At the recent Economic Summit breakfast, hosted by Randolph Savings Bank, economic expert Dr. Elliott Eisenberg confidently declared that the state of Massachusetts is not in a recession. Corroborating data shows that since the beginning of 2015, Massachusetts economic growth is moving at a steady pace that exceeds the national average.
According to Eisenberg, the chances of a recession in the next six to twelve months is less than 5%. Although the change has not been a drastically positive one, the economy is still moving steadily forward. The trend in growth is a positive sign for growing businesses in the area, despite some factors that remain a point of concern. The number of experienced baby-boomers retiring from the work force, deteriorating fiscal conditions, income inequality, and the negative after-effects of a brutal winter could be troublesome if not resolved carefully.
However, the rising trend in financial growth sheds a positive light on the future. There has been a significant increase in job opportunities thanks to thriving industries such as technology and software development. Many experienced workers are re-entering the workforce and a population boom has provided additional able bodies to fill available positions.
For business owners, this is the perfect time to lay the foundations for growth. The Federal Reserve Bank of Boston has been kept under pressure to maintain current interest rates in order to nurture financial growth in the state. Experts anticipate that any raise in rates would be gradually implemented as inflation requires, as opposed to previous hikes that were made in an attempt to quell a boiling economy.
The current financial atmosphere smacks of opportunity. Businesses considering expansion, either by hiring more personnel, constructing new venues, or investing in new equipment are being encouraged to act now. For those who are not quite ready to push forward, experts advise securing capital for growth objectives before interest rates increase. Massachusetts is now leading the US economy in terms of growth, and Massachusetts businesses stand to gain significant financial ground if they take advantage of the opportunity.