Momentum Is Starting to Snowball
A year ago this time, we were writing how the pieces would soon start to fall in place for Springfield and this region as a whole and how there would be the start of a snow-ball effect regarding the city and heightened interest as it as a place to live, work, and invest in.
Well, 12 months later, the snowball is starting to take on some size and move at a pretty good clip, making the outlook for 2019 considerable bright locally, even as the picture nationally is becoming increasingly clouded by question marks (see related stories beginning on page 16).
In a way, there are two stories when it comes to the economy: nationally, there is considerable apprehension regarding a slowdown — what’s happening in Wall Street is a perfect example — even though most economic indicators, everything from unemployment rates to demand loans, remain solid.
It will be up the Fed, as well as investors and other constituencies, to sort things out at an intriguing time, when there is growth and doubt — both in very large quantities.
Meanwhile, locally, the region, and especially Springfield, seem to be on the cusp of something momentous, maybe even historic.
Those quoted in the stories comprising the Economic Outlook 2019 section speak of not merely optimism (there’s been lots of that over the years), but interest and activity. Tourism officials talk of rising occupancy rates and hotel-room rates and interest in developing new hotels. Meanwhile, commercial real-estate brokers and managers talk of interest in this market that they haven’t seen in decades — if ever.
Investors are looking at sites for everything from housing developments to cannabis dispensaries and everything I between.
It’s not as simple as ‘if you build it, they will come,’ but in many ways it is.
And what we’re building is a vibrant, livable, accessible city (and region) that people and businesses want to be part of. We have a long, long way to go, but more of those aforementioned pieces are falling into place, and more should come in the next few years.
MGM Springfield was certainly a big piece. It brought jobs, foot traffic, and interest in Springfield from people who might have had to look at a map or rely on the GPS system in the car to find it.
But there are many other pieces as well: Union Station and enhanced rail service are making it easier to get to the city; renovation of Stearns Square, Riverfront Park, and other facilities will make Springfield more livable; businesses and institutions moving into the downtown and investing there are prompting others to consider following suit; and an improved police presence is contributing to less apprehension about public safety — not to mention the many colleges now populating downtown, the ongoing remaking of Tower Square (White Lion Brewery will soon be moving in), the cannabis industry, and more.
When things like this start to happen, a city becomes more saleable as a place to live, and we’re seeing considerable interest in development of market-rate housing in and around downtown.
And when more people start to make the city their home address, more businesses — more restaurants, more clubs, some cannabis dispensaries, and more service-related ventures — will follow.
And then more people will want to relocate here, and more businesses will follow. That’s the theory, and in practice — and in some cities, like Cambridge, Lowell, and others — it works.
Will it work here? Perhaps. The signs are there. The pieces are falling into place, and the snowball is starting to take on size.
If 2018 was a year to build some momentum, then 2019 will be a year to capitalize on it. Big time.