Economy About Quincy Massachusetts

Overview of Quincy’s Economy

Quincy is a city located just south of Boston in Norfolk County, Massachusetts. With a population of around 94,000, Quincy is the 8th largest city in Massachusetts. The city has a diverse economy made up of various industries, companies, and small businesses. Some key aspects of Quincy’s economy include:

• Health care – Two major hospitals, Quincy Medical Center and VA Boston Healthcare System, are top employers in the city. Health care is a driving force of Quincy’s economy.
• Financial services – Banks and investment firms have a strong presence in Quincy, especially State Street Corporation, one of the city’s largest private employers.
• Manufacturing – Although not as dominant as in the past, shipbuilding and other manufacturing still contribute significantly to Quincy’s economy.
• Retail – Numerous retail stores and restaurants located throughout Quincy provide jobs and generate significant tax revenue.
• Education – Quincy is home to several colleges and public schools that employ many local residents.
• Tourism – Historic sites and recreational attractions like Wollaston Beach draw numerous tourists to Quincy each year.

Below is a more in-depth look at the key industries and companies that make up the foundation of Quincy’s economy.

Major Industries and Employers

Healthcare

With two major hospitals in the city, healthcare is one of the most significant industries in Quincy’s economy. This sector employs thousands of Quincy’s residents across a range of occupations from doctors and nurses to support staff.

Quincy Medical Center

Owned by Steward Health Care, Quincy Medical Center is a full-service hospital and trauma center located in downtown Quincy. With over 2,000 employees, it is the largest private employer in the city. The 298-bed hospital provides a comprehensive array of inpatient and outpatient services.

VA Boston Healthcare System

This Veterans Affairs hospital located northwest of Quincy Center employs over 1,000 people. It offers primary care, specialized treatment, and extended care for veterans. The VA Boston Healthcare System serves veterans throughout New England.

Financial Services

Numerous banks, investment firms, insurance companies, and financial service providers operate major facilities in Quincy. The city’s proximity to Boston makes it an attractive location for the financial industry.

State Street Corporation

With its global headquarters in Quincy Center, State Street Corporation is one of Massachusetts’ largest companies and a Fortune 500 financial services provider. State Street employs around 3,000 local residents across positions in information technology, fund administration, investment management, and corporate functions.

Other Major Firms

Some other major financial services firms with large operations in Quincy:

• Boston Financial Data Services
• UBS
• Grantham, Mayo, Van Otterloo & Co. LLC
• Acadian Asset Management
• The Plymouth Rock Company

Manufacturing

While manufacturing has declined in Quincy over the decades, it still contributes substantially to the local economy. Shipbuilding, newspaper printing, and granite quarrying have historically been major industries. Today, leading manufacturers include:

General Dynamics Corporation

Located on the Fore River Shipyard, this defense contractor operates a ship design and shipbuilding division in Quincy, specializing in naval surface ships. General Dynamics employs around 1,000 skilled workers in Quincy.

The Patriot Ledger

Owned by Gannett, this local newspaper company operates a 290,000 square foot production facility in Quincy that prints several regional papers. The Patriot Ledger employs over 400 Quincy residents in printing, distribution, and support roles.

Quincy Quarries

Granite quarrying has been an important part of Quincy’s economy for centuries. While not as bustling as in the past, the city’s quarries still produce granite for architectural and monumental uses.

Retail and Food Service

With a population of over 90,000 plus thousands more who commute into the city each day, Quincy supports a thriving retail and restaurant scene that employs several thousand residents.

North Quincy Center

This shopping district is home to dozens of retail stores, restaurants, and fast food chains. Major retailers include Target, Best Buy, Petco, Michael’s, and Stop & Shop. It also contains over 20 restaurants spanning fast food to fine dining.

Quincy Center

In additional to offices, this downtown area has over a dozen retail and food establishments including British Beer Company and local restaurants like Fuji 1546. Several new mixed-use developments in Quincy Center promise to add more shopping and dining options.

Wollaston Center

This neighborhood retail district contains a mix of small shops, restaurants, and supermarkets like Shaw’s and Honey Dew Donuts.

Education

Quincy’s public school system and several universities in the city employ thousands of teachers, administrators, and support personnel.

Quincy Public Schools

The city has 14 public elementary, middle, and high schools that collectively enroll over 9,000 students. The Quincy Public Schools system is one of the largest employers in the city with around 1,000 teachers and staff.

Colleges

Quincy is home to several higher education institutions including:

• Quincy College – 2,000 students
• Eastern Nazarene College – 1,000 students
• Massasoit Community College (satellite campus)

These colleges employ hundreds of professors, advisors, librarians, groundskeepers, and other staff.

Tourism

Although not Quincy’s largest industry, tourism does contribute significantly to the local economy through spending at hotels, shops, restaurants and attractions. Historic sites like the Adams National Historical Park bring in over 100,000 visitors per year. Other attractions like Merrymount Park, Wollaston Beach, Marina Bay, and hiking trails also draw tourists.

Business Climate & Economic Outlook

Quincy has advantages that make it attractive for companies – proximity to Boston, access to a skilled workforce, relatively affordable real estate, and municipal tax incentives. With available land, convenient transportation access, and quality infrastructure, the city is well-positioned for continued economic growth.

Healthcare, financial services, education, retail, and tourism will likely remain strong sectors of Quincy’s economy. Manufacturing may continue to decline slowly. Emerging industries like biomedical technology and renewable energy could play a bigger role in the future.

Major new developments slated for Quincy Center, Merrymount Park, Wollaston Center, and other areas will create new jobs in construction as well as retail, dining and entertainment upon completion.

Overall, Quincy’s economic outlook appears positive, with expected growth across multiple sectors and industries. The city’s diversity, resources, and location provide a stable foundation for economic prosperity into the future. Wise planning and development will ensure Quincy remains a vibrant place to live, work, and visit.

Major Companies Headquartered in Quincy

Although most large corporations in Quincy are branches or satellite facilities of national companies, there are a handful of major firms headquartered right in the city:

State Street Corporation

• Industry: Financial services
• Employees: 3,000 in Quincy (40,000 worldwide)
• Revenue: $12 billion
• Headquarters: 1 Lincoln St. in Quincy Center

The Patriot Ledger

• Industry: Newspapers and publishing
• Employees: 400 in Quincy
• Circulation: 70,000 daily
• Headquarters: 400 Crown Colony Dr. in Quincy

Granite City Electric Supply

• Industry: Wholesale electrical equipment
• Employees: 250
• Revenue: $150 million
• Headquarters: 100 Grossman Dr. in Quincy

Massachusetts Heavy Industries

• Industry: Crane and rigging services
• Employees: 225
• Revenue: $115 million
• Headquarters: 40 Net St. in Quincy

Quirk Auto Dealers

• Industry: Auto sales and service
• Employees: 200
• Revenue: $250 million
• Headquarters: 500 Southern Artery in Quincy

Having major companies choose to locate their corporate offices in Quincy provides prestige, jobs, tax revenue, and economic benefits for the city. It also signals that Quincy’s business climate, infrastructure, and resources meet the standards required for headquarters locations.

Small Businesses in Quincy

Small businesses are the backbone of Quincy’s economy, collectively providing thousands of local jobs across nearly every industry. The metro Boston area is one of the best places for small business owners, with a skilled workforce, strong infrastructure, and proximity to markets and resources. Here are some of the types of small businesses that help drive Quincy’s economy:

• Professional services – Law, accounting, IT consulting, marketing, HR, engineering, architects
• Healthcare – Dentists, optometrists, home health care, psychology
• Financial services – Tax preparation, insurance, investment advising, real estate
• Retail – Gift shops, bookstores, hardware stores, clothing boutiques
• Food service – Cafes, bakeries, restaurants, food trucks
• Personal services – Salon/spas, pet care, photographers, tailors, dry cleaning
• Trades – Construction, electricians, plumbers, landscapers, HVAC
• Automotive – Mechanics, body shops, towing companies, detailers
• Arts – Galleries, music/dance studios, custom jewelry, interior design

Small business assistance programs in Quincy include the Quincy Chamber of Commerce, SCORE mentoring services, and training workshops at Quincy College.

The entrepreneurial spirit is strong in Quincy. The city’s small businesses reflect the innovative, hardworking, and diverse nature of the community. Small business owners operate their companies with passion and commitment while providing essential services that improve the quality of life for Quincy residents.

Real Estate and Development

Real estate is a major economic driver in Quincy, generating jobs in construction, property management, and related fields. Home values and rents have been rising steadily, spurred by Quincy’s growing population and proximity to Boston. Significant mixed-use development projects are also transforming sections of the city.

Residential Real Estate

Quincy offers relatively affordable single-family homes and condos compared to other Boston metro area communities. Median prices for Quincy homes currently sit around $550,000, having appreciated over 7% annually on average over the past decade. Average monthly rents for a Quincy apartment are approximately $2,100. Strong demand keeps the market tight, with homes seeing multiple offers.

Commercial Real Estate

Quincy has over 13 million square feet of commercial space occupied by office, industrial, and retail tenants. The largest inventory is general office space, followed by flex/R&D and industrial properties. Commercial vacancy rates are in the single digits, signaling high demand. Asking prices for commercial space average $25-30 per square foot.

Major Developments

Some of the major real estate projects shaping Quincy currently and in the near future include:

• Quincy Center – Multiple mixed-use buildings with apartments, offices, hotels, and retail
• Wollaston Center – Multi-building mixed-use development with 420 housing units
• Hancock Adams Common – 129 unit condo community with 20,000 square feet of retail
• Marina Bay – 1,400 condos, retail, dining, offices, and entertainment venues
• Quarry Hills – 500 condo units plus retail space currently under construction

These large developments are bringing new housing, jobs, amenities, and tax revenue to Quincy. They also support construction and property management jobs. Overall, Quincy’s real estate sector is performing well and fueling economic activity.

Incentives for Businesses

Quincy utilizes a variety of municipal programs and incentives to attract new businesses and support existing companies located within the city. These initiatives make Quincy a more business-friendly community.

Tax Incentives

• Tax Increment Financing (TIF) – Enables companies to utilize a percentage of property tax revenue created by new development to finance eligible projects costs
• Special Tax Assessments – Provides incentives through negotiated agreements with tax reductions for a set period of time on new structures or equipment
• Economic Opportunity Areas (EOA) – Offers tax incentives for businesses locating in designated economically distressed parts of the city

Additional Business Incentives

• Infrastructure improvements – Upgrades to roads, utilities, and other infrastructure to enable development
• Permitting assistance – Help with navigating regulatory and permitting processes
• Site selection – Aid identifying suitable real estate and properties for projects
• Workforce training – Customized employee training programs offered through Quincy College
• Revolving loan funds – Low-interest financing for new and expanding Quincy businesses
• Energy efficiency grants – Help paying for sustainability upgrades like solar panels or HVAC improvements

By collaborating with businesses to utilize these incentives, Quincy promotes continued economic growth and employment opportunities for residents.

Economic Outlook

Quincy has a stable economic foundation based on diverse industries and employers ranging from healthcare to education to manufacturing. The city’s skilled workforce, strong infrastructure, talented small business community, and wealth of amenities position Quincy for prosperity well into the future.

With several major developments underway, Quincy’s growth trajectory remains positive. Health care, financial services, professional services, and technology will likely be areas of expansion. Manufacturing may gradually decline, but sectors like construction and real estate should see continued growth. Tourism, retail, and food service will also thrive as the city’s population increases.

Overall, Quincy has the essential elements – location, resources, people, quality of life, forward-thinking government policies – to foster economic success. Barring major nationwide downturns, the economic forecast for Quincy looks bright. The city will continue strengthening its diverse business mix and developing an innovation ecosystem that supports startups and attracts investment. The future is bright for Quincy businesses, workers, and residents alike.