STCC Technology Park
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Modified: 09/09/08


Economic Impact Report

ECONOMIC IMPACT OF THE
SPRINGFIELD TECHNICAL COMMUNITY COLLEGE TECHNOLOGY PARK,
SPRINGFIELD, MASSACHUSETTS:

AN ANALYSIS OF EXPENDITURES, JOBS, AND FISCAL IMPACT

The Springfield Technical Community College Assistance Corporation (STCCAC) converted the former Digital Equipment Corporation site into a new Technology Park that encompasses 860 employees, housing 18 tenant companies employing more than 750 workers, and an incubator facility with an additional 21 small businesses with approximately 110 employees. The Park received the Economic Development Administration US Department of Commerce’s 2001 Excellence in Urban or Suburban Economic Development Award, as well as the International Economic Development Council’s 2002 Excellence in Economic Development Award. Even with the relatively slow economy, this Technology Park has been a steady employer and offers the city of Springfield valuable benefits. This report highlights the economic and fiscal impact of the STCC Technology Park on the region, the city and the college. The assessments in this report are both quantitative and qualitative in nature. 

On Employment Impact

  • Tenant companies in the STCC Technology Park create a total of approximately 860 direct jobs.
  • An additional 1,223 jobs are created in the regional economy due to the multiplier effect.
  • A total of 2,083 jobs can be attributed either directly or indirectly to the Park.
  • For every one job in the Park, an additional 1.42 jobs in the regional economy will be affected.

On Investment and Purchase Impact

  • Tenant companies have invested in excess of $300 million in equipment and technology.

  • Since the Park’s establishment in 1996, STCCAC has invested approximately $8.5 million in the facility.
  • The Park’s management company’s policy of favoring local contractors and service providers infuses approximately $2.5 million into the local economy each year.
  • Park employees have the purchase power to spend $17 million for goods and services.  It is estimated that a large share of this amount is spent within the region.
  • The multiplier effect brings this purchase power up by another $24 million that may be spent through indirect job generation within the regional economy.

On Fiscal Impact

  • The Technology Park generates $218,000 in property tax revenue annually for the City.
  • The City spends approximately $44,500 annually to provide municipal services to the Park.
  • The City nets approximately $173,500 in annual tax revenues from the Park.

On the STCC/Technology Park Partnership

  • The Partnership has made it possible for hundreds of STCC students to gain practical work experience at technology based companies in the Park.
  • The Park provides an ideal educational setting for three STCC academic programs; the National Center     for Telecommunications Technologies, the Department of Mechanical Engineering Technology, and the Verizon New England Next Step Program.
  • STCC faculty and staff provide tenant companies with both business expertise and up-to-date technical assistance.

The STCC Technology Park is a place where calculated risk is welcomed, where there is a low cost of entry, where innovation is an asset and where academic assistance is literally next door.  It is also a place that welcomes, educates and trains the city’s next workforce in new technologies, and that is very much a part of an exciting, changing neighborhood.  In short, there is no place quite like it in the City: It is here that one can see the legacy of Springfield’s economic past evolving into Springfield’s future.