Economic Development

Over one hundred years ago the industrial revolution took root in Southern New England because of an abundant mix of recourses. By 1920, Fall River’s 100 mills supported a population of 130000 people. Many of these individuals were of Portuguese, French Canadian or Irish immigrant origins. Each of the groups brought with them a very strong work ethic as they sought to elevate their economic status. As the region developed, Fall River became an economic giant that led in health care, culture and vocational education.

Today, a collaborative effort by private, government and education partners is focused on recycling existing assets while also developing the innovative economy of the 21st Century. The development of a diversified economy build on financial, niche manufacturing, green technology, life sciences, transportation, distribution, professional services and a vibrant creative economy serves as the infrastructure to sustainable growth for generations to come.

The renaissance of Fall River and the neighboring towns is emerging before our eyes. Significant transportation projects are underway. The Veterans Memorial Bridge project, which will serve as the primary connection point for both Fall River and Somerset is almost complete. Opening of the new bridge compliments the soon to be completed Route 24 interchange construction project that creates direct highway access to the new bio and green industrial parks. Replacement of the Route 79/I-195 interchange ramps is slated to be finished by 2016. Removal of the ramps and replacement with a waterfront boulevard will open acres of land for commercial development along the scenic Taunton River that channels into Narragansett Bay. The new boulevard will run parallel to an enhanced Battleship Cove museum that features a Disney-like Pearl Harbor exhibition.

Transportation to and from Fall River will be improved with two intermodal hubs that link bus, rail and bike transport along the waterfront. The old rail lines parallel to the waterfront are live once again. Commercial freight is brought in and carried away daily. The next step is to add commuter rail service to these existing railway lines. Another possibility for the future is ferry service from Fall River to Newport, Block Island and other destinations. Industry is already using our deep water Taunton River waterway for commercial enterprise.

As businesses and government are investing in the city and towns, new jobs are being created and old industries are finding inventive ways to compete and grow. In both the 500 acre Fall River Industrial Park and the 160 acre Commerce Park, over 60 businesses employ more than 6000 men and women. Products ranging from medical sutures to solid state lighting fixtures are designed and manufactured by such prominent international firms as Lightolier – Phillips, Blount Fine Foods, H&S Tool and Engineering, Rex-Cut Products, Inc. and Matouk Fine Linens.

New to the Fall River area is the long awaited 300 acre Bio and Green technology park. The $23 million biomanufacturing facility that UMass Dartmouth plans to build off Route 24 in the BioPark is being touted as a catalyst for new jobs in the region. Officials described the UMD facility as the first of its kind in the country, and they estimate the overall development of the park will create 8,000 jobs, benefiting the entire region. Officials expect to break ground in the fall of 2011.

Sustainable economic development cannot exist without the participation of the business community. From the current administration of the City of Fall River to the Fall River Office of Economic Development the Fall River Area Chamber of Commerce and Industry works as a catalyst in establishing a diversified economy that will benefit not just ourselves, but the next generation of entrepreneurs who are sure to follow and judge us for what we do today.

A key player in Fall River’s business development efforts is the private, non-profit Fall River Office of Economic Development (FROED). FROED was established in 1978 as the city’s one-stop shop for economic development with the very clear objectives of creating new jobs, retain existing jobs, and assist local businesses in their efforts to grow.

FROED offers an array of incentives to startup, expanding and relocating businesses, including low-interest financing, tax exemptions and connection with employee recruitment and training services as well as site selection assistance. FROED also provides technical support for permitting, infrastructure, licensing and various other needs. These programs can be packaged with other private and public sector incentives. All FROED services are offered free of charge.

FROED and local government incentives serve as a complement to Fall River’s low business costs, unique collection of business advantages and natural resources. Real estate, including raw land and existing space, is inexpensive when compared with other parts of Massachusetts. The city’s tax, water and sewer rates are among the lowest in the state. Electric and gas costs are competitively priced. A state-of-the-art multi-communication network meets the highest technological standards.

The common thread to the SouthCoast is the amazing people who live here. They are the region’s greatest asset. As the sixth largest city in Massachusetts, Fall River boasts a highly skilled and diversified workforce. The majority are between the ages of 25 and 44. The city’s men and women are productive and highly motivated, and business training and educational programs are readily available through a superb higher educational network. Bristol Community College and UMass – Dartmouth, along with Bridgewater State University and other educational institutions are working in partnership with the quasi-government groups such as the Bristol County Workforce Investment Board to assist in preparing and educating the current and future workforce to meet existing and future employment needs.

Fall River’s brightest days are just ahead with so many assets in play