The Present and Future Economic Wellbeing of Massachusetts
Massachusetts Economic Trends and Your Business
The economic outlook continues to be a focal point for business owners. To help explain the state of the economy today and plan for the future, Middlesex Savings Bank hosted its 14th Annual Economic Breakfast on October 30th.
The event brought together over 250 regional business owners and entrepreneurs, and featured Dr. Michael Goodman, a regionally recognized economist, co-editor of MassBenchmarks, the journal of the Massachusetts Economy and Associate Professor and Chair of the Department of Public Policy, University of Massachusetts Dartmouth.
Dr. Goodman's presentation covered the state of the state and regional economies, and the economic outlook for the year ahead.
Key points covered during the presentation:
- Corporate profits are at record highs and conditions in the housing market are improving.
- Inflation is low and expected to remain low for the foreseeable future.
- The Massachusetts employment market is recovering; however recovery at the national level has a way to go.
- Global economic slowdown is hampering the Massachusetts recovery.
- While still below its pre-recession highs and fighting sluggish housing starts, the Boston area real estate market has bounced back better than other cities across the country.
- Federal budget cuts (spending, payroll taxes, sequester, etc...) continue to represent a major threat to the economic outlook.
Dr. Goodman discussed which businesses and industries are positioned to capitalize during the current recovery. He also pointed out that in general, the Metrowest region of Massachusetts is well-positioned for growth, noting that 57% of business owners stated their outlook was better than it was a year ago. Additionally, he illustrated how health care costs and government regulations were the two most important challenges facing Massachusetts businesses today.
After the breakfast, Dr. Goodman held a thoughtful and lively question and answer session with the audience.
For those who were able to attend, thank you for joining us at our Annual Economic Forecast Breakfast. We hope you found the day's presentation valuable, and we look forward to serving your future banking needs.
To learn more about Dr. Goodman's perspectives on the Massachusetts Economy, watch our brief video.