Page 16 - BusinessWest January 9, 2023

John Falcone says supply-chain issues have improved in recent months, one of many reasons for optimism heading into 2023.
Staff Photo
Dumay: “In higher education, there are many challenges related to enrollment and finances; we’ve been talking for a while about what is known as the ‘demographic cliff,’ which is the fact that there are fewer high-school graduates, fewer 18-year-olds that are ready to enroll in college, and this has been exacerbated during the COVID years. This is creating enrollment challenges for all higher-ed insti- tutions. On the finance side, everyone here has mentioned the chal- lenge of inflation, as well as the tight workforce. Higher education is also challenged by the fact that some of the stimulus funding that has helped during COVID is no longer available. All of these are going to create challenges for the higher-ed sector in general, and Elms College in particular. But they also present opportunities.
BusinessWest: What are the forces that will determine what will happen with the local and national economies in 2023 and what we’re all talking about a year from now?
Kasa: “For us, what’s happening in the world politically and the war in Ukraine; we’re really seeing an increase in military spend- ing and orders for the military and defense. That’s going to be very helpful for us, and I do see that continuing. There’s a tremendous amount of talk about upgrades to engines, the F-35 ... and being in the aerospace alley and having so many of these large OEMs right in the corridor, in the Hartford area, is beneficial for us. I do foresee things continuing to move up and onward for us.”
Cannon-Eckerle: “One of the things bubbling up in the legal sphere is something they call ‘litigation investment,’ which is essentially large companies investing in litigation against larger corporations that normally they wouldn’t be able to afford. It’s like a venture- capital-like investment, and we’re starting to see large companies spread their wings. I think that might have an effect on litigation down the line.”
Dumay: “I think some of those challenges that I spoke about that are related to enrollment will lead to some of the forces and trends that will shape things in 2023. I expect institutions to tailor their
“To put things
in perspective, we have about
20 nurses on temporary staff that we get through agencies. Those 20 nurses, on an annual basis, cost us
$5 million; each nurse costs
us $250,000, because the rates are exorbitant
— the nurses get a lot of money, but there’s also a middleman that makes untold amounts of money from this crisis.”
Creating Beautiful Landscapes Since 1979
Creating Beautiful Landscapes Since 1979
Design & Build
• Parks
• Playgrounds
• Athletic Fields
• Irrigation
• Patios
• Walkways • Retaining
Walls
• Hydroseeding
& Bark Blowing
413.584.2550
• Hadley, Massachusetts • www.OmastaLandscaping.com
16 JANUARY 9, 2023
<< ECONOMIC OUTLOOK 2023 >>
BusinessWest