More Bad Economic Development News!

BAD-NEWS-LOGO

Today: Lowell engineering, manufacturing firm to lay off 300; close within year

Aug 2014: According to the Boston Business Journal :Lowell General Hospital and its affiliates have launched a reorganization plan to eliminate at least $5 million in operating costs this year and minimize anticipated losses brought on by a volatile economic and regulatory environment.
The care provider has not publicly disclosed when and where the cuts will occur, although the plan to reduce expenses is expected to conclude by Dec. 31 and is part of a broader effort to contract Lowell General’s total spending by about 4 percent on an annualized basis. With an annual operating budget of approximately $400 million, that long-term strategy equates to around $16 million in targeted cuts from Lowell General’s annual spending is today.

Earlier this Year: Autoliv ASP, Inc. Auto safety R&D and manufacturing Lowell 8/1/14 – 12/9/14 93 Jobs to be eliminated Pawtucket Blvd

Genesis HealthCare – Glenwood Center facility Health care Lowell 2/20/14 – 3/20/14 86 Jobs eliminated, business boarded up on Varnum Ave.

JPMorgan Chase & Co. Financial Services Lowell
3/31/14 – 12/31/14 60 Jobs being eliminated at the former Wang Towers

Even City Councilor Belanger Chair of the Economic Sub-Committee closed his downtown business this Summer and then re-opened with a new business (but from what I hear the same crowd or lack there of)

If I was considering a run for Council next year, I’d point out that this Council ran on Public Safety (shots fired and people shot are UP) Economic Development (Where? List of Companies Laying-Off/Jobs lost above) Plus a 3.5% Tax hike this year and at least a 2.5% increase next year is on the horizon and this Council is considering dropping the Insurance/Safety Valve of Ch. 17 that REQUIRES a Min. of $4 Million in Reserves,

Not many highlights for this current Council to run on!

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