Central Mass. business confidence rises from historic low, stays in pessimistic territory
Photo | Courtesy of Rentschler Biopharma
The state's manufacturing index rose to its highest score in six months to a score of 50.5.
Business confidence in Central Massachusetts rose in September following a historic low in August, yet remained in pessimistic territory with the lowest regional confidence index in the state.
The Central Massachusetts Business Confidence Index rose 4.8 percentage points over the month from 44.6 to 49.8, according to a Monday press release from the Associated Industries of Massachusetts. The region’s upward trend is in congruence with the state’s overall business confidence, which rose 2.2 percentage points to 53.2 in September.
The AIM index pulls from a survey of more than 140 Massachusetts employers and is scored from a 100-point scale; a score of above 50 represents an optimistic outlook and a score below 50 represents a pessimistic outlook.
The Western Massachusetts Business Confidence Index rose 10.2 percentage points, stepping out of neutral territory in August to a score of 60.2 in September. The North Shore Confidence Index was the sole index to decline in September, dropping 3.0 percentage points yet staying in optimistic territory at 51.0.
“Business confidence continues to vacillate in response to a shifting economy, but the prospect of lower interest rates is good news for Massachusetts businesses and households,” Sara Johnson, chair of the AIM Board of Economic Advisors, said in the release.
Confidence among owners statewide in regards to their own businesses rose 1.5 percentage points from 52.7 in August to 54.2 in September, a score 2.5 percentage points higher than in September 2023.
The Massachusetts Index assessing business conditions within the commonwealth rose last month, increasing 1.4 percentage points to a score of 51.3, which was 0.9 percentage points higher than in September 2023.
Scoring 57.1, midsized companies were once again more optimistic than large and small companies which scored 54.0 and 48.2, respectively.
Often the lowest scoring constituent assessed, September’s manufacturing index rose to its highest score in six months, increasing 2.3 percentage points into optimistic territory at 50.5.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
0 Comments