New Bedford 2020 - VHB.com

A City Master Plan New Bedford 2020Table 2-5: Top Employers of New BedfordCompanyNumber of EmployeesSouthcoast Hospital Group 3,853Acushnet Company 2,300City of New Bedford 2,100Market Basket 600 1Joseph Abboud Manufacturing 580Polaroid Corporation 500Lifestream, Inc. 335AFC Cable Systems 300Tremblay’s Bus Company, LLC 300Depuy Orthopaedics, Inc. 300Source: New Bedford, Massachusetts Market & Economic Analysis prepared by HRA Advisors, Inc. (2008).1 Updated based on information from the New Bedford Economic Development Council (2010).New Bedford's labor force is increasingly working outside of New Bedford. In 1990, 35% of New Bedfordresidents worked outside of the city (15% in greater New Bedford, 19% outside greater New Bedford). In 2000,50% of the city’s residents worked in another area. Census data show that most residents are commuting toareas beyond greater New Bedford (19% greater New Bedford, 31% outside greater New Bedford).HousingHousing prices and rents in New Bedford are significantly lower than the state as a whole. The vacancy rate forrental units is 7% and for downtown residential rental units is 9%. The median sales price for a housing unitin New Bedford was 34% lower than the median sales price in the state. The median monthly rental rate was33% lower than the state median of $578. Table 2-6 presents basic housing statistics of New Bedford comparedto the state.Table 2-6: Basic Housing Statistics: New Bedford Versus MassachusettsStatistic New Bedford MassachusettsOwned Residences, CondosAverage household sizeMedian year structure builtMedian value of occupied unitsMedian price asked for vacant units2.631942$113,500$108,4002.741958$185,700$160,800Rented Residences, ApartmentsAverage household sizeMedian year structure builtMedian monthly rent asked for vacant units2.231940$3922.131951$578New Bedford At A Glance2-6