At the end of 2019, no one could have predicted what the following year would bring: a worldwide pandemic, an economic shutdown, the highest unemployment since the Great Depression, massive government intervention, empty offices, and the start of a recovery.
At the end of 2019, no one could have predicted what the following year would bring: a worldwide pandemic, an economic shutdown, the highest unemployment since the Great Depression, massive government intervention, empty offices, and the start of a recovery.
Instead, nearly all prognosticators at the end of 2019 would have done what we all do: mix in a lot of your own historic experience, a little bit of what the most recent trends are, and a dash of your own optimism or pessimism, all to arrive at your own personal outlook for the coming year. Even though 2020 was an outlier, this formula tends to have limited success at best, which was what 2021 and 2022 brought us.
So, here we are at the end of 2022, with WBJ’s annual Economic Forecast issue. Every year, we tap our readers’ knowledge and feelings about the coming year and combine them with our own market expertise from having reported on the Central Massachusetts economy to provide you with what we believe will be the major industry trends and news in the coming year.
The WBJ Editorial staff doesn’t foresee another worldwide pandemic hitting in 2023 or a similar large-scale economic disruption. Instead, next year will be a continuation of much of the last two years: the still-in-demand real estate market will begin to slow, manufacturers will find new ways to make money, diversity & inclusion efforts will continue their slow but steady progress, clean energy efforts will benefit from government backing, and the strained healthcare system will show further signs of wear.
Each year brings its own unexpected surprises, even if they don’t rise to the level of COVID-19. Regardless of their size, surprises are nearly impossible to predict, but they can be prepared for. Knowing the economy may slow down, a new business opportunity may present itself, your key staff members may turn over, or the marketplace will suddenly become more competitive will help you position your organization for success in the future.
That, of course, is the overarching goal of WBJ’s editorial content: to provide you with the market intelligence necessary to help your business succeed. Next year will bring plenty of ups and downs, and we’ll be here to report on them for you. It’ll be an adventure.
– Brad Kane, editor
