Looking into 2024, it appears more Central Massachusetts business leaders are feeling positive about the economy than they have in the recent past.
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Central Massachusetts business leaders have not been optimistic about the region’s economic outlook over the last couple of years. With the exception of 2020 – when it felt like there was no place to go but up – the plurality were predicting either middling growth or a full-on recession. Yet, looking into 2024, it appears more of them are feeling positive about the economy than they have in the recent past.
In WBJ’s annual Economic Forecast survey conducted in late November and December, more readers felt the region’s economy would improve significantly (18%) than they had since at least 2016, with the exception of those survey takers at the end of 2022 (26%) Moreover, the portion of survey takers who said the economy would improve significantly or slightly (64%) is at its highest level since 2017. This comes on top of 70% of readers saying the economy is better than at this time last year.
WBJ readers’ collective outlook, though, isn’t all roses and sunshine: 39% expect to have to make cuts as a result of a slowdown in their operations in 2024, and another 79% say their businesses are still being impacted by high interest rates.
Workforce issues remain top of mind, as 65% expect to hire additional staff next year, but 51% are concerned they won’t be able to find people with the right skills for the job. More than a fifth of the survey takers said the biggest impediment to business growth is lack of available workforce (22%), ranking third behind high operating costs (27%) and lack of affordable housing (25%).
Still, after more than a year of concerns about an impending recession, it’s nice to see the collective opinion is the Central Massachusetts economy is in a better place and will continue to improve.
