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Construction Job Openings Flat in November

By Christine Longhi
Daily News Employment Home Builders Home Improvement News Real Estate Real Estate

WASHINGTON, D.C. —The construction industry registered 388,000 job openings in November, according to an Associated Builders and Contractors (ABC) analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, which defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings declined by 2,000 in November but were up 22,000 from the same time last year.

“Once again, good news is bad news,” ABC Chief Economist Anirban Basu said. “The economy-wide number of job openings remained elevated at approximately 10.5 million in November, virtually unchanged from October’s revised estimate. That’s the key takeaway in a still-red-hot labor market, as many employers continue to aim for expanded capacity to satisfy unmet demand. That is the good news.

“The bad news is obvious,” Basu continued. “Despite raising interest rates during the last 10 months, the Federal Reserve is still grappling with an excessively tight labor market associated with rapid compensation cost increases. To return inflation to its 2% target, the Federal Reserve needs a looser labor market with fewer job openings, higher unemployment, and slower compensation growth. The implication is that interest rates will continue to rise, adding to construction project financing costs and potentially setting the stage for sharp declines in activity in many privately financed construction segments.”

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Application Now Open for Local Farmer Awards for Infrastructure Improvements

By Christine Longhi

AGAWAM — Farmers in Western Mass. are invited to apply for Local Farmer Awards of up to $2,500. These awards are for capital/infrastructure improvement projects related to growing, harvesting, and processing that will help farms compete in the marketplace. The Harold Grinspoon Charitable Foundation, in partnership with Big Y and with the support of other funders, is entering the ninth year of the awards program, which has helped more than 235 farmers carry out a total of 474 projects.

Some examples of how the awards have been used include electric fencing, no-till equipment, irrigation improvements, frost-free water systems, feed troughs, and shade cloth for greenhouses.

“Farmers don’t typically ask for help,” philanthropist and project founder Harold Grinspoon said. “They are genuinely appreciative of these awards and use the money in creative ways for projects to help their farms grow.”

To be eligible, farms must have gross sales of $10,000 or above and either be a member of buy-local organizations Berkshire Grown or Community Involved in Sustaining Agriculture (CISA) or farm in one the four counties of Western Mass. For a full list of eligibility requirements and application information, farmers are encouraged to visit www.farmerawards.org. The deadline for applying is Jan. 31.

Business Management Daily News Education News

Westfield State to Host Virtual Information Session for Accounting Graduate Program

By Christine Longhi

WESTFIELD — Westfield State University will host a virtual information session for the master of science in accounting (MSA) program on Wednesday, Jan., 25 at 6 p.m. via Zoom.

The graduate program is designed to foster leadership skills and prepare students for successful careers in public and private accounting. It allows students to complete the additional 30 credit hours necessary to fulfill the educational requirements for the , (CPA) license in Massachusetts and several other states.

The program offers a foundation curriculum for students who have an undergraduate business degree but lack the necessary coursework in accounting to complete a series of prerequisite courses as part of the master’s program. The advanced curriculum is for students with an undergraduate major or concentration in accounting. It is comprised of 10 courses (the majority are offered in a hybrid format, and certain courses are 100% online) that can be completed in only two semesters. The MSA program offers students flexibility and affordability to achieve a greater degree of sophistication in accounting.

Information-session attendees will have an opportunity to speak with faculty and members of the outreach team about the program and its application process. The $50 application fee will be waived for all attendees. To RSVP, visit www.gobacknow.com. For more information, call (413) 572-8461 or email [email protected]

Business Management Commercial Real Estate Daily News News Real Estate

MassDevelopment Sells 1550 Main to Mittas Holdings and DGP Properties

By Christine Longhi

SPRINGFIELD — After 13 years of ownership, MassDevelopment announced it has sold 1550 Main in Springfield to Mittas Holdings, LLC and DGP Properties, LLC, owned by Vidhyadhar “Vid” Mitta and Dinesh Patel, respectively. 1550 Main is a 130,000-square-foot building with a highly visible public plaza and 103 parking spaces below grade, with physical connections via skywalks to adjacent garages.

“Revitalizing underused commercial properties helps bring additional jobs, foot traffic, energy, and economic growth to a neighborhood,” said Housing and Economic Development Secretary Mike Kennealy, who chairs MassDevelopment’s board of directors. “MassDevelopment’s stewardship of 1550 Main has sparked new life in a prominent building in downtown Springfield and demonstrated the value of investing in and modernizing properties to meet the needs of communities today.”

MassDevelopment President and CEO Dan Rivera added that “working with tenants, partners, and the city of Springfield over the years allowed us to cultivate this property to its best and highest use. This type of focused teamwork is how long-lasting redevelopment takes root. It is what makes converting an old federal courthouse into a stunning multi-tenant office building possible.”

In 2009, MassDevelopment purchased 1550 Main from the federal government. On arrival, the property was 70% occupied and in need of significant upgrades. After exceeding all goals, including reaching a current occupancy level of 98%, MassDevelopment put the property up for sale to the CRE market through a disposition process to allow the agency to refocus its investment efforts elsewhere. Current 1550 Main tenants include the Springfield School Department, Baystate Health, the Internal Revenue Service, U.S. Immigration and Customs Enforcement, and regional offices for U.S. Sens. Elizabeth Warren and Ed Markey. The new ownership group will assume all existing lease agreements.

“I want to thank MassDevelopment President and CEO Dan Rivera and his dedicated team for their continued belief and investment in our Springfield,” Mayor Domenic Sarno said. “The property at 1550 Main Street is a key piece to the economic stability of our downtown. Dinesh Patel, Vidhyadhar Mitta, and their team have a proven track record of property ownership, management, investment, and economic development, as they are also the owners of our Springfield Tower Square property at 1500 Main Street since 2018, and oversaw the grand reopening of our iconic Marriott Springfield Downtown Hotel. All of this makes them the ideal owners to continue the advancement and oversight of this important and vital economic-development property. I have the full confidence that they will continue to enhance our downtown Springfield footprint while providing the same quality of investment and management to the existing tenants of 1550 Main Street, including our Springfield School Department.”

Said Mitta, “I thank all public officials and local communities for supporting us to make such investments in Springfield. We will continue to do our best to match MassDevelopment’s role.”

Added Patel, “I am very excited to continue the fantastic job done by the MassDevelopment team. As a local real-estate developer, I also greatly appreciate Mayor Sarno’s support and trust in continuing the success at 1550 Main.”

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