2014: The Year Ahead For Central Mass.
Anyone can make a prediction and be seen as prescient if it comes true — or just another one of many people who offer forecasts that just don’t pan out. Think about it: How many of us predicted last winter that the Red Sox would win the 2013 World Series? On the other hand, who among us predicted that Republicans and Democrats in Congress would not continue to act in such a way that the Hatfields and McCoys would be seen as bosom buddies by comparison?
When it comes to the economy, though, trends matter more. And in 2013, the national economy picked up more traction with a drop in unemployment, to 7 percent in November, and — barring an unprecedented plunge over the final trading days of the year — a gain of at least 20 percent in the stock market. Meanwhile, Massachusetts lost jobs, though not a disastrous amount, but both the residential and commercial real estate markets improved in Central Massachusetts. The prognosticators who said 2013 would be a year of slow growth were indeed correct.
Judging from the results of our annual Economic Forecast survey, businesses appear ready to apply a little more pressure to the gas pedal.
The online survey, conducted in November and early December, yielded more optimistic predictions about the year ahead, such as:
• An increase in the number of employers who plan to add jobs;
• More optimism about housing prices; and
• More confidence about the direction of the economy in 2014 compared with 2013 (66 percent foresee improvement, compared with 57 percent from last year’s survey).
The digital edition at the link below feature the results from this year’s survey, in which 222 people responded. You can compare the data with that of the last three years to get a sense of where things may be headed in Central Massachusetts in 2014.
In addition, this annual Economic Forecast issue offers our list of 10 predictions for the year ahead, as well as a report card on our prognostications for 2013.
And, in each of the six sections within this issue — Manufacturing & Technology, Energy, Real Estate, Health Care, Education and Banking & Finance — we offer “5 Things to Watch” in 2014, plus a list of three notable happenings in 2013.
And, in just one more farewell to the year almost completed, read our story on the top five business stories of 2013 in Central Massachusetts, starting on Page 11.
From all of us at the Worcester Business Journal, we hope you find the 2014 Economic Forecast issue a useful tool as you plan for the year ahead. Please let us know what you’d like to see in this issue in years to come by emailing us at editorial@wbjournal.com.
Click here to view our entire 2014 Economic Forecast issue.
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