, this area has a strong local economic base. Approximately
50 percent of these businesses are service-oriented; 24 percent are
retail and 7 percent are governmental. The largest percentage of the
area work force is employed in education, health care and service businesses.
Major employers include Boston College, Whole Foods, Marriott Corp.,
the City of Newton and Newton-Wellesley Hospital. The unemployment rate
for both communities is well below national and state averages.
Needham’s large industrial center was formed in an interesting
way during the 19th century. The Back Bay Fill project involved the
transportation of a large amount of land from Needham by train to Boston’s
Back Bay area. Trains traveled day and night for nearly 20 years until
the project was completed. Needham was left with a desert-like area
that became the industrial center site after World War II. Today this
area is home to several high-technology firms that have good access
to downtown Boston and businesses on the 128 Corridor.
Newton’s land use is 49 percent residential, 19.6 percent open
space, 5.2 percent commercial/industrial and 1.5 percent mixed use.
With two industrial parks and the Needham Street Corridor, the city
has room for both expansion and new development. Bay Colony Railroad
and Conrail provide freight service for the area.
Both communities understand the importance of adequate support for new
and existing businesses. Several programs are already in place. SpaceFinder
Clearinghouse is designed to help business owners find vacant commercial
space. Women’s Enterprise Initiative and Business Plan Forums are
especially for women entrepreneurs. Through these Forums, experts review
and give recommendations regarding business plans in January, April
and October of each year. The Chamber of Commerce sponsors a business
leads group and hosts “Business Chat” on cable television
as well as many other programs and services throughout the year.
For financial assistance, the City of Newton offers business loans through
its Community Development Program. The Microenterprise Assistance Program
is for businesses with
five or fewer employees, while the Economic Development Loan Program
is for any size business.
Click here
for a list of State Representatives/Senators
Click here
for a list of City Offices and their phone numbers.
Click here
for area demographics.
