Employers are hiring, tech and biotech businesses are booming, and labor is having a moment. But COVID-19 still clouds the economic forecast for the year ahead.
in Massachusetts as well as nationwide. Although the commonwealth has one of the highest vaccination rates in the country, it remains unclear how this new wave of infections might impact hospitals, residents, workers and businesses.
Business confidence has been decreasing since summer 2021 but is still well into "optimistic" territory. "That's important because confident employers hire people," said Chris Geehern, executive vice president of public affairs at AIM."Confident employers invest in expanding their plants or offices or facilities, and generally fuel economic growth."
But industries that rely on in-person contact are likely heading for another tough year. That includes restaurants, hotels, gyms and performing arts centers. Although attendance at some of these establishments is slowly rising, it's still not at pre-pandemic levels.Most of the people who left the workforce during the pandemic have returned, making the state's recovery relatively quick compared to the rest of the country.
Labor force participation is a key factor in predicting future economic growth. The pandemic accelerated early retirement among older and more educated workers, but there were signs of a workforce shrinkage even before that. Massachusetts has been gaining fewer foreign-born workers, who accounted for 80% of labor force growth in the state since 1990. Net migration hasin the last five years due to immigration policies during the Trump administration, followed by pandemic lockdowns.
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