Home Posts tagged wish list

What We’d Like to See in 2024

By
Opinion

Editorial

 

“Honestly, this was one of our busiest years I can remember.”

“It’s been a very challenging year.”

Those are two quotes from this issue of BusinessWest, one from the world of construction, the other from hospital administration.

And if you asked leaders of other sectors — from education to auto sales; from real estate to insurance — how things are going, you’d probably encounter the same range of answers.

Because these are unusual times. In some ways, the economy is strong, with historically low unemployment, real wages rising, and energy prices falling. But in other ways — indeed, the ways in which people feel it most immediately — things are not getting better: inflation is still too high, housing is increasingly unattainable, and employers are struggling to find talent.

But even by those negative measures, the U.S. has seen improvement over the past year, and in many industries, business is steady. We hope for even more improvement in 2024, of course, and while we do, here are four other developments we wouldn’t mind seeing, both locally and nationally.

• Lower interest rates. Not only has it been a terrible year for banks on that front, but consumers have been struggling with the dual issues of housing availability and higher mortage rates. Now that inflation is easing, mortgage rates are expected to make a slow decline throughout 2024. Realtor.com forecasts that rates will be 6.8% on average for 2024 and 6.5% by the year’s end, following a high of 7.79% earlier this year.

• Movement on east-west rail in Massachusetts. Obviously, any movement here will be painfully slow, but there has been some progress toward connecting Springfield (and even Pittsfield) with Boston. This fall, the federal government awarded a grant of $108 million to Massachusetts for infrastructure upgrades, and Gov. Maura Healey signed off on $12.5 million in DOT funding in the state’s FY 2024 budget toward the effort.

• Federal cannabis decriminalization. Well over half of U.S. citizens live where cannabis is legal in some way statewide, that number is rising every year, and about 60% of Americans want the drug legal for recreational use. But the federal government’s continued categorization of cannabis as a Schedule 1 drug — and the related Section 280E issues in the Internal Revenue Code — continue to hamper the industry in many ways, from banking and taxes to security and transportation. Descheduling marijuana seems to have bipartisan support in Congress, but there has been little movement.

• More momentum in downtown Springfield. The good news is plentiful: MGM posted some of its best-ever months this year. The Thunderbirds generate a $126 million effect on the local economy, according to a UMass Donahue Institute study. The market-rate housing development at the former Court Square Hotel has been taking applications, with the promise of bringing more foot traffic to the area. All the downtown office towers report new tenants or progress toward that goal. Downtown may never attain the energy of its mid-20th-century heyday, but the progress has been encouraging.

What We Want to See in 2023

By
Opinion

Editorial

 

As we turn the page on 2022 and look ahead to a year filled with question marks, those of us at BusinessWest offer up some thoughts on what we’d like to see in the year ahead.

Some wishes would fall in the category of ‘obvious’ — a slowing of inflation, fewer and less dramatic interest-rate hikes (how about none at all?), improvement on the workforce front, and some real movement on job growth — while others might be less obvious. Here’s a short list:

 

Less Whitewater

The past three years have been a long, grueling grind for area businesses, large and small. They have had to cope with COVID, a workforce crisis, supply-chain issues, dramatic price increases, recession fears, waning consumer confidence, a microchip shortage, incessant employment-law challenges, cybersecurity issues, the various challenges of remote work, early retirement among Baby Boomers … the list doesn’t seem to end, and we certainly forgot a few.

The region’s business community could use a break, a breather, some real ‘party like its 2019’ normalcy, not the new normal. Let’s hope some is coming in 2023.

 

A More Impactful MGM Springfield

Let’s start by saying the casino complex on Main Street has had to deal with everything on the list above, just like everyone else. So it has certainly not had an easy ride since the parade that marked its grand opening in late August 2018. That said, few if any would say that MGM Springfield has had anything close to the kind of economic impact we were all hoping for, if not expecting, when it was blueprinted and then built.

Yes, it has had a stake in several meaningful initiatives, like the project to revitalize the old Court Square Hotel. But, overall, gaming revenues are not what were projected, and the same can be said for vibrancy in the casino area, the list of things to do at the complex, meetings and conventions, and impact. We’ve said it before, and it bears repeating … there are many days when, if you didn’t know there was a casino on Main Street, you wouldn’t know there was a casino on Main Street. This needs to change, and hopefully we’ll see some progress in 2023. Maybe sports betting will help.

 

Continued Growth of the Entrepreneurship Ecosystem

This has been one of the better economic-development stories of the past several years, and the region needs to continue and build upon its efforts to encourage entrepreneurship. As the immense competition for manufacturers and other kinds of businesses, and the jobs they create, only increases, perhaps the most realistic opportunities for growth in this region are of the organic kind. Progress in this fashion comes slowly and, in most cases, undramatically. But we have to continue to plant seeds.

 

Relief on the Workforce Front

We’re not sure if or how it can happen, but the area’s employers need some relief from the crushing workforce crisis. As the stories that begin on page 13 clearly show, workforce is the issue that is keeping business owners and managers up at night. Worse, it’s keeping many businesses from reaching their full potential and realize some of the opportunities that are coming their way.

The region and the state cannot simply wave a wand and bring thousands of people into the workforce. But what they can do is continue and accelerate the work to make this state more attractive, not just for businesses, but for the people who will work at them, by creating more affordable housing and taking other steps to bring people here instead of compelling them to look or move elsewhere to find a job, start a career, or write the next chapter.

Things We’d Like to See in 2019

By
Opinion

Editorial

Looking back, 2018 was, overall, a year of progress and accumulated momentum for the Greater Springfield region. As the calendar turns, we have a short wish list for 2019:

• Continued success for MGM Springfield. Not everyone is a big fan of gambling, but everyone should want this facility to not only succeed, but continue to grow and expand its influence. Most all of the things we wanted to happen with this casino — thousands of jobs, more vibrancy downtown, a boost to the convention and meetings market, and people loading ‘Main Street, Springfield, Mass.’ into the car’s GPS — have happened, and things we didn’t want to happen — traffic jams, turmoil in the labor market, and damage to other businesses — really haven’t happened. Let’s hope this pattern continues into the new year and beyond.

• More progress with helping the unemployed and underemployed get into the game. In most all respects, the economy is solid, and individual sectors are doing well. Employers are still struggling to find good help. But the regional unemployment rate remains higher than the national average, and many are still on the sidelines when it comes to the job market because they lack the needed hard and soft skills. Several area agencies and institutions, especially the community colleges, are aggressively attacking the problem, and it is our wish that these efforts generate some real results in the year to come, because, in many sectors, the only thing holding them back is securing enough talent to get the work done.

• More work to aggressively market this region and the many good things happening here. Yes, we know that Greater Springfield has come a long way since the dark days when a receiver controlled the City of Homes and its downtown was essentially dead as a doornail. But the rest of the region and the country don’t. We could wait for the New York Times and the Boston Globe to tel the story (they might get around to it someday), but we should probably tell it ourselves through targeted marketing, as other cities (New York) and states (Michigan) have done. We don’t need a catchy phrase, but we do need to get the word out. The Economic Development Council has recognized this as a priority and we hope to see some progress made in 2019.

• Continued efforts to inspire and mentor entrepreneurs. We’ve said this many times before, but need to keep emphasizing the point. The most logical way to create jobs and revitalize individual cities and their downtowns is not by luring large companies, but by building from within, by promoting entrepreneurship and then mentoring those who go into business for themselves. Yes, it takes longer, and for every Google — and we’re probably not going to get a Google — there are hundreds of ventures that fail to take flight. But we have to keep trying to build from within. We’ve made great progress in this realm through the efforts of Valley Venture Mentors and many others, and we have to continue building on the foundation that we’ve laid.

News

Contact

Advertise

Events