How Many Businesses in Andover Massachusetts: 2024 Insights
Introduction
How many businesses in Andover, Massachusetts? Andover is home to a dynamic and thriving business environment. Boasting a rich mix of blue-chip companies, financial services, educational institutions, and a bustling downtown, Andover expertly balances its historical charm with modern economic growth.
- Top Employers: Large employers in Andover MA include several blue-chip science and technology companies that collectively employ over 10,000 workers.
- Financial Sector: Financial firms in the area manage assets worth $152 billion and employ over 1,200 people.
- Educational Institutions: Private schools and colleges further enrich this community by educating over 6,000 students.
These diverse businesses drive local economic development, offering plentiful opportunities for both new and existing enterprises. Andover’s business-friendly policies and strong support systems create a robust foundation for growth and innovation.
Overview of Andover’s Business Landscape
Population
Andover, Massachusetts, is a thriving community with a population of 36,485 as of July 1, 2023. This marks a slight decrease of 0.2% from the 2020 Census population of 36,569. Despite this minor decline, Andover remains a vibrant town with a steadily growing business environment.
Demographics
The town’s demographics showcase a diverse and well-educated population:
- Age Distribution:
- 5.1% are under 5 years old.
- 23.8% are under 18 years old.
- 15.5% are 65 years and older.
- Gender:
- 51.5% are female.
- Race and Ethnicity:
- 74.7% White alone.
- 14.8% Asian alone.
- 9.3% Hispanic or Latino.
Andover also has a notable percentage of foreign-born residents, making up 16.4% of the population. This diversity adds to the rich cultural fabric of the town and contributes to a dynamic workforce.
Land Area
Andover covers a substantial land area, providing ample space for residential, commercial, and industrial development. The town’s strategic location and well-planned infrastructure support its business activities and community growth.
Housing and Living Arrangements
The town boasts a high rate of homeownership, with 81.4% of housing units being owner-occupied. The median value of these homes is $756,600, reflecting the area’s desirability and economic prosperity.
- Median Monthly Costs:
- With a mortgage: $3,637
- Without a mortgage: $1,410
- Median gross rent: $2,037
Education
Andover MA has an impressive educational profile, with 97.1% of residents over 25 years old holding at least a high school diploma, and 75.6% possessing a bachelor’s degree or higher. This highly educated populace supports a skilled workforce, essential for the town’s various industries and businesses.
Technology and Internet Use
Andover MA is well-equipped:
– 98.5% of households have a computer.
– 97.0% have a broadband internet subscription.
Economic Indicators
Andover’s median household income is $162,694, with a per capita income of $79,504. Only 1.4% of residents under 65 are without health insurance, indicating a relatively affluent and secure community.
These factors collectively create a robust environment for businesses to thrive, making Andover MA an attractive location for both new ventures and established enterprises.
Next, we will explore how many businesses in Andover, Massachusetts and the growth of small and medium enterprises in the area.
Major Employers in Andover MA
Andover, Massachusetts, is home to several major employers that significantly impact the local economy. These companies span various industries, from technology to retail, and play a crucial role in the community’s economic landscape.
Philips Healthcare
Philips Healthcare is a leading employer in Andover MA, specializing in medical devices and health technology. The company is part of the larger Philips corporation, which operates worldwide. Philips Healthcare focuses on improving people’s health through meaningful innovation, making it a cornerstone of Andover’s tech industry.
Enel Green Power
Enel Green Power is another significant employer, dedicated to developing and managing renewable energy projects. With a commitment to sustainability, Enel Green Power contributes to the local economy while also promoting environmental responsibility. Their presence in Andover MA underscores the town’s growing emphasis on green technology and sustainable practices.
MKS Instruments
MKS Instruments is a key player in the high-tech manufacturing sector. They provide instruments, subsystems, and process control solutions for advanced manufacturing processes. MKS Instruments’ innovations support various industries, including semiconductor, industrial technologies, life and health sciences, research, and defense. Their operations in Andover help bolster the town’s reputation as a hub for technological advancement.
Bodycote USA Inc
Bodycote USA Inc specializes in thermal processing services, essential for enhancing the properties of metals and alloys. Their services are critical for many industries, including aerospace, automotive, power generation, and oil and gas. Bodycote’s presence in Andover MA highlights the town’s diverse industrial base and its importance in the global supply chain.
VISaer
VISaer provides aviation maintenance and engineering software solutions. Their products help airlines and maintenance organizations improve efficiency and compliance. VISaer’s innovative solutions are integral to the aviation industry, making them a vital part of Andover’s business ecosystem.
Town of Andover, MA
The local government is also a significant employer in Andover MA. The Town of Andover provides various services to residents, including education, public safety, and community development. Employment opportunities within the town government contribute to the local economy and ensure the smooth functioning of municipal services.
Mercury Systems
Mercury Systems is a technology company focused on defense and aerospace. They provide secure sensor and mission processing subsystems for critical defense programs. Mercury Systems’ work supports national security and strengthens Andover’s position as a center for high-tech defense solutions.
These major employers not only provide jobs but also drive innovation and economic growth in Andover MA. Their presence supports a diverse and dynamic business environment, making Andover an attractive location for both workers and businesses.
Next, we will explore how many businesses in Andover, Massachusetts and the growth of small and medium enterprises in the area.
How Many Businesses in Andover Massachusetts
Growth of Small and Medium Enterprises
Andover, Massachusetts, is home to a thriving business community with a diverse range of enterprises. As of 2017, the town boasted 912 employer firms. This number includes a significant portion of small and medium enterprises (SMEs), which are crucial to the local economy. These businesses range from tech startups to family-owned shops, contributing to the town’s vibrant commercial landscape.
The growth of SMEs in Andover has been supported by various enterprise centers and incubators. For instance, Basepoint and Walworth provide essential resources and networking opportunities for budding entrepreneurs. These centers offer office spaces, mentorship programs, and access to funding, helping new businesses to grow and succeed.
Impact of Major Employers on Local Economy
The presence of major employers in Andover MA has a profound impact on the local economy. The town’s top seven employers are blue chip science and technology companies that collectively employ over 10,000 workers. These companies, with their international operations, generate combined annual revenues of over $265 billion.
Additionally, the financial services sector in Andover employs over 1,200 people and manages assets worth $152 billion. This sector’s robust performance further strengthens the local economy, providing high-paying jobs and attracting skilled professionals to the area.
The economic contributions of these major employers extend beyond job creation. They drive innovation, support local suppliers, and contribute to the town’s tax base. This economic activity helps fund public services and infrastructure, enhancing the quality of life for all residents.
Local Businesses
Andover MA is also home to a diverse array of local businesses that add to the town’s unique charm. From quaint cafes and boutique shops to professional services and healthcare providers, these businesses cater to the needs of the local community and visitors alike. The town’s downtown area is a hub of activity, featuring a mix of retail, dining, and entertainment options.
The local government supports these businesses through various initiatives, including the Economic Development Council and the Planning & Economic Development division. These bodies provide resources and guidance to help businesses navigate regulatory requirements and capitalize on growth opportunities.
In the next section, we will delve into the key industries and economic sectors in Andover, focusing on technology, financial services, education, and retail.
Key Industries and Economic Sectors in Andover
Andover, Massachusetts, boasts a diverse and thriving business environment. The town is home to several key industries that drive its economy. Let’s take a closer look at the major sectors: technology, financial services, education, and retail.
Technology and Innovation
Andover is a hub for technology and innovation. The town’s top seven employers are blue chip science and technology companies. These companies employ over 10,000 workers and generate combined annual revenues exceeding $265 billion.
These tech giants have international operations, making Andover a significant player on the global stage. For instance, Smith & Nephew, a leader in medical equipment manufacturing, and Clean Harbors, a provider of environmental services, have extensive operations both in the U.S. and abroad.
Financial Services Sector
The financial services sector in Andover is also robust. Firms in this sector employ over 1,200 people and manage assets totaling $152 billion. Companies like Broadridge Financial Solutions offer technology-driven solutions for wealth management, asset management, and capital markets. Their services help drive operational excellence and manage risk for their clients.
Education
Education is another vital sector in Andover. The town is home to several private schools and colleges, employing around 1,200 people and serving a combined enrollment of 6,000 students. These institutions contribute significantly to the local economy and community.
Retail
The retail sector in Andover is bustling, particularly in the downtown area. Local businesses, shops, and restaurants create a vibrant atmosphere, attracting both residents and visitors. The town supports these businesses through various initiatives, ensuring they thrive and contribute to the local economy.
In the next section, we will explore the business support and resources in Andover, focusing on opportunities for new and existing businesses.
Business Support and Resources in Andover
Opportunities for New Businesses
Andover offers a wealth of resources to help new businesses get started and thrive. The Economic Development Council is a key player, providing guidance and support to entrepreneurs. They offer an Economic Development Toolkit that includes essential information on starting a business, funding opportunities, and market analysis.
Additionally, the town’s Planning & Economic Development Division ensures that new businesses can grow in an orderly and sustainable manner. They help implement the recommendations of the Master Plan, which aims to create a balanced and vibrant local economy.
New businesses can also take advantage of various bid opportunities. These are available for consultants, service providers, contractors, vendors, and suppliers. By participating in these bids, new businesses can secure contracts and establish a foothold in the local market.
Support for Existing Businesses
Andover is committed to supporting its existing businesses through a range of initiatives and resources. The Permits & Licenses section provides a comprehensive list of the permits, licenses, and certificates required by different departments and divisions. This makes it easier for businesses to comply with local regulations and operate smoothly.
The town also offers ample business resources to help existing businesses grow and adapt. These resources include access to economic data, business development tools, and networking opportunities.
For businesses looking to host or participate in events, the Special Events Guidelines offer clear instructions on how to organize successful events in Andover. These guidelines ensure that events run smoothly and contribute positively to the community.
Downtown Andover is a hub of activity, with numerous downtown business activities designed to support local businesses. From festivals to local markets, these activities attract visitors and create opportunities for businesses to showcase their products and services.
In summary, Andover provides a robust support system for both new and existing businesses, ensuring they have the resources and opportunities needed to succeed.
Next, we’ll answer some frequently asked questions about Andover’s business environment.
Frequently Asked Questions about Andover’s Business Environment
Who are Andover’s largest employers?
Andover is home to several major employers, particularly in the science and technology sectors. The top seven employers in Andover MA are blue chip science and technology companies. These companies employ over 10,000 workers and have international operations. They generate a combined annual revenue of over $265 billion. Some notable companies include Philips Healthcare and MKS Instruments.
What is the average income in Andover MA?
The average income in Andover, Massachusetts, reflects its affluent community and strong economic base. While specific figures can vary, Andover’s residents generally enjoy a higher-than-average income compared to other areas in the state. This is partly due to the presence of high-paying jobs in sectors like technology and financial services.
How big is Andover MA?
Andover, Massachusetts, covers a land area of approximately 32.1 square miles. The town has a diverse population and a strong community atmosphere. With a blend of residential areas, commercial hubs, and educational institutions, Andover offers a balanced environment for both living and working.
Next, we’ll delve into the key industries and economic sectors that drive Andover’s economy.
Conclusion: How Many Businesses in Andover Massachusetts
Community Engagement
Community engagement is at the heart of Andover, Massachusetts. The town hosts numerous events and activities that bring residents and businesses together. From local farmers’ markets to cultural festivals, there’s always something happening that fosters a sense of community. These events not only enrich the lives of residents but also provide opportunities for local businesses to engage with potential customers and showcase their products or services.
AIM Commercial Cleaning Services
At AIM Commercial Cleaning Services, we understand the importance of a clean and welcoming environment for both businesses and community events. Our janitorial services in Andover, MA are designed to meet the diverse needs of local enterprises, ensuring that your workspace is always pristine and inviting. Whether it’s a bustling office, a busy retail outlet, or a healthcare facility, our team is committed to delivering exceptional cleaning solutions that contribute to a healthier and more productive environment.
Future Prospects
Looking ahead, Andover’s business environment is poised for continued growth and development. With a robust economic foundation and strong community support, the town is an attractive destination for new businesses and entrepreneurs. The presence of major employers and the growth of small and medium enterprises indicate a thriving local economy.
As Andover MA continues to expand, AIM Commercial Cleaning Services is dedicated to supporting this growth by providing top-notch cleaning services that help businesses maintain a professional and hygienic workspace. We look forward to being a part of Andover’s bright future and contributing to the town’s ongoing success.
For more information on how AIM Commercial Cleaning Services can meet your cleaning needs, contact us today. Let’s work together to create a cleaner, healthier, and more inviting environment for your business.
