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.
Recently, the unemployment rate has dropped significantly in the Commonwealth of Massachusetts. This drop has led to an increase in job opportunities for millions of workers in Massachusetts. Indeed, the outlook for employment in the commonwealth is better than it has been in a decade, and it is expected to continue to improve over the next couple of years.
While the source of this upswing can be traced to a multitude of causes, one thing is certain: Massachusetts employment figures tell the tale of a rapid increase in prosperity, not only for businesses in the commonwealth, but also for the workers who will fill these newly available positions. The influx in available jobs has provided job seekers with better opportunities, increased bargaining power for wages and benefits, and competing offers being directed to them by multiple employers.
Revisiting Pre-Recession Prosperity
The outlook for jobs in Massachusetts is constantly improving, thanks to the falling unemployment rate. In fact, the unemployment rate in the commonwealth is currently estimated to be 4.7% compared to the 4.6% pre-recession national unemployment figures. As a result of this change, employers all across the commonwealth are faced with a whole new problem: the need to hire more workers, as fast as possible. Massachusetts employers and job placement companies are at a bit of loss trying to keep up with the ever-increasing job openings. In fact, leading manufacturing companies are asking their legislative officials how they can help them fill these newly created manufacturing positions.
Taking Advantage Of A Strong Job Market
As a result of this new economic upswing, workers are being encouraged to take advantage of an increasingly strong job market. If they are unhappy with their job or have taken a position that classifies them as one of the “underemployed,” it is time to revisit the market. Experts predict that the growing employment opportunities in Massachusetts will level out sometime in 2017, but only because there will not be enough people to fill the positions that are available. Thus, while it lasts, the increasingly lucrative opportunities that await workers in the Commonwealth of Massachusetts should be snapped up as soon as possible.