ReportWire

Tag: economies

  • Beverly faces nearly $4 million budget shortfall this spring

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    BEVERLY — The city is facing a nearly $4 million shortfall in funding the fiscal 2027 operating budget.

    That number — $3,921,385, to be exact — was in a report by Beverly’s Financial Forecasting Committee released this month.

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    By Caroline Enos | Staff Writer

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  • State provides tax credits to theater programs

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    BOSTON — The Healey administration is doling out $7 million to community theaters under a new tax credit program to help the businesses offset their operating costs, attract more talent and expand offerings.

    The Live Theater Tax Credit Program, which is jointly administered by the state offices of Travel and Tourism and Business Development, announced last week that it has awarded funding for 28 live-stage musical theater, dance or theatrical productions across the state.

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    By Christian M. Wade | Statehouse Reporter

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  • Report: Mass. cities, towns face ‘historic’ fiscal crisis

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    BOSTON — Massachusetts cities and towns are facing a “historic fiscal crisis” amid rising operating costs, lackluster state aid and restraints on property tax increases, according to a new report.

    The “Perfect Storm” report, released by the Massachusetts Municipal Association, found that while state government spending has increased by an average of 2.8% per year since 2010 to meet its needs, restraints on local revenue sources – including Proposition 2 1⁄2 – have held city and town spending to just 0.6% per year.


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    By Christian M. Wade | Statehouse Reporter

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  • Gorton’s opens Indiana plant

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    To meet growing demand for its products, Gloucester-based Gorton’s Seafood has opened a new seafood processing facility in Lebanon, Indiana.

    Gorton’s, a subsidiary of Nissui Group of Japan, invested an estimated $89.3 million to build the plant in the Lebanon Business Park on the city’s southwest side, company officials said previously.


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    By Times Staff

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  • Report: Slips in employer optimism tied to Trump tariffs

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    BOSTON — The state’s economy may be on solid footing but employers are becoming increasingly pessimistic about the impact of President Donald Trump’s tariffs on their bottom lines, according to a new report.

    The latest Business Confidence Index, which is compiled by the pro-business group Associated Industries of Massachusetts, shows overall enthusiasm among employers “grew darker” after slipping 1.4 points to 47.5 on a 100-point scale in September.


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  • State unveils grant programs to rope in fed funding

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    BOSTON — Cities and towns will have access to a new pool of state money to rope in federal infrastructure funds for fixing crumbling roads and bridges and redeveloping downtowns.

    A pair of new grant programs rolled out this week by the Healey administration will provide funding and technical assistance for local governments to go after federal infrastructure dollars, with nearly $5 million in competitive and formula funding available over the next two fiscal years.


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    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade Statehouse Reporter

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  • Report: Rising costs threaten state’s economic growth

    Report: Rising costs threaten state’s economic growth

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    BOSTON — Rising labor costs and a stagnant workforce are threatening Massachusetts’ status as a leader in innovation and economic growth, according to a new report from an independent tax watchdog group.

    The Massachusetts Taxpayers Foundation new Competitiveness Index, released earlier in the week, found that while the state benefits from the “symbiotic relationship” between a highly educated workforce and key economic sectors such as health care and higher education, it also faces significant challenges related to cost and demographic shifts.

    Those include the state’s high cost of energy, housing, and childcare, as well as a declining labor force, aging population, and increasing rates of outmigration, the report’s authors said.

    “Massachusetts has long been a leader in innovation and economic productivity, but our ability to maintain this status is under threat,” said Doug Howgate, the foundation’s president.

    The foundation ranked the state’s competitiveness standing on a broad set of 26 key metrics, ranging from economic health, population and labor force trends to business, employment, and investment factors as well as resident’s quality of life.

    Among the key findings: Massachusetts’ talent and innovation are its biggest strength, with the state ranked first nationally in terms of adult residents with a bachelor’s degree, and first and second in performance among public school students in reading and math, respectively.

    But the state’s high cost of living and cost of doing business is a “major competitive disadvantage,” according to the report, with energy, unemployment insurance and taxes near the bottom of national rankings, the report authors said.

    Child care and housing costs, as well as commute times, also make Massachusetts a challenging place to raise a family, according to the report.

    The authors said the COVID-19 pandemic exacerbated preexisting demographic challenges and pointed out the state has seen a 2.4% decrease in its labor force since 2018, a trend they said is a “serious risk” to the state’s long-term economic growth.

    The state also ranks 45th in the nation for domestic outmigration, with many residents relocating to lower-cost states such as New Hampshire, the report noted.

    Gov. Maura Healey and legislative leaders have focused on boosting the state’s competitiveness in response to previous reports showing an exodus of people from the state in recent years. Healey argues that a lack of housing, among other factors, is impacting the state’s ability to attract and maintain businesses and families.

    But an economic development bill that would set aside hundreds of millions of dollars in bonding and tax credits and reauthorize the state’s life sciences initiative to boost competitiveness has been stuck in a six-member committee since the July 31 end of formal legislative sessions.

    The bill, a key plank of Healey’s first term agenda, was approved by the House and Senate but differences between the two bills still need to be worked out.

    The MTA’s new index, created with the Massachusetts Competitive Partnership and the University of Massachusetts at Amherst’s Donahue Institute, will be updated yearly to give policymakers, business leaders, and the public “a clear, data-driven understanding of how Massachusetts measures up against other states.”

    “If Massachusetts is going to be serious about improving our competitiveness and enhancing what our state offers to residents and employers, we need to start with shared understanding of where we stand and where we want to go,” Howgate said.

    Jay Ash, president and CEO of the Massachusetts Competitive Partnership, said the MTA report “provides a roadmap for the policies and strategies that can help us reverse these trends and build a stronger, more resilient economy.”

    “Massachusetts is a great state, but to maintain our competitive edge, we need to address the fundamental issues driving up costs and driving out talent,” he said.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com

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    By Christian M. Wade | Statehouse Reporter

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