Regional Briefs
State unemployment rate dips
Led by job gains in education and health services, the state's unemployment rate dropped by 0.1 percent in September to 4.4 percent, according to the state's Executive Office of Labor and Workforce Development.
The unemployment rate was down from 4.5 percent in August and 5.1 percent in September 2006.
The overall number of jobs in the state declined by 2,100 in September, with "larger than usual seasonal job declines in retail trade," the department said. The retail trade decline led to a decline of 2,900 jobs in the transportation and utilities sectors, the department said.
Manufacturing lost 600 jobs during the month, and is down 3,000 jobs from a year ago. Other sectors that saw job losses were construction, information and leisure and hospitality.
The biggest gains were seen in education and health services, which added 1,100 jobs, and professional, scientific and business services, which added 700 jobs.
SBA sets new loan record
The U.S. Small Business Administration said it loaned $20.6 billion in 110,000 small business loans during its 2007 fiscal year.
The number of loans and the amount borrowed were both records for the administration, and do not include the $2.65 billion in venture capital funding provided by the administration to more than 2,000 companies.
According to the administration, nearly a third of all its loans went to start-up companies and another third went to minority borrowers, which saw an increase of 23 percent among African American-owned businesses.
SBA loan programs have set records for the past six years, and the administration has doubled the number of loans provided since 2000.
Raytheon adds cyber security firm to its ranks
Waltham-based Raytheon Co. has completed the acquisition of Salt Lake City-based information security company Oakley Networks Inc.
Oakley is a privately held company that specializes in cyber security and data leakage prevention systems. Raytheon said the acquisition strengthens its capabilities in information security for government and commercial customers.
Oakley will become Raytheon Oakley Systems Inc. under Raytheon's Texas-based Intelligence and Information Systems division. Oakley will be a wholly-owned subsidiary of Raytheon.
Financial terms of the acquisition were not disclosed.
3Q ad spike lifts NYT Co.
The New York Times Co., parent of the Worcester Telegram & Gazette and the Boston Globe, reported strong third quarter earnings, but declining advertising and circulation revenues for its New England Media Group.
The New England Media Group saw advertising revenue decline to $91.8 million, a 5.7 percent drop from the same time last year. Circulation revenue for the group fell to $39.7 million, a 1.8 percent decline from the third quarter of 2006.
On the whole, the company reported third quarter net income of $13.4 million on revenue of $754 million, 6.7 percent and 2 percent increases respectively.
The company said the revenue increase was mostly the result of an 11 percent increase in national advertising revenue.
40B repeal closer to ballot box, coalition says
The Coalition to Repeal 40B, a statewide ballot question committee working to place its question on next November's ballot, has just six weeks remaining to collect signatures in support of its cause.
The coalition reports, however, that its efforts have been bolstered by the latest state housing "report card."
The report, produced by the Center for Urban and Regional Policy at Northeastern University in Boston concludes that despite state population declines and record-high housing vacancy rates, 40B construction added more than 28,000 of the 32,000 new homes across the state. The median price of these new homes was $400,000.
The coalition asserts that 40B projects yielded a 44 percent drop in affordable units produced and used land for upscale homes that should have been preserved for affordable housing.
Mortgage Industry To Get More Scrutiny In Mass.
New regs with the Secretary of State expand consumer protection laws to include mortgage lenders.
Attorney General Martha Coakley filed finalized regulations with the Secretary of State's Office to expand the scope of the existing mortgage lender and broker regulations prohibiting certain unfair and deceptive advertising practices.
The regulations previously applied only to home improvement loans. As amended, the regulations apply to all mortgage loans, including refinancing or purchase money mortgage loans. Coakley said she would release a summary report next week of the statewide public hearings her office held last month on the proposed regulations.
"It is my hope that by issuing these regulations, which will prohibit a range of unfair and unduly risky lending behaviors, we will be able to combat the rising number of foreclosures in Massachusetts," she said in a printed statement. "These regulations will give us the ability to more easily bring cases against unscrupulous lenders under the Consumer Protection Law, and should serve as a deterrent for brokers and lenders not to engage in unfair and deceptive practices."
Broadband To Get Broader
Gov. Deval Patrick filed a $25 million bond bill to invest in the state's broadband infrastructure.
The legislation calls for the creation of a Massachusetts Broadband Institute within the Massachusetts Technology Collaborative, according to a press release from the governor's office.
The institute will administer what is being called the "Broadband Incentive Fund" to invest in publicly owned broadband infrastructure and partner with private firms to connect the 32 municipalities currently without broadband access. The deadline for greater access in those communities is 2010.
All but one of the completely unserved communities, as well as many of the underserved ones, are located in Berkshire, Hampshire, Franklin and Hampden counties in Western Massachusetts.
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