Now that we are a full ten months into this global health crisis, it is a good time to take the pulse of our economy in Massachusetts and surrounding states. If you own a business or manage one, you probably have been staying up-to-date on the economic health of our region. Here is a quick recap of where we stand as of Fall 2020.
Will There Be A Stimulus Package?
Undeniably, one of the closest watched legislative items currently is the potential passage of a federal stimulus bill. The “on- again, off- again” negotiations between the leaders of the legislature and President Donald J. Trump may be enough to give even the most seasoned business owner whiplash.
Tense negotiations between the Speaker of the House, Nancy Pelosi, her republican counterparts, and Treasury Secretary, Steven Mnuchin came to a screeching halt Tuesday, October, 6 when President Trump called for a stop in deliberations over the stimulus package until after the election on November 3, 2020.
Less than 24 hours later that call was reversed. President Trump shifted gears, unwilling to take the blame for the negotiation break down, and declared in a Tweet, ““If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening, Nancy,?”
According to CNet Financial, the stimulus package, which includes more aid than just a check, is widely regarded as necessary to help combat the economic effects the virus has taken on the country, specifically small businesses and low income workers.
Stay tuned as we follow this story and how this could potentially impact your small or medium- sized business, if and when, a stimulus package is agreed upon by all sides.
Top Expanding Massachusetts Industry: Healthcare
Another area for businesses to watch is the expanding job market in a few key industries. According to MassEconomix data studied by the Pioneer Institute. “Among the top 10 industries in Massachusetts, no sector added more jobs between 2008 and 2018 than healthcare.”
Healthcare employers in Massachusetts added more workers between 2008 and 2018 than any other industry, nudging the field’s share of statewide employment upward to nearly one-fifth, according to a new report.
The number of Bay State employees working in healthcare grew from 627,234 in 2008 to 721,274 in 2018, representing a 15% expansion that outpaced population growth, according to the same Pioneer Institute study published at the end of September, 2020.
In light of the pandemic, these numbers are expected to continue to rise as hospitals and long term care facilities struggle to meet the demand caused by the growing number of people infected by COVID-19.