Despite a positive economic outlook, Massachusetts employers remain concerned about interest rates and the state's competitiveness.
Massachusetts employers finished 2024 with a slightly more optimistic outlook on the economy compared to the end of 2023, although they expressed some reservations about the speed of future interest rate reductions and the state's competitiveness. The Associated Industries of Massachusetts (AIM) reported on Monday that its business confidence index stood at 55.4 in December, almost five and a half points above the 50-point threshold separating pessimistic and optimistic views.
This year-end score was 2.8 points higher than in November. 'The consistent optimism of employers in Massachusetts reflects the fact that the economic expansion remains on solid footing. Following the November election, businesses are more confident that federal tax policy will remain supportive of investment,' said AIM Board of Economic Advisors Chair Sara Johnson. However, companies indicated caution about increasing employment. There is also concern about Massachusetts' competitive position, as the state index trailed the U.S. index for four consecutive months. AIM's index, calculated based on a survey of over 140 Bay State employers, dropped 2.3 points from November to December. Throughout 2024, it fluctuated between a low of 49.8 and a high of 57.7. The national index also saw a slight decrease, falling from 57.4 in November to 55.8 in December, a 1.6-point drop, according to AIM. AIM President Brooke Thomson commended Massachusetts lawmakers for finalizing a package of legislation before concluding the 2023-2024 session, including a last-minute housing bond bill. 'This measure came on top of a multi-billion housing bond bill, a comprehensive energy siting bill, a wage-transparency bill and a $3.9 billion economic-development measure — all of which added up to a significant year for the Massachusetts economy,' Thomson said.
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