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June 26, 2023
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Midyear Economic Update

Rough start: Midyear survey reveals WBJ readers are increasingly pessimistic about 2023

Brad Kane

At the end of 2022, WBJ readers were more pessimistic about the future of the Central Massachusetts economy than they had been at any point in the previous 10 years. The first five months of this year only made them more pessimistic.

  • Shop Talk
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    Shop Talk

    Q&A: Leicester curiosity shop delights in the whimsical, witchy, and retro

    Vintage Rebel Curiosity Shop in Leicester refers to itself as “We’re one of those ‘don't know you need it until you see it’ kind of stores.”

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    Developer seeks $250M demolition, renovation, expansion of Oxford affordable housing complex

    Timothy Doyle

    Boston developer Trinity Financial proposed a complete redevelopment of its New Orchard Hills Estates affordable housing complex in Oxford.

  • Advice
    Advice

    101: Motivating top performers

    Susan Shalhoub

    Top performers tend to fall into the background as managerial attention goes to underachievers and new hires. But there needs to be a strategy to energize top performers too, or risk them getting bored, disgruntled, and looking elsewhere

  • Advice
    Advice

    10 Things I know about ... ChatGPT risks

    Michelle Drolet

    Like most tools, large language models (like ChatGPT & Google Bard) can be used for good or ill purposes. Positives: generate creative content, translate languages, and debug software. Negatives: They can be used to damage reputations, spread misinformation, code malware, and conduct cyberattacks.

  • Advice
    Advice

    How to work with a public relations firm

    David A. Ball

    How you approach the task of engaging a public relations firm will likely determine the success of a PR campaign.

  • Opinion
    Opinion

    Viewpoint: Health inequities are a $6B economic problem

    Audrey Shelto

    The first question for health foundations: What is causing racial disparities and inequities in health?

  • Editorial
    Editorial

    Editorial: We’re not out of the woods yet

    Despite the many headwinds - like the war in Ukraine and a steep rise in interest rates – unemployment remains incredibly low, and businesses are still hiring as they look to fill key positions and meet persistent demand.

  • Opinion
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    Opinion

    A Thousand Words: Clark's anonymous donation

    Ramón L. Sandoval

    Clark University received a $1 million anonymous donation for a new honors program, which is launching a pilot in the fall semester.

  • Editorial
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    Editorial

    From the Editor: Everything is going to be ok

    Brad Kane

    WBJ decided to publish a Midyear Economic Update on the local business community, to see how all the major events so far in 2023 impacted people’s feelings about the rest of this year.

  • Movers & Shakers
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    Movers & Shakers

    Movers & Shakers for June 26, 2023

    People are on the move at New England Botanic Garden at Tower Hill, Cornerstone Bank, and Thrive Support & Advocacy.

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Today's Poll

Should Massachusetts significantly reduce the environmental review time for new housing projects?
Poll Description

In an effort to increase the pace of new housing development in Massachusetts, Gov. Maura Healey has proposed streamlining the environmental review process for certain new housing projects, with the goal of reducing the time spent on the process from about one year to 30 days. Environmental reviews are a hallmark of community planning, to ensure new development doesn't negatively impact surrounding properties or natural resources, even though the process does add significant time and often cost to projects. Healey's proposal comes after Massachusetts fell behind the national average in new housing production, despite adding 90,000 new units since she became governor in 2023.

New England already averages the longest timeline in the nation to build a single-family home once the developer has been giving the authorization to move forward with construction, according to U.S. Census statistics compiled by the National Association of Home Builders. In 2023, single-family homes in New England averaged 13.9 months from permit to completion. The South Atlantic states have the lowest average of 8.9 months while the region that includes Texas, Oklahoma, Arkansas, and Louisiana is the second quickest at 9.4 months. The second-longest average after New England is the New York, New Jersey, and Pennsylvania region, which takes 13.2 months.

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