Regional Briefs
Mass. Economy Buoyed By Science, Technology
According to the latest Benchmarks Bulletin from MassBenchmarks, the state's economy grew at an annual rate of 3.6 percent during the third quarter.
That rate is identical to the state's economic growth in the second quarter, but behind the annual growth rate of the U.S. gross national product, which grew at a 3.9 percent rate during the third quarter and 3.8 percent in the second quarter.
According to Benchmarks, the state's economy is expected to grow at about 3.4 percent over the next six months. The state's economy has slowed from a 4.1 percent growth rate in the first quarter, and "growth is expected to moderate further over the next six months," the report said.
Alan Clayton-Matthews, co-editor of the MassBenchmarks Bulletin, said "the financial turmoil related to the sub-prime mortgage crisis has not spread beyond the residential housing sector," and the state's technology, science and "knowledge" sectors are keeping the economy afloat.
The MassBenchmarks Bulletin is published by the University of Massachusetts Donahue Institute, the school's economic development unit.
Offices Around I-495 And Pike Good Alternative To Boston, Waltham
Average asking rents for office space in the I-495/Mass Pike market have been steadily climbing, and have risen 19 percent in the last two years to an average of $21.02 per square foot, according to a Jones Lang LaSalle market report.
Rent appreciation has been greatest in Framingham and Natick, influenced by a low 8.5 percent vacancy rate. Class A space there has climbed by almost $3.00 per square foot in the last nine months to between $26 and $28.50.
Marlborough and Westborough "represent the heart of the office market on the I-495 beltway," the Jones Lang report said. That market has 6.1 million square feet, and has a vacancy rate of 17.2 percent. The combination of available space and lease rates barely above $20 per square foot make those towns attractive alternatives to Waltham, Cambridge and Boston, the report said.
However, large blocks of office space of more than 100,000 square feet are scarce, and carry slightly higher asking rates.
Mass. Orgs Win Affordable Housing Grants
The TD Banknorth Charitable Foundation of Portland, Maine, has included 20 Massachusetts organizations in a list of 51 scheduled to share $1 million in affordable housing grants.
The foundation said the grants would support the preservation of about 1,000 affordable housing units in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont.
Among the Massachusetts organizations receiving grants are the Worcester East Side Community Development Corp., Massachusetts Veterans Inc., Open Pantry Community Services Inc., the YWCA of Greater Lawrence and others.
The grants are focused on transitional housing and homeless shelter programs. The grants are awarded as part of TD Banknorth's "Housing for Everyone" grant competition.
Shocking Results From AIM Electricity Survey
The Associated Industries of Massachusetts is calling the results of a survey on electricity costs "troubling."
Half of the businesses surveyed by AIM employ between 50 and 250 people, and pay electricity bills between $100,000 and $5 million each year.
According to AIM, 56 percent of businesses surveyed said they were unable to pass on the increasing cost of electricity to customers. Those businesses had instead cut wages and benefits or stopped making certain products.
AIM said the high cost of electricity in Massachusetts could force businesses to stop hiring or move out of state.
Utility-sponsored energy efficiency programs are well-known, AIM said, but only 48 percent of respondents to the survey said those programs were effective.
Only 33 percent of respondents said they were aware of renewable energy programs administered by the state's Massachusetts Technology Collaborative.
Global Telecom Equipment Market To Exceed $109B By 2011
The global market for telecommunications infrastructure equipment will grow beyond $109.9 billion by 2011, according to a new study by Framingham-based IT market analyst IDC.
Growth in the segment will increase at a five-year compound annual growth rate of 4.2 percent, IDC predicted.
During the first half of this year, revenue growth was driven by strong sales of optical transport, broadband access and routing and switching equipment, according to the company.
Network consolidation and expansion will continue to spur investment in infrastructure, said David Emberley, research manager for telecommunications equipment at IDC.
Heating Oil In State Tops $3 Per Gallon For First Time
Heating oil in Massachusetts is topping $3 a gallon for the first time.
That's according to a weekly survey conducted by the state Division of Energy Resources that found that heating oil in the state is averaging $3.05 a gallon.
At $2.70 a gallon, the cost of propane is also at a record.
The price of heating oil has jumped 33.5 cents and propane 22 cents since the state began its winter fuel price surveys October 9.
The costs are being driven by crude oil prices that are fluctuating between $92 and $96 per barrel.
State officials say residents can cut down on their heating bill by taking a few simple steps like making their homes more energy efficient and
turning down the heat in rooms not in use.
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