December 22, 2024 • 58 mins
On today’s program, we get ready for FIRST NIGHT Boston with Tk Skendarian. We’re also joined by the CEO of the Cape Cod Chamber of Commerce, who talks about the growing Christmas business. Doug Banks executive editor of the Boston Business Journal discusses their top business stories. Chris Geehern of the Associated Industries of Massachusetts explains the rise in the business confidence index. And finally Professor Jay Zagorsky of Boston University, Questrom School of Business talks about the disappearance of cash in today’s financial transactions.
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Episode Transcript
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business
Report on this Sunday morning, December the twenty second Test.
Three days to Christmas. Cannot believe it's gotten here so quickly.
I'm Kim Kerrigan along with Joe short Sleeve. Yeah, I mean,
it just feels like it was Thanksgiving yesterday. Right. Oh,
here we are.
Speaker 3 (00:25):
But are you Christmas Eve family or are you a
Christmas Day family? It seems like there are two camps here.
Speaker 2 (00:32):
Well, I gotta tell you we're both. And I'll tell
you why. Christmas Eve is my.
Speaker 3 (00:36):
Favorite's why wouldn't you be born?
Speaker 2 (00:38):
Right? Come on, Joe, what do you mean? I'm also
the twenty sixth day. No, Christmas Eve is my favorite
day of the year, and it's always been. And I
think it's just because it's a day of much anticipation,
you know, when I was a kid, and then when
the kids were little and whatever. So we like to
do lots of things, but we don't open gifts on
the twenty fourth. We're talking people, how about you.
Speaker 3 (00:59):
No, No, We've always been sort of a Christmas Eve family.
I grew up and I had eight seven siblings, so
I was one of eight kids, and then there's mom
and dad, so there's ten of us. And on Christmas
Eve we would get presents for everybody. So underneath the
Christmas tree would be one hundred presents and we would
hand them out on Christmas Eve and it would take hours.
(01:20):
So Christmas Morning was sort of an afterthought. It's great
to have Santa Claus show up and bring the kids up,
but it was all about Christmas Eve in my house.
Speaker 2 (01:27):
Sure, I can understand that. Well, whatever it's about in
your household, we hope that you have a fabulous holiday
coming up later in the week. We've got a really
good show today, Joe. Let's take a look at now
we're looking actually ahead to the next holiday, that being,
of course, New Year's Eve and first Night. It's just
(01:47):
around the corner. It's an event that has been the
way that Boston rings in the New Year since nineteen
seventy six. It's a wonderful event in downtown. It's a
great family event, and we are lucky enough to have
tea case Cain Dairyan with us of Conventures. He and
his mother have been putting on this event for I
(02:10):
don't even know how long, Joe, do you know how long?
Speaker 3 (02:12):
Biting it. I actually don't know the exact time, but
in the past probably. I think it's before COVID, so
let's call it seven years or so.
Speaker 2 (02:20):
Sure, this is sort of their super Bowl, right.
Speaker 3 (02:23):
Right, It certainly is. But you know, I don't think
they really get much in return. I mean, I think
they a lot of this that they do for free
over there at Conventures. And I can tell you that
First Night has been a big part of my broadcasting
career here in the city of Boston. First with WBZ
TV we were live down there. We we have sponsor
all the time is there with Lisa Hughes and blah
blah blah. And then in my years where I left television,
(02:46):
I went down and helped out Conventures and did a
lot of the you know, launching the parade and the
whole bit. So uh, you know, it started up. We
had to buy the buttons.
Speaker 2 (02:54):
You have to do it, I do.
Speaker 3 (02:56):
You don't have to do that. It's completely free and it's.
Speaker 2 (02:58):
Great it's now, it's free, and it's a great and
one of the highlights for me always is the ice sculptures.
I just get such a big, you know, charge out
of that. So we're going to hear more about this
year's events coming up here when TK joins us. Then
executive editor of the Boston Business Journal, Doug Banks is
going to join us, and they've been a great partner
for US, content partner throughout this year. And we're going
(03:21):
to take a moment and look back at some of
the major stories in the business world in two two thousand.
And I'm sorry, twenty twenty four two thousand, boy, where
am I Joe? I think I some timing.
Speaker 3 (03:36):
Yeah, Doug Banks put together a list. I'm curious as
to how he came up with the list, but I
agree with most of his choices, and the number one
story being, of course, office space. And there are so
many tentacles to office space, whether people weren't back in
the office, or people back to the office, or this
whole zoom you know, culture that we have going on,
or office buildings that were for sale plummeting prices, the
(04:00):
whole real estate I mean, the whole tax fight with
Michelle Wu.
Speaker 2 (04:04):
I would say that office space really has been a
top five story for the last four years since COVID,
no two ways about it, and of course Stewart Health.
So he's going to join us Doug Is and we'll
talk more about those year in big stories as we
look back.
Speaker 4 (04:20):
Yeah.
Speaker 3 (04:20):
We also on the program today at Paul Needgwicki. He is,
of course the CEO and president of the Cape Cod
Chamber of Commerce. He's going to talk to us about
the growing business cape of Christmas on Cape Cod as
you go over the bridges, a lot more people living
down there year round and as a result, you're seeing
a lot more offerings as it relates to the Christmas season.
He'll be along also Chris Garon of the Associated Industries
(04:43):
of Massachusetts to be along senior vice president there and
talk about the Business Confidence Index. Now we watch that
tick down really over the early parts of twenty twenty four,
but now it's going the other direction. In fact, it's
going there in a pretty big way at this point.
So talk to Chris, what's about what's behind the new
(05:03):
numbers from the Associated Industries of Massachusetts. Everybody feeling a
little more bullish, I guess and then Kim, this story
just jumped out at me, and it was in the
Boston Globe, but it was actually a New York Times
article about people not using cash anymore, especially this younger generation.
They just don't carry cash, and as a result, a
(05:26):
lot of retailers at this point aren't even accepting cash.
And then you get to the old folks like me,
you know, who still walks around with the twenty dollars bill, saying,
what do you mean you won't take cash? I don't,
but you said you have experienced this.
Speaker 2 (05:40):
Oh yeah, I was going to ask you, are you
a cash guy? I very rarely have cash in my pocket,
but you know, because I'm either using your credit card
or I'm using a debit card or Apple pay. You know,
this has become so convenient now. You just you got
your phone anyway, so you just put it up there
and boom, you're paid in your out. I don't know
(06:01):
if it's great, but I know that the professor who's
going to join us says it's not. So why he
thinks that.
Speaker 3 (06:07):
Yeah, Professor Jays Gorski, Boston University School of Business. His
book is the Power of Cash. We're going to talk
about that and he sees bad things happening if we
get to the point where we're not using cash anymore.
All right, Kim, you know we've been talking about it.
Let's get to it. We're talking talking about First Night Austin.
Hard to believe it's here, you ever staring down twenty
twenty five and the folks of course it Conventures are
(06:29):
going to help us ring in the new year.
Speaker 4 (06:32):
T K.
Speaker 3 (06:33):
Scandarian is going to join us. And TK has been
a big part of arranging everything that is First Night
for the past several years, along with his mom, Dusty
Rhodes Skandarian. KK, thanks for joining us now. I think
everybody when they talk about First Night, we think about
the parade, we think about the two fireworks displays. Give
(06:53):
us an idea, give us the overview to First Night
this year.
Speaker 5 (06:58):
Yeah, every year. This is the ninth time we've had
First Night here in Boston. It's the first First Night
of its kind and it started on you know, December
thirty first, nineteen seventy six, and you know, it's really
always meant to be a free and festive celebration for
(07:18):
the people of Boston who visit here, who live here,
who come together to celebrate the arts and culture that
makes our city so fantastic, and this year is another
great one. We've got more than twelve hours of free
entertainment lined up as you mentioned too, fireworks displays, we've
got a parade, a ton of free activities for families
(07:41):
and folks of all ages to come down and enjoy.
T K.
Speaker 2 (07:46):
I want to talk about the activities and what's happening
a little bit more, but first let's back up for
just a second. Joe and I were sort of reminiscing
off the top of the show about the many First
Nights that we have covered through the years, and it
used to be that you had to buy a button
to get into certain events, and that's not the case anymore.
So tell us a little bit about how this is financed.
Speaker 5 (08:07):
That's right, So the First Night had always sort of
been a crowd funded thing before the word crowdfunding even existed. Like,
it was a button based program where it is to
get in to a venue, you needed to buy a
button and maybe it was ten bucks or twenty bucks
or whatever it was. But through time that model became
(08:30):
sort of unsustainable. The event was huge, and the button
sales were also huge, but not huge enough, and the
organization sort of fell on some hard times and it
was really in about twenty fifteen when the organization that
was running it at the time it basically ran aground,
(08:50):
and the City of Boston picked it up and kept
it going for a year or two because it's a
cherished event for this city. And then we had Conventures
picked it up and this is our kenth time I'm
producing it on behalf of the city and the people
of Boston. So we changed the model a little bit.
We got away from the button program and depend now
(09:12):
entirely on corporate sponsorships and the companies and donate. We'll
take some donations from folks in the public if they
feel so inclined, but we basically make it. We make
it happen to off of a couple of corporate sponsors,
which is great and it's and that's how we can
(09:32):
make it free for everybody.
Speaker 3 (09:33):
All right, Well, let's talk about those corporate sponsors. Who
are they? How do they come to be?
Speaker 1 (09:37):
Uh?
Speaker 3 (09:38):
You know what what is the cost here? We're a
business program. Take us through some of this.
Speaker 5 (09:42):
Yeah, it's always it is always a grind every year
to find the right partners to come on board and
make any event happen in this city. I mean finding
corporate sponsors Boston based with heart soul roots in this
town is always is always tough. So we have found
a couple of great a couple of great partners, and
(10:03):
most notably It's It's Meat Boston, which is sort of
the the new rendition of the Visitor and Convention Bureau
here in Boston. And what it does is, you know,
it helps support major tourism events in this city and
this is one of them. So they are really on
as our presenting sponsor that help us fund the equipment,
(10:25):
the lights, the fireworks, the performers, and the many expenses
that we pick up.
Speaker 3 (10:31):
What does it costs? What's the bottom line cost on
what it takes to put on this event each year?
Speaker 5 (10:37):
Well, it's it's like hundreds of thousands of dollars to
put this thing on. Probably whether it's three hundred or
four hundred and two hundred, it's sort of all depends
on how much we bring in from a sponsorship perspective,
and then we spend everything that we bring in, we
put into the event and in fact, in some cases
(10:58):
we convince yourself Bridge the gap if there's a gap,
to help pull it all pull it all together. So
it is. You know, this thing began as a community
volunteer led thing and nonprofit, and we very much operated
in that same respect these days. We you know, it
(11:19):
is definitely not something that we make money off of,
and nor do we want to. It's it really is
a gift from us to the people of the city
and a way to keep this great tradition alive, and
we take a lot of pride in doing that.
Speaker 2 (11:35):
So TK if somebody has lived under a rock and
doesn't know much about First Night, because I can't imagine
that you wouldn't, let's kind of explain to people it's
throughout the city. It's not just in one location, and
these events start early in the day on New Year's
Eve and go right up until we hit twenty twenty five.
Speaker 4 (11:54):
That's correct.
Speaker 5 (11:54):
It's essentially located right around City Hall Clausa, so that's
where our main stage will be, and we've got some
other indoor venues around there that will host things during
the day, but there's some other satellite spots that will
have one or two shows during the day. We work
a lot with the churches in the Back Bay area.
They have a show typically every year on New Year's
(12:15):
even that's that's part of First Night. The Skating Club
of Boston will do two I figure skating performances at
the Frog Pond, which is part of First Night, and
then the Canal Side Food and Drink, which is the
new food hall over at the Cambridge Side Gallery is
a new venue for us this year. They'll be hosting
(12:35):
two performances. But folks, but you know, the folks at
the Boston Public Market will will have some things during
the day. And of course that's right down the steps
from all of our programming at City Hub plus and
City Hall Plus is where the ice sculptures will be.
That is where our parade will begin, and that is
where again most of our main states, all of our
main stage programming will occur. That is the that is
(12:57):
the Hub, and that is where the we'll do the
big countdown and ring in the new year.
Speaker 3 (13:03):
And what's still sitting on tk Scandarien's desk, that's not done?
What's keeping you occupied at this point?
Speaker 5 (13:10):
Good question. At this point, you know, there is a
lot of there'll be a lot of media interest that
ramps up once we get through Christmas, and there's the
closer to the day itself. The folks in the media regionally,
not just in Boston, but turn their attention to Boston.
We help take care of them. But all of the
permitting is done. We've got a good team at Conventures
(13:32):
that has helped been working at this for months to
help put everything in a good position. You know, once
we get to mid December, we really want to be
entirely buttoned up and ready for a curve ball should
one get thrown our way. And sometimes there is, whether
it's a weather incident or a protect or someone gets sick.
(13:53):
I mean, there's things that we have to be ready
to respond and react to. And we can do that
better when all of our planning is pretty much done
and thanks to our good team, uh it is so
again permits all the vendors who need to be arranged,
whether it's lighting, sound, security. We've been working with the
(14:13):
folks at the Mayor's office for months and months. They
are great partners in this. Of course our hosts this
year as they are letting us use City Hall plausa.
So so at this point we're kind of ready for
the for the curve ball. That's common.
Speaker 3 (14:29):
I mean in planning Boston.
Speaker 2 (14:35):
Yeah, I just hope it's not Mother Nature. She can
throw some things. That's I'm sure you.
Speaker 3 (14:40):
Can handle it, and I'm sure they can. He's t
K Scandarian of Conventures, and we appreciate him taking time
on talking to us here in the New Engle Business
Support about First Night Boston. Up next, Okay, what do
you think the top stories were of twenty twenty four. Well,
Doug Banks, the executive editor of the Boston Business Journal,
is going to share his list in just a moment.
Speaker 1 (15:05):
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Speaker 2 (18:18):
Welcome back everybody to the New England Business Report. Kim
Karagan here along with Joe short Sleeve Joe, we have
enjoyed this wonderful content partnership with the folks over there
at the Boston Business Journal, and throughout the course of
the year, you know, we've sort of watched the big
stories that have happened, and at this time of year
they always put together a list of what they believe
(18:38):
were the biggest news stories, most specifically business stories of
the year. Joining us is the executive editor of the
Boston Business Journal, Doug Banks, our good friend, and uh, Doug, tell.
Speaker 3 (18:50):
Me what guy never takes a day off. This guy
does never do. I know, He's always there.
Speaker 2 (18:55):
I agree, he's a hard worker. He was there for
every one of these stories. I want to tell you, so, Doug,
let's walk through. First off, what's the process there at
the BBJ when you get to this time of the year,
deciding which were the biggest stories.
Speaker 11 (19:09):
Yeah, so first of all, thanks so much. Yes, this
is our our year in review times. Every year at
this time we look back at the year and in
another couple of weeks we'll look ahead to the next one.
But this is sort of the time where each of
our members of our newsroom look back at the biggest stories,
the biggest impact issues that took place across in this case,
(19:31):
the year of twenty twenty four, and they pulled together,
you know, just a handful three five headlines per beat,
per industry, and so you know, we we pull them
all together and that's that's our final issue of the year.
So that's what It's pretty exciting. And as you would expect,
you know, the biggest story of the year office space, right,
if you think about the downtown office.
Speaker 5 (19:52):
We've talked about this topic on your show.
Speaker 11 (19:55):
Across you know, all year long, property values drop in.
Speaker 12 (20:00):
A major way.
Speaker 11 (20:01):
Again this year, we saw a lot of office buildings
selling for less than they were purchased ten twenty years ago.
Other buildings, you know, were being considered for conversion to
residential use just because the office demand hasn't been there
as people more and more people work from home and
(20:22):
we have the hybrid work environments. And then lastly, and
certainly dominated the headline of this last quarter was just
the fight between business owners property owners, i should say,
in the city of Boston on assessed values, what the
properties are worth and what that means for taxes, and
of course Michelle Wo's issue or effort to raise taxes
(20:45):
for commercial properties in the hopes of lowering taxes for
the residents of Boston, which of course didn't pass, you know, famously,
the headlines last couple of weeks than that. So that
just the real you know, the conflict between property owners
in the commercial sector and the city was a real
you know, the real story. And so real estate was
(21:05):
probably the biggest story of the year.
Speaker 3 (21:07):
Yeah, all right, So, but as we move into twenty
twenty five, I can't imagine much going to change there either.
Doug Banks, what what is the situation with with office
space and big picture in downtown Boston as we move
into twenty twenty five.
Speaker 11 (21:20):
Well, you know, there is some positive notes. For one,
you may recall the other big story this year with
has Bro is looking to move here in twenty twenty five,
so Boston is still very desirable and also office. I
think vacancy's actually stabilized in the third quarter, and we
are not quite through the fourth quarter yet, So I mean,
I think there's a little bit of positive to take
(21:41):
into the next year. I don't think things are going
to get much better, but I don't I also don't think,
you know, we may be at the bottom. Maybe things
won't get worse. Lego will be moving into the US headquarters.
Speaker 12 (21:51):
Here in twenty twenty five, so too.
Speaker 11 (21:52):
You know, that was another big story this year, and
it's you know that could move into twenty twenty five.
We'll be looking to see what companies decide to make
boss than their home, and I think that could be
a positive to look forward.
Speaker 2 (22:02):
To, you know, Doug, When I look back on twenty
twenty four, the story that I think is going to
jump out at me the most when it comes to
the business world was the fall of Steward. I mean,
this has affected a lot of people, and this has
been a story that we've all been reporting on for
months and months.
Speaker 11 (22:18):
Yes, I think that's I think you're one hundred percent right.
I would say, you know, the Steward system, which you
know at eight Massachusetts hospitals. There was one in Norwood
that had closed had been closed because of flooding since
twenty twenty. Stewart's you know, high profile bankruptcy declaration started
in May. By July, we found out that Carney Hospital
(22:38):
in Dorchester and the Nashobaa Valley Medical Center at air
could not they couldn't find new owners, so those were
to be shut down. That happened at the end of August,
and then the other six hospitals in the Steward network
did find new ownership. And so you know, we saw
Boston Medical Center pick up what is a Good Samaritan
(23:00):
in Brockton, Saint Elizabeth Medical Center at Brighton, and then
Lawrence General Hospital took over Holy Family and up in Haverl,
I think there were two campuses Haverl.
Speaker 12 (23:10):
What's doing.
Speaker 11 (23:10):
And then interestingly, Rhode Island's formerly Lifespan now it's called
Brown University Health. They bought up more Hospital in Taunton
and Inns and fal River. So that you know, that
was I think.
Speaker 12 (23:22):
You're absolutely right with the biggest story of the year.
Speaker 11 (23:24):
I know Governor Heally has taken a lot of flack
for that. A lot of a lot of you know,
patients were hurt still still hurting as the changeovers happened.
Speaker 12 (23:36):
And but it'll be.
Speaker 11 (23:36):
Really interesting to me to see what Brown University Health
former Lifespan does now. I know we had a headline
Justice just this past week saying that they're looking to
expand their Massachusetts presence and they've got some clinics in Foxborough.
They want to expand, and so we could see more
of Brown University showing up in the south coast of Massachusetts.
Speaker 5 (23:56):
In twenty twenty five, I'll.
Speaker 3 (23:58):
Go with Doug Banks, executive editor of The Boss Business General,
and he's talking about the top stories of twenty twenty four.
His staff put together, he put together and he sent
us the top five. We talked about office space, We
talked about Stewart. Number three's bank mergers. Number four is
a biotech layoffs. Number five is that whole Barber Lynch
Saga and her restaurants. So let's jump back to bank mergers.
(24:21):
How'd that make the number three spot?
Speaker 11 (24:23):
I think that what you saw were some very big
consolidation Eastern Bank combining with Cambridge Trust. Eastern was the
fifth largest bank before that. In Cambridge Trust was the
eighteen so that's you know, twenty five billion dollars in assets.
Was that creates the largest investment advisory owned by a
bank in Massachusetts. But that was just the biggest. Number
(24:44):
six on our list of largest banks was Rockland Trust
just this month said they're buying Enterprise Bank and Lowell
that will close in twenty twenty five. Enterprise Bank not
a lot of people know about it, but if you're
in the Merrimack value you do, because that's the nineteenth
largest bank in the state. That was big. And then
literally just this past week also Berkshire Bank acquiring Brookline
Bank was another billion dollar deal.
Speaker 5 (25:06):
Then there was a handful.
Speaker 11 (25:07):
Of smaller banks kip Cod five and Lemonster's out Central
mass Fidelity Bank no relation of Fidelity Investments that Captain
earlier this year, People's Bank in Holyoak and Cornerstone and
Worcester that's expected to close I think next quarter. Abington
Bank merged with north Shore Bank up in PVD, So
(25:28):
a lot of small banks all consolidated, and I think
it's gonna be really interesting to see what that means
I've got. And then there was a big credit union
with dig Digital credit Union in Worcester DCU, for which
the DCU Center is named, combined with a Silicon Valley
Credit Union, that will be the top five largest credit
(25:48):
unions in the country. That will be bigger than Eastern
Bank when that closed next year. That's going to be
really interesting to see you in twenty twenty five as well.
Speaker 2 (25:56):
It's gonna be interesting to see how all of this
affects consumers when you use smaller her little local banks
kind of get swallowed up by bigger guys. I know,
biotech layoffs was a story that you guys followed closely.
But I'm going to jump ahead to the fifth and
that would be Barbara Lynch. She's the restauranteur and chef
who owned a number of very very well known restaurants
(26:17):
here in the Boston area and suddenly announced that she
was selling them. And then we learned more and more
about Barbara's predicament.
Speaker 5 (26:26):
Yeah, so that was a real shame.
Speaker 4 (26:29):
You know.
Speaker 11 (26:29):
Her most probably the best known restaurant is Number nine Park.
It opened in nineteen ninety eight. She's a James Beard
Award winner. In earlier this year, those three restaurants that closed,
Menton's Ortello Drink out in the Seaport. She sold two others,
the butcher Shop and Stir And then yeah, just this
(26:50):
past month, the news that she held at a state sale
up at her house, her home in Gloucester, the proceeds
of which I think led to somebody like one point
seven million dollars as a payback and back taxes to
the City of Boston.
Speaker 12 (27:02):
The city and suit her.
Speaker 11 (27:03):
It really just put a you know, sort of a
face to the challenges that all restaurants are having in
across you know, Massachusetts. Restaurant costs are super high, the
economy has been terrible. Landlords are not really making concessions,
and I think that was the reason why she closed
those restaurants for her landlord and the Seaport just couldn't
(27:25):
make make the terms work. And you're just seeing a
lot of restaurants struggle, and that, you know, is but
the Barbara Lynch story really is a sad ending to
what was one of Boston's best known chefs. And and
it's just surreal shame that that that that has take
place this year.
Speaker 2 (27:44):
Yeah, I know it get a lot of attention because
a lot of those are our people's favorite restaurants that
unfortunately will not exist here in the Boston area any longer.
It's the Boston Business Journal, and we thanked Doug very
very much in all of the staff there at the
Boston Business Journal for what they've done for us, and
we look forward to twenty twenty five and done.
Speaker 3 (28:03):
They've been a great partner, Kim, when we dealt with
them when we hosted the program at Bloomberg as well,
they were always on and they're always ahead of the
curve and it's great for everybody involved.
Speaker 2 (28:13):
It certainly is, so we thank them very much. All Right,
it's still come in your way Holidays on the Cape.
It's not just a place to enjoy during this summer
holiday's Cape style. That's when we come back.
Speaker 1 (28:28):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 2 (28:36):
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Speaker 2 (29:29):
Fin Hi, everybody, it's Kimcare or get along with Bill
Chase of high Tech Windows Insiding. Now, Bill, we've been
hearing a lot about your windows being the same windows
installed at the top of Mount Washington and that these
windows are only sold by high Tech.
Speaker 6 (29:48):
That's right, Kim.
Speaker 7 (29:49):
Our Summer Series windows are designed to keep your house
warm in the window and cool in the summer and
can withstand the harsh New England weather better than any
other window on the market.
Speaker 2 (29:58):
That sounds great, But what about the cost, Bill, Because
things have been pretty tight for people these.
Speaker 7 (30:02):
Days, Well that's a great reason to call us now, Kim.
Our windows are half the price of the big window companies,
and right now we are offering by one window get
one percent off. But call us now. This is our
biggest sale of the year.
Speaker 2 (30:16):
It sounds terrific. So the best prices and the best
quality call high Tech today at nine seven eight seven
seven one eight nine three nine. That's nine seven eight
seven seven one eighty nine thirty nine, or visit high
Techcorp dot biz for a free estimate. Hi everybody, I'm
(30:37):
Kim Kerrigan.
Speaker 3 (30:38):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (30:45):
You can email us at any Business Radio at gmail
dot com.
Speaker 3 (30:50):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Brought to you by high Tech Windows. Their windows are
installed at the top of Mount Washington and are made
in New England for New England Weather and Welcome back
(31:14):
to the New England Business Report on this Sunday morning,
December twenty second, Kim Karrigan Joe Schortz Live and this
is the spot in the program where we take a
look at some of the other business news out there
that you may have missed. This one is actually just
a travel report coming out of Logan Airport and talk
about how the economy is improving. Boston Logan International Airport,
(31:34):
kim so our record number of passengers passed through its
gates in twenty twenty four. Airport had forty three million
passengers this year. Now, the previous high was forty two
set back in forty two million back in two thousand
and nineteen. But the thing about this is they released
these stats about Okay, oh, the airport's doing great, people
(31:55):
coming through. But apparently there was this guy, Reagan Barry
of Boston, who is the forty third millionth passenger to
pass through Logan Airport, and he was honored with free
tickets from Delta Airlines. Imagine this guy, and I was
just coming there was I that day. Not a great prize,
(32:19):
just some tickets. I mean, I think I was expecting
a little bit more than that.
Speaker 2 (32:23):
Yeah, yeah, you know. I am amazed by these numbers
because it felt like twenty two was the year that
people really traveled a lot, because you couldn't travel for
such a long time, and you know, airports were packed
and it was crazy then. And I think those were
sort of record breaking numbers that year, and the fact
that it's continued to go up and the prices of
(32:45):
airline tickets have continued to go up. I just think
it's really interesting that so many people have said, I
don't care, you know, I'm going to get out there
and do my thing.
Speaker 3 (32:54):
It's such a busy airport, and yet when you land there,
it's like you're landing on a postage stamp.
Speaker 2 (32:59):
I mean, yeah, Joe, let me ask you this. When's
the last time you were there picking someone up?
Speaker 3 (33:08):
You know?
Speaker 2 (33:08):
It's the constant. The construction at Logan Airport is just insanity, right.
Speaker 3 (33:13):
Oh oh yeah, Jeff Blue terminal. See, I'm always there
with the state police yelling at me, going, you're the guy.
Speaker 2 (33:19):
Huh.
Speaker 6 (33:22):
Well.
Speaker 2 (33:22):
We are so happy to have Paul Ned's Wiki with
us this morning. He is the president and CEO of
the Cape Cod Chamber of Commerce. Always great to chat
with Paul.
Speaker 3 (33:33):
Paul.
Speaker 2 (33:33):
We were thinking about this, Joe and myself, and we
were wondering, and I think Joe knows more because he
spends a lot of time down there. What Christmas means
to the Cape off season, but an opportunity maybe to
make some dollars down there.
Speaker 13 (33:49):
Yeah, No, Christmas increasingly in the holiday season in general
has become a strong, a strong time of the year
for the Cape. A lot of people visit the Cape.
I mean, thirty seven percent of the housing stock on
a Cape for second homes and we're seeing people start
to use their second homes differently and red see them
down here for the holidays. So it's a big season
(34:11):
for us.
Speaker 3 (34:12):
And how has that changed over the years, Paul Medswickie,
I mean it seems like nobody was there Christmas time, ten, ten, fifteen,
twenty years ago, but what is it today.
Speaker 5 (34:20):
Yeah, No, we're.
Speaker 13 (34:21):
Busy, especially in the in the mid Cape area, you know,
I think you know more some of the summer visitors
tend to be more Outer Cape National Seashore kind of people.
But in the Lower Cape, Mid Cape, Upper Cape, we
see a lot of people that are here for the
holiday festivities.
Speaker 5 (34:39):
I mean.
Speaker 13 (34:40):
And it's also we have a lot more businesses and
hospitality groups that are doing things to attract people, and
we have more hotels that are open year round. Now
we'll cross it in in Harwich for example, went a
year round last year, so they've got events scheduled through
the holiday. As the Chattam bars in We've got the
(35:02):
Heritage Museum and gardens and Sandwiches right over the bridge
that has their gardens a glow that sells out every year.
Mashbee Commons has special events, and then there are strolls
and parades really all throughout the Cape. Yeah, so there's
a lot going on. Even the Cape Cod Railroad for example,
how it's a polar Express wreck so you can bring
the kids. So there's a lot that's going on in
(35:24):
the Cape. And we've really started to market the holidays
on the Cape a lot more and we're seeing more
people down here because of that.
Speaker 2 (35:32):
Now, I know Joe just asked you this, but I
do want to go back and circle. You know, fifteen
twenty years ago, was this you know, was this an
event on the Cape at all? Or were a lot
of places closed and Christmas just the holiday season just
wasn't a part of it.
Speaker 13 (35:48):
A lot of places twenty years ago would have been closed.
The Cape was a real sort of seasonal destination for
a long time, but it's become less so is the pandemic.
Really we've seen people are here more year round. You know,
the shoulder seasons are really strong. Is to be July
and August. You know, they're still a prime month, but
(36:10):
June and September have become very strong months for us.
In October in particular, this year was a really strong love.
Speaker 3 (36:18):
You talked about the Closet and the Chatham Bars, both
five star resorts on Cape Cod, both the open year round,
now both doing Christmas. Who's the customer? Who's the client
and where are they coming from?
Speaker 13 (36:30):
Most of the clients come from sort of the New England,
New York, New Jersey area. That's where we see most
people come from. There is you know, probably about ten
percent of ors or international travelers as well. But you
know we have a strong clientele and a lot of
repeat customers.
Speaker 2 (36:50):
Yeah, well it's charming there. So it's a great way
I think to snuggle up to a fireplace and enjoy
some holiday spirit. I hope it's a great holiday there.
I'm the Cay Paul Medswiki. Thank you so much for
being a part of the New England Business Report.
Speaker 3 (37:05):
All right, time to talk about Well, it's the Business
Confidence Index, Kim. And this is something that the Associated
Industries of Massachusetts compiles each month and we track, you know,
what a business is feeling, how's everybody thinking about the economy.
Where are we heading at this point? Well, some good
news in the Business Confidence Index, and the most recent
survey was took place after the November fifth presidential election.
(37:30):
That of course returns to Donald Trump to the White House.
But let's bring in Chris Garon. He is the executive
vice president there at the Associated Industries of Massachusetts for
public affairs. Chris, welcome to the program. You're a regular
visitor here. So what's going on with the Business Confidence
Index in November?
Speaker 12 (37:49):
Well, so, the Business Confidence Index actually lived up to
its name in November. We measure employer sentiment on a
one hundred point scale. Anything above fifty they're feeling good.
Anything below fifty, they're not feeling good. And in November
the index went up two point two points and landed
at fifty seven point five. That was its highest level
(38:14):
in two years. And it was also the fourth monthly
increase that we've seen so far in twenty twenty four.
So good good news.
Speaker 2 (38:22):
Yeah, So Chris talked to us about, you know, some
analysis of those numbers and why you think that, you know,
businesses are feeling so confident at this stage of the game.
Speaker 12 (38:35):
So to quote the estimable. James Carville, It really is
the economy stupid when you look at what's happening. Massachusetts
in the third quarter had an economic growth rate of
almost three percent, and the US economy, which was just
revised up last week, grew at three point one percent
(38:57):
during the third quarter. And even with that, Massachusetts unemployment
rate is still below four percent. So you put those
items together, and I think Jerome Powell perhaps said it
best last week when he said most forecasters keep calling
for a slowdown in growth. They've been doing so for
(39:18):
a very long time, and it keeps not happening. So
the economic fundamentals are very strong. And I think again
we've seen that with four consecutive increases that employers are
feeling pretty good about that. As we get to the
end of twenty twenty four and started looking into twenty.
Speaker 3 (39:34):
Five, talking with Chris Garon, executive vice president there associated
in Massachusetts. All right, I know that this index it's
not just Massachusetts, just not the state of Massachusetts. Inside
of Massachusetts, you break it into regions, but there's also
a national index. Give us some of the other numbers
and what direction they're pointing.
Speaker 12 (39:54):
So when we put the index together, we look at
a number of different things. So for example, we have companies,
how are you feeling about your own prospects? And that
number ended up at fifty eight point two in November,
really strong number. Again, Massachusetts index was up to fifty
(40:15):
six point seven, and the US index, as you point out,
actually gained three points. That was the largest gainer of
all the factors that we measure, up to fifty seven
point four. And I think realistically that has something to
do with the results of the election, although it's an
interesting calculus when you look at it. I mean, certainly
(40:36):
companies are looking forward to perhaps a different regulatory approach
out of this administration. I think there's some interest in
the DOGE Department looking at the government efficiency because really
that's what employers care about more than anything else. At
the same time, a lot of our members are concerned
(40:57):
about tariffs, and a number of them indicated that on
their survey forms. So you've got a couple of different
things pulling in different directions, and I think they'll be
obviously looking pretty closely at all of those as we
go into the new year.
Speaker 2 (41:11):
And Chris, I know that Joe has just talked about,
you know, the national and whatever. But you guys also
break it down in the state. The north Shore confidence index,
I know, back in October was really high. Do you
have any of those numbers the western part of the state,
you know, north so and so.
Speaker 12 (41:30):
The trends were pretty consistent. All of the regions showed
an increase. So as we look at Worcester, that number
went from forty eight to fifty two, almost to fifty three.
In Western Massachusetts the number was fifty three point two.
And again the north Shore index that you pointed out
(41:51):
actually moderated a bit, it went from sixty point six
to fifty seven, but that was still the best performing
region our survey. And again that really has a lot
to do with industry mix. So if you look at
both Western Springfield a little heavier representation in our survey
of manufacturing companies, and one of the you know, sobering
(42:14):
parts about this otherwise great economy that we're in is
that Massachusetts lost three thousand manufacturing jobs year over year
November to November, and so that's that's a matter of
some concern, and I think you're seeing that come outment
to regional numbers.
Speaker 3 (42:31):
I'm curious. I know you also break it down by
a company size, you know, our big companies or small companies.
Who's feeling more bullish at this point? And I guess
I asked that in the context of not too long
ago in this program, you know, Kim and I talked
to John Hurst, of course, president of the Retailers Association
here in the state of Massachusetts, and he said that,
you know, for small retailers, they're in a recession. So
(42:53):
break it down for us in terms of company size
and your thoughts on that.
Speaker 12 (42:57):
Sure, and consistent with dak comment, we found that large
companies were the most optimistic in our survey of at
sixty point four, so that's a very high number. Medium
sized companies committed fifty eight point one, and then small
companies were the least optimistic, although still pretty well in
(43:20):
optimistic range at fifty four point four. Again, I think,
you know, there's certainly challenges that a lot of the
small companies, particularly you know, John pointed out some of
the small retailers are facing. Be interesting to see what
the numbers look like at the end of the holiday season,
to see how all that shakes out.
Speaker 2 (43:41):
So, Chris, at this time of year, we obviously have
to look forward you said that this most recent survey
was after the election, so that was a lot of people.
I think probably looking forward, what are you guys anticipating,
What do you think twenty twenty five is going to,
you know, show us and how will it stack up?
Speaker 12 (43:59):
I think the national level, we're probably looking at more
of the same.
Speaker 8 (44:05):
You know.
Speaker 12 (44:05):
I think the Federal Reserve will continue to do this
dance between you know, are we controlling inflation without choking
off economic growth? And I think right now inflation has
been more persistent than most people had anticipated. So while
while the Fed reduced rates again last week, I think
(44:27):
they're going to be very circumspect about doing so going
into the new year. But in general, we're getting we're
getting good feedback from our members, and I think on
a state level as well, there are also a lot
of reasons to be optimistic. I mean the legislature as
an economic development bill that creates significant investments in you know,
(44:52):
some of our real bedrock growth industry. So it that's
five hundred million dollar capital reauthorization of the Life Science
is Initiative, which has been very successful, four hundred million
dollars for climate tech, and then another one hundred million
dollars to create the Massachusetts AI Hub, which Governor Heay
(45:14):
formally announced last week. So all of that, all of
those industry sectors are enormously competitive, and while Massachusetts certainly
is a center of those industries, it's always a battle
as other states try and fte off, you know, little
bits of those industries for themselves. So I think that's
(45:36):
that's also a reason to be optimistic as we look.
Speaker 1 (45:39):
At in the new year.
Speaker 3 (45:40):
All Right, he's Chris Garon, executive vice president there at
the Associated Industries of Massachusetts. Up next, Well, how much
cash do you have in your wallet? Do you have
any at all? We're gonna have been talking with a
professor from bu write in the book about the power
of cash.
Speaker 1 (45:58):
You are listening to the New England Business Report on
the Voice of Boston w RKO six eighty. Joe and
Kim will be right back.
Speaker 2 (46:09):
Hi, everybody, it's Kim Carora. Get along with Bill Chase
of high Tech Windows and Siding. Now, Bill, we've been
hearing a lot about your windows being the same windows
installed at the top of Mount Washington and that these
windows are only sold by high Tech.
Speaker 7 (46:20):
That's right, Kim, our Summer series windows are designed to
keep your house warm in the winter and cool in
the summer and can withstand the harsh New England weather
better than any other window on the market.
Speaker 2 (46:31):
That sounds great, But what about the cost bill Because
things have been pretty tight for people these days.
Speaker 6 (46:35):
Well that's a great reason to call us now, Kim.
Speaker 7 (46:38):
Our windows are half the price of the big window companies,
and right now we are offering by one window, get
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Speaker 6 (46:46):
But call us now. This is our biggest sale of
the year.
Speaker 2 (46:48):
It sounds terrific. So the best prices and the best
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Speaker 2 (49:25):
Well, Joe, I don't know about you, but as you've
been making holiday purchases, have you been using cash or
have you been? I?
Speaker 3 (49:32):
Do I still use cash? I didn't realize I was
a chin out liar at this point. But I guess
you're right though, Kim, you said you're you just use
a credit card, right.
Speaker 2 (49:40):
Well, you know what. I use a debit card a lot,
which I don't think is probably all that smart, and
my husband is not real thrilled about that, but I
do that. I do Venmo. A lot of people use
Apple Pay. It seems to be very convenient for you know,
just when you're out and about shopping, but it's not
really comfortable for everyone. We're starting to learn, you're discuss
(50:01):
more is a former advisor to the Boston Federal Reserve
and currently is a bu Questrum School of Business professor.
This is Jay Zagorski joining us. He's got a new
book coming out, by the way, it's due out in April.
It's called The Power of Cash, Why using paper money
is good for you and society. Professor, great to have
(50:21):
you with us today. You argue that using cash is
a great tool and that we should prevent it from
going away completely. Tell us why I.
Speaker 4 (50:31):
Think cash is a wonderful thing, and I'm not advocating
when we go back to the way life was in
the nineteen thirties, where everyone just used cash and destroy
all your credit cards and depic cards and mobile payments,
but instead a dual system where people use both cash
and electronic means. Because electronic means they don't work all
the time. Electronic means they need electricity, They also need
(50:54):
secure communications networks, and the need computers that haven't been hacked.
The idea that going forward, that all three of those legs, electricity, communications,
and secure computers are there all the time, I just
don't think that's a very good assumption for the future.
Speaker 3 (51:10):
Well, professor, what motivated you to write this book? What's
going on out there at this point in this country
and around the world as it relates to the use
of cash.
Speaker 4 (51:20):
So what I'm seeing, and I think everybody else is seeing,
is we're seeing a lot more we'll call them extreme
weather events. When extreme weather events happen, cell towers go down,
electricity network goes down. We're also seeing an incredible rise
in hacking. Every time I pick up the newspaper or
turn on TV or radio, I'm seeing large numbers of
(51:41):
major corporations say, oh, sorry, another data breach. So this
idea that it's convenient, that's correct, but we're giving up
something and you don't have to worry about data breaches
when you're using paper money. You don't have to worry
when you're using paper money about somebody sort of stealing
your identity. Paper money there's a whole bunch of advantages
(52:03):
for it.
Speaker 2 (52:05):
Do you believe that people who use paper money spend
less money?
Speaker 8 (52:09):
I do.
Speaker 4 (52:09):
I do so. First, when you're out of paper money
in the holiday season is coming up right now. When
you're out of paper money, you're done. It keeps you
on a budget when you're using And you said you
like debit cards. A debit card doesn't extend as much
as a credit card. You can't go up to your
credit limit. But with a debit card, you can spend
everything that you have in your bank account. Cash you
(52:31):
can only spend what's in your pocket.
Speaker 3 (52:33):
Yeah, so, I actually, you know, fell upon you by
reading the New York Times article by PAULA. Span headline
in the Boston Globe. We ran the New York Times article.
Payments are going digital, but many seniors still rely on cash.
Give us an idea of what's happening with cash out there.
(52:53):
I mean, I was surprised to read some of the
things that you know, you show up and you can't
give them a twenty dollars bill.
Speaker 4 (53:00):
No, you can't. But for many seniors, they actually like cash.
And there's a couple of different reasons why seniors or
the elderly really wanted. First, you know, today's cashless payment systems,
they really support a high spending lifestyle. What do I
mean by that? Everyone's being offered rewards cards?
Speaker 8 (53:20):
What?
Speaker 4 (53:20):
Rewards cards only are useful if you spend a lot
of money. When I talk to my mother, she's like,
rewards card winning, need a rewards card for I already
have everything. They're hard to buy my mother gifts because
she's like, no, no, I'm trying to get rid of
things from the house to accumulate. More So, if rewards
cards are there for high spending people and elderly people
(53:40):
are like, already have the things I want in life?
Where basically charging people and rewards cards and other forms
of electronic payments that actually have relatively high costs. Every
time you swipe or tap, you're basically giving up to
the credit card companies, to the banks somewhere between two
and three percent, and businesses are raising their prices in
(54:04):
response to that. So basically, many elderly people they don't
need these reports cards. The other thing I hear of
from many people who are getting older, it's really tough
to use things like cell phones or some of these
things where they're asking you to type in your password.
It's tough to remember these things. Sometimes the keys on
a cell phone are just not big enough to press.
(54:26):
So what we're seeing is that between age twenty and eighty,
between twenty and fifty, about eighty five percent of people
are using electronic means to pay for things, but among
people over eighty, it's under fifty percent.
Speaker 2 (54:42):
Professor. One thing that Joe and I have learned since
reading the article that we saw you being quoted in
is that the state of Massachusetts has a law that
prevents places from going cashless. And yet I have been
to Fenway Park to July Stadium, all of these locations,
(55:03):
as far as I can tell, are cashless. How are
they getting around this?
Speaker 4 (55:08):
So Tho's a couple of things. One, the law penalties
have not been updated since the mid nineteen seventies, and
while that law had some teeth in the nineteen seventies,
at least the penalties did. Because of inflation, the penalties
are basically meaningless now. But more importantly, the law says
retail establishments. Retail establishments cannot go cashless. That means restaurants
(55:31):
can go cashless because they're not necessarily a retail establishment.
Fenway Park is not a retail establishment. The supporting establishment
how you define what a retail establishment is tries to
figure out who's under the law. Talking garages, they're probably
not retail establishments either. So your local convenience store can't
go cashless. But Feneri and Park sure and Fenoway Park
(55:54):
also says, well, we have some machines which take your
paper money and will give you debit card, a pre
loaded debit card. Now there's only a couple on the concourse,
they're tough to find and you can't really get money back.
But they basically say, we provide an opportunity for people
with cash to buy things here at front of a park.
Speaker 3 (56:13):
Talking with the professor jays of corus Ki is of
course with the Question School of Business there at Boston University,
and he has a new book coming out in the spring,
The Power of Cash. Tell us about writing this book,
tell us about where you are at this point and
what people can expect.
Speaker 4 (56:30):
Oh I finished the book this past summer. It's now
going through the publication process. Yes, you can read the
book online, you can listen to the book, but the
longest part of the production process is like paper money,
producing a physical book, you know, something with actual pieces
of paper. And right now I'm just telling people about
(56:52):
this idea because I think we're going to lose something
if we switch to an all cash list economy. Paper
money it provides number of things that we all take
for granted. Let me just end real quick on one
simple idea. It's the winter holiday times. People are trying
to be generous walking down the street here in Boston,
and someone says, any spare change, any money. If you
(57:15):
don't have paper money on you, it's tough to be generous.
Speaker 2 (57:19):
And we'll leave it right there, professor, Thank you very much.
Speaker 4 (57:23):
On your show.
Speaker 3 (57:24):
All right, Kim, that's it for this Sunday morning, of course,
So we'll be back next Sunday on the twenty ninth
of December. As we stare down New Year's Eve, of course,
a lot to talk about. We're going to be joined
by some folks down on Cape Cod. Gary Thulander of
the Quacet Resort's going to join us. We're also going
to be talking with Joe Campinelli of Need Them Back.
(57:46):
So join us next Sunday morning on the New England
Business Report on WRKO. The Voice of Boston A I'm
six eighty
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business
Report on this Sunday morning, December the twenty second Test.
Three days to Christmas. Cannot believe it's gotten here so quickly.
I'm Kim Kerrigan along with Joe short Sleeve. Yeah, I mean,
it just feels like it was Thanksgiving yesterday. Right. Oh,
here we are.
Speaker 3 (00:25):
But are you Christmas Eve family or are you a
Christmas Day family? It seems like there are two camps here.
Speaker 2 (00:32):
Well, I gotta tell you we're both. And I'll tell
you why. Christmas Eve is my.
Speaker 3 (00:36):
Favorite's why wouldn't you be born?
Speaker 2 (00:38):
Right? Come on, Joe, what do you mean? I'm also
the twenty sixth day. No, Christmas Eve is my favorite
day of the year, and it's always been. And I
think it's just because it's a day of much anticipation,
you know, when I was a kid, and then when
the kids were little and whatever. So we like to
do lots of things, but we don't open gifts on
the twenty fourth. We're talking people, how about you.
Speaker 3 (00:59):
No, No, We've always been sort of a Christmas Eve family.
I grew up and I had eight seven siblings, so
I was one of eight kids, and then there's mom
and dad, so there's ten of us. And on Christmas
Eve we would get presents for everybody. So underneath the
Christmas tree would be one hundred presents and we would
hand them out on Christmas Eve and it would take hours.
(01:20):
So Christmas Morning was sort of an afterthought. It's great
to have Santa Claus show up and bring the kids up,
but it was all about Christmas Eve in my house.
Speaker 2 (01:27):
Sure, I can understand that. Well, whatever it's about in
your household, we hope that you have a fabulous holiday
coming up later in the week. We've got a really
good show today, Joe. Let's take a look at now
we're looking actually ahead to the next holiday, that being,
of course, New Year's Eve and first Night. It's just
(01:47):
around the corner. It's an event that has been the
way that Boston rings in the New Year since nineteen
seventy six. It's a wonderful event in downtown. It's a
great family event, and we are lucky enough to have
tea case Cain Dairyan with us of Conventures. He and
his mother have been putting on this event for I
(02:10):
don't even know how long, Joe, do you know how long?
Speaker 3 (02:12):
Biting it. I actually don't know the exact time, but
in the past probably. I think it's before COVID, so
let's call it seven years or so.
Speaker 2 (02:20):
Sure, this is sort of their super Bowl, right.
Speaker 3 (02:23):
Right, It certainly is. But you know, I don't think
they really get much in return. I mean, I think
they a lot of this that they do for free
over there at Conventures. And I can tell you that
First Night has been a big part of my broadcasting
career here in the city of Boston. First with WBZ
TV we were live down there. We we have sponsor
all the time is there with Lisa Hughes and blah
blah blah. And then in my years where I left television,
(02:46):
I went down and helped out Conventures and did a
lot of the you know, launching the parade and the
whole bit. So uh, you know, it started up. We
had to buy the buttons.
Speaker 2 (02:54):
You have to do it, I do.
Speaker 3 (02:56):
You don't have to do that. It's completely free and it's.
Speaker 2 (02:58):
Great it's now, it's free, and it's a great and
one of the highlights for me always is the ice sculptures.
I just get such a big, you know, charge out
of that. So we're going to hear more about this
year's events coming up here when TK joins us. Then
executive editor of the Boston Business Journal, Doug Banks is
going to join us, and they've been a great partner
for US, content partner throughout this year. And we're going
(03:21):
to take a moment and look back at some of
the major stories in the business world in two two thousand.
And I'm sorry, twenty twenty four two thousand, boy, where
am I Joe? I think I some timing.
Speaker 3 (03:36):
Yeah, Doug Banks put together a list. I'm curious as
to how he came up with the list, but I
agree with most of his choices, and the number one
story being, of course, office space. And there are so
many tentacles to office space, whether people weren't back in
the office, or people back to the office, or this
whole zoom you know, culture that we have going on,
or office buildings that were for sale plummeting prices, the
(04:00):
whole real estate I mean, the whole tax fight with
Michelle Wu.
Speaker 2 (04:04):
I would say that office space really has been a
top five story for the last four years since COVID,
no two ways about it, and of course Stewart Health.
So he's going to join us Doug Is and we'll
talk more about those year in big stories as we
look back.
Speaker 4 (04:20):
Yeah.
Speaker 3 (04:20):
We also on the program today at Paul Needgwicki. He is,
of course the CEO and president of the Cape Cod
Chamber of Commerce. He's going to talk to us about
the growing business cape of Christmas on Cape Cod as
you go over the bridges, a lot more people living
down there year round and as a result, you're seeing
a lot more offerings as it relates to the Christmas season.
He'll be along also Chris Garon of the Associated Industries
(04:43):
of Massachusetts to be along senior vice president there and
talk about the Business Confidence Index. Now we watch that
tick down really over the early parts of twenty twenty four,
but now it's going the other direction. In fact, it's
going there in a pretty big way at this point.
So talk to Chris, what's about what's behind the new
(05:03):
numbers from the Associated Industries of Massachusetts. Everybody feeling a
little more bullish, I guess and then Kim, this story
just jumped out at me, and it was in the
Boston Globe, but it was actually a New York Times
article about people not using cash anymore, especially this younger generation.
They just don't carry cash, and as a result, a
(05:26):
lot of retailers at this point aren't even accepting cash.
And then you get to the old folks like me,
you know, who still walks around with the twenty dollars bill, saying,
what do you mean you won't take cash? I don't,
but you said you have experienced this.
Speaker 2 (05:40):
Oh yeah, I was going to ask you, are you
a cash guy? I very rarely have cash in my pocket,
but you know, because I'm either using your credit card
or I'm using a debit card or Apple pay. You know,
this has become so convenient now. You just you got
your phone anyway, so you just put it up there
and boom, you're paid in your out. I don't know
(06:01):
if it's great, but I know that the professor who's
going to join us says it's not. So why he
thinks that.
Speaker 3 (06:07):
Yeah, Professor Jays Gorski, Boston University School of Business. His
book is the Power of Cash. We're going to talk
about that and he sees bad things happening if we
get to the point where we're not using cash anymore.
All right, Kim, you know we've been talking about it.
Let's get to it. We're talking talking about First Night Austin.
Hard to believe it's here, you ever staring down twenty
twenty five and the folks of course it Conventures are
(06:29):
going to help us ring in the new year.
Speaker 4 (06:32):
T K.
Speaker 3 (06:33):
Scandarian is going to join us. And TK has been
a big part of arranging everything that is First Night
for the past several years, along with his mom, Dusty
Rhodes Skandarian. KK, thanks for joining us now. I think
everybody when they talk about First Night, we think about
the parade, we think about the two fireworks displays. Give
(06:53):
us an idea, give us the overview to First Night
this year.
Speaker 5 (06:58):
Yeah, every year. This is the ninth time we've had
First Night here in Boston. It's the first First Night
of its kind and it started on you know, December
thirty first, nineteen seventy six, and you know, it's really
always meant to be a free and festive celebration for
(07:18):
the people of Boston who visit here, who live here,
who come together to celebrate the arts and culture that
makes our city so fantastic, and this year is another
great one. We've got more than twelve hours of free
entertainment lined up as you mentioned too, fireworks displays, we've
got a parade, a ton of free activities for families
(07:41):
and folks of all ages to come down and enjoy.
T K.
Speaker 2 (07:46):
I want to talk about the activities and what's happening
a little bit more, but first let's back up for
just a second. Joe and I were sort of reminiscing
off the top of the show about the many First
Nights that we have covered through the years, and it
used to be that you had to buy a button
to get into certain events, and that's not the case anymore.
So tell us a little bit about how this is financed.
Speaker 5 (08:07):
That's right, So the First Night had always sort of
been a crowd funded thing before the word crowdfunding even existed. Like,
it was a button based program where it is to
get in to a venue, you needed to buy a
button and maybe it was ten bucks or twenty bucks
or whatever it was. But through time that model became
(08:30):
sort of unsustainable. The event was huge, and the button
sales were also huge, but not huge enough, and the
organization sort of fell on some hard times and it
was really in about twenty fifteen when the organization that
was running it at the time it basically ran aground,
(08:50):
and the City of Boston picked it up and kept
it going for a year or two because it's a
cherished event for this city. And then we had Conventures
picked it up and this is our kenth time I'm
producing it on behalf of the city and the people
of Boston. So we changed the model a little bit.
We got away from the button program and depend now
(09:12):
entirely on corporate sponsorships and the companies and donate. We'll
take some donations from folks in the public if they
feel so inclined, but we basically make it. We make
it happen to off of a couple of corporate sponsors,
which is great and it's and that's how we can
(09:32):
make it free for everybody.
Speaker 3 (09:33):
All right, Well, let's talk about those corporate sponsors. Who
are they? How do they come to be?
Speaker 1 (09:37):
Uh?
Speaker 3 (09:38):
You know what what is the cost here? We're a
business program. Take us through some of this.
Speaker 5 (09:42):
Yeah, it's always it is always a grind every year
to find the right partners to come on board and
make any event happen in this city. I mean finding
corporate sponsors Boston based with heart soul roots in this
town is always is always tough. So we have found
a couple of great a couple of great partners, and
(10:03):
most notably It's It's Meat Boston, which is sort of
the the new rendition of the Visitor and Convention Bureau
here in Boston. And what it does is, you know,
it helps support major tourism events in this city and
this is one of them. So they are really on
as our presenting sponsor that help us fund the equipment,
(10:25):
the lights, the fireworks, the performers, and the many expenses
that we pick up.
Speaker 3 (10:31):
What does it costs? What's the bottom line cost on
what it takes to put on this event each year?
Speaker 5 (10:37):
Well, it's it's like hundreds of thousands of dollars to
put this thing on. Probably whether it's three hundred or
four hundred and two hundred, it's sort of all depends
on how much we bring in from a sponsorship perspective,
and then we spend everything that we bring in, we
put into the event and in fact, in some cases
(10:58):
we convince yourself Bridge the gap if there's a gap,
to help pull it all pull it all together. So
it is. You know, this thing began as a community
volunteer led thing and nonprofit, and we very much operated
in that same respect these days. We you know, it
(11:19):
is definitely not something that we make money off of,
and nor do we want to. It's it really is
a gift from us to the people of the city
and a way to keep this great tradition alive, and
we take a lot of pride in doing that.
Speaker 2 (11:35):
So TK if somebody has lived under a rock and
doesn't know much about First Night, because I can't imagine
that you wouldn't, let's kind of explain to people it's
throughout the city. It's not just in one location, and
these events start early in the day on New Year's
Eve and go right up until we hit twenty twenty five.
Speaker 4 (11:54):
That's correct.
Speaker 5 (11:54):
It's essentially located right around City Hall Clausa, so that's
where our main stage will be, and we've got some
other indoor venues around there that will host things during
the day, but there's some other satellite spots that will
have one or two shows during the day. We work
a lot with the churches in the Back Bay area.
They have a show typically every year on New Year's
(12:15):
even that's that's part of First Night. The Skating Club
of Boston will do two I figure skating performances at
the Frog Pond, which is part of First Night, and
then the Canal Side Food and Drink, which is the
new food hall over at the Cambridge Side Gallery is
a new venue for us this year. They'll be hosting
(12:35):
two performances. But folks, but you know, the folks at
the Boston Public Market will will have some things during
the day. And of course that's right down the steps
from all of our programming at City Hub plus and
City Hall Plus is where the ice sculptures will be.
That is where our parade will begin, and that is
where again most of our main states, all of our
main stage programming will occur. That is the that is
(12:57):
the Hub, and that is where the we'll do the
big countdown and ring in the new year.
Speaker 3 (13:03):
And what's still sitting on tk Scandarien's desk, that's not done?
What's keeping you occupied at this point?
Speaker 5 (13:10):
Good question. At this point, you know, there is a
lot of there'll be a lot of media interest that
ramps up once we get through Christmas, and there's the
closer to the day itself. The folks in the media regionally,
not just in Boston, but turn their attention to Boston.
We help take care of them. But all of the
permitting is done. We've got a good team at Conventures
(13:32):
that has helped been working at this for months to
help put everything in a good position. You know, once
we get to mid December, we really want to be
entirely buttoned up and ready for a curve ball should
one get thrown our way. And sometimes there is, whether
it's a weather incident or a protect or someone gets sick.
(13:53):
I mean, there's things that we have to be ready
to respond and react to. And we can do that
better when all of our planning is pretty much done
and thanks to our good team, uh it is so
again permits all the vendors who need to be arranged,
whether it's lighting, sound, security. We've been working with the
(14:13):
folks at the Mayor's office for months and months. They
are great partners in this. Of course our hosts this
year as they are letting us use City Hall plausa.
So so at this point we're kind of ready for
the for the curve ball. That's common.
Speaker 3 (14:29):
I mean in planning Boston.
Speaker 2 (14:35):
Yeah, I just hope it's not Mother Nature. She can
throw some things. That's I'm sure you.
Speaker 3 (14:40):
Can handle it, and I'm sure they can. He's t
K Scandarian of Conventures, and we appreciate him taking time
on talking to us here in the New Engle Business
Support about First Night Boston. Up next, Okay, what do
you think the top stories were of twenty twenty four. Well,
Doug Banks, the executive editor of the Boston Business Journal,
is going to share his list in just a moment.
Speaker 1 (15:05):
You are listening to the New England Business Report on
the Voice of Boston w RKO six eighty. Joe and
Kim will be right back.
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Speaker 2 (18:18):
Welcome back everybody to the New England Business Report. Kim
Karagan here along with Joe short Sleeve Joe, we have
enjoyed this wonderful content partnership with the folks over there
at the Boston Business Journal, and throughout the course of
the year, you know, we've sort of watched the big
stories that have happened, and at this time of year
they always put together a list of what they believe
(18:38):
were the biggest news stories, most specifically business stories of
the year. Joining us is the executive editor of the
Boston Business Journal, Doug Banks, our good friend, and uh, Doug, tell.
Speaker 3 (18:50):
Me what guy never takes a day off. This guy
does never do. I know, He's always there.
Speaker 2 (18:55):
I agree, he's a hard worker. He was there for
every one of these stories. I want to tell you, so, Doug,
let's walk through. First off, what's the process there at
the BBJ when you get to this time of the year,
deciding which were the biggest stories.
Speaker 11 (19:09):
Yeah, so first of all, thanks so much. Yes, this
is our our year in review times. Every year at
this time we look back at the year and in
another couple of weeks we'll look ahead to the next one.
But this is sort of the time where each of
our members of our newsroom look back at the biggest stories,
the biggest impact issues that took place across in this case,
(19:31):
the year of twenty twenty four, and they pulled together,
you know, just a handful three five headlines per beat,
per industry, and so you know, we we pull them
all together and that's that's our final issue of the year.
So that's what It's pretty exciting. And as you would expect,
you know, the biggest story of the year office space, right,
if you think about the downtown office.
Speaker 5 (19:52):
We've talked about this topic on your show.
Speaker 11 (19:55):
Across you know, all year long, property values drop in.
Speaker 12 (20:00):
A major way.
Speaker 11 (20:01):
Again this year, we saw a lot of office buildings
selling for less than they were purchased ten twenty years ago.
Other buildings, you know, were being considered for conversion to
residential use just because the office demand hasn't been there
as people more and more people work from home and
(20:22):
we have the hybrid work environments. And then lastly, and
certainly dominated the headline of this last quarter was just
the fight between business owners property owners, i should say,
in the city of Boston on assessed values, what the
properties are worth and what that means for taxes, and
of course Michelle Wo's issue or effort to raise taxes
(20:45):
for commercial properties in the hopes of lowering taxes for
the residents of Boston, which of course didn't pass, you know, famously,
the headlines last couple of weeks than that. So that
just the real you know, the conflict between property owners
in the commercial sector and the city was a real
you know, the real story. And so real estate was
(21:05):
probably the biggest story of the year.
Speaker 3 (21:07):
Yeah, all right, So, but as we move into twenty
twenty five, I can't imagine much going to change there either.
Doug Banks, what what is the situation with with office
space and big picture in downtown Boston as we move
into twenty twenty five.
Speaker 11 (21:20):
Well, you know, there is some positive notes. For one,
you may recall the other big story this year with
has Bro is looking to move here in twenty twenty five,
so Boston is still very desirable and also office. I
think vacancy's actually stabilized in the third quarter, and we
are not quite through the fourth quarter yet, So I mean,
I think there's a little bit of positive to take
(21:41):
into the next year. I don't think things are going
to get much better, but I don't I also don't think,
you know, we may be at the bottom. Maybe things
won't get worse. Lego will be moving into the US headquarters.
Speaker 12 (21:51):
Here in twenty twenty five, so too.
Speaker 11 (21:52):
You know, that was another big story this year, and
it's you know that could move into twenty twenty five.
We'll be looking to see what companies decide to make
boss than their home, and I think that could be
a positive to look forward.
Speaker 2 (22:02):
To, you know, Doug, When I look back on twenty
twenty four, the story that I think is going to
jump out at me the most when it comes to
the business world was the fall of Steward. I mean,
this has affected a lot of people, and this has
been a story that we've all been reporting on for
months and months.
Speaker 11 (22:18):
Yes, I think that's I think you're one hundred percent right.
I would say, you know, the Steward system, which you
know at eight Massachusetts hospitals. There was one in Norwood
that had closed had been closed because of flooding since
twenty twenty. Stewart's you know, high profile bankruptcy declaration started
in May. By July, we found out that Carney Hospital
(22:38):
in Dorchester and the Nashobaa Valley Medical Center at air
could not they couldn't find new owners, so those were
to be shut down. That happened at the end of August,
and then the other six hospitals in the Steward network
did find new ownership. And so you know, we saw
Boston Medical Center pick up what is a Good Samaritan
(23:00):
in Brockton, Saint Elizabeth Medical Center at Brighton, and then
Lawrence General Hospital took over Holy Family and up in Haverl,
I think there were two campuses Haverl.
Speaker 12 (23:10):
What's doing.
Speaker 11 (23:10):
And then interestingly, Rhode Island's formerly Lifespan now it's called
Brown University Health. They bought up more Hospital in Taunton
and Inns and fal River. So that you know, that
was I think.
Speaker 12 (23:22):
You're absolutely right with the biggest story of the year.
Speaker 11 (23:24):
I know Governor Heally has taken a lot of flack
for that. A lot of a lot of you know,
patients were hurt still still hurting as the changeovers happened.
Speaker 12 (23:36):
And but it'll be.
Speaker 11 (23:36):
Really interesting to me to see what Brown University Health
former Lifespan does now. I know we had a headline
Justice just this past week saying that they're looking to
expand their Massachusetts presence and they've got some clinics in Foxborough.
They want to expand, and so we could see more
of Brown University showing up in the south coast of Massachusetts.
Speaker 5 (23:56):
In twenty twenty five, I'll.
Speaker 3 (23:58):
Go with Doug Banks, executive editor of The Boss Business General,
and he's talking about the top stories of twenty twenty four.
His staff put together, he put together and he sent
us the top five. We talked about office space, We
talked about Stewart. Number three's bank mergers. Number four is
a biotech layoffs. Number five is that whole Barber Lynch
Saga and her restaurants. So let's jump back to bank mergers.
(24:21):
How'd that make the number three spot?
Speaker 11 (24:23):
I think that what you saw were some very big
consolidation Eastern Bank combining with Cambridge Trust. Eastern was the
fifth largest bank before that. In Cambridge Trust was the
eighteen so that's you know, twenty five billion dollars in assets.
Was that creates the largest investment advisory owned by a
bank in Massachusetts. But that was just the biggest. Number
(24:44):
six on our list of largest banks was Rockland Trust
just this month said they're buying Enterprise Bank and Lowell
that will close in twenty twenty five. Enterprise Bank not
a lot of people know about it, but if you're
in the Merrimack value you do, because that's the nineteenth
largest bank in the state. That was big. And then
literally just this past week also Berkshire Bank acquiring Brookline
Bank was another billion dollar deal.
Speaker 5 (25:06):
Then there was a handful.
Speaker 11 (25:07):
Of smaller banks kip Cod five and Lemonster's out Central
mass Fidelity Bank no relation of Fidelity Investments that Captain
earlier this year, People's Bank in Holyoak and Cornerstone and
Worcester that's expected to close I think next quarter. Abington
Bank merged with north Shore Bank up in PVD, So
(25:28):
a lot of small banks all consolidated, and I think
it's gonna be really interesting to see what that means
I've got. And then there was a big credit union
with dig Digital credit Union in Worcester DCU, for which
the DCU Center is named, combined with a Silicon Valley
Credit Union, that will be the top five largest credit
(25:48):
unions in the country. That will be bigger than Eastern
Bank when that closed next year. That's going to be
really interesting to see you in twenty twenty five as well.
Speaker 2 (25:56):
It's gonna be interesting to see how all of this
affects consumers when you use smaller her little local banks
kind of get swallowed up by bigger guys. I know,
biotech layoffs was a story that you guys followed closely.
But I'm going to jump ahead to the fifth and
that would be Barbara Lynch. She's the restauranteur and chef
who owned a number of very very well known restaurants
(26:17):
here in the Boston area and suddenly announced that she
was selling them. And then we learned more and more
about Barbara's predicament.
Speaker 5 (26:26):
Yeah, so that was a real shame.
Speaker 4 (26:29):
You know.
Speaker 11 (26:29):
Her most probably the best known restaurant is Number nine Park.
It opened in nineteen ninety eight. She's a James Beard
Award winner. In earlier this year, those three restaurants that closed,
Menton's Ortello Drink out in the Seaport. She sold two others,
the butcher Shop and Stir And then yeah, just this
(26:50):
past month, the news that she held at a state sale
up at her house, her home in Gloucester, the proceeds
of which I think led to somebody like one point
seven million dollars as a payback and back taxes to
the City of Boston.
Speaker 12 (27:02):
The city and suit her.
Speaker 11 (27:03):
It really just put a you know, sort of a
face to the challenges that all restaurants are having in
across you know, Massachusetts. Restaurant costs are super high, the
economy has been terrible. Landlords are not really making concessions,
and I think that was the reason why she closed
those restaurants for her landlord and the Seaport just couldn't
(27:25):
make make the terms work. And you're just seeing a
lot of restaurants struggle, and that, you know, is but
the Barbara Lynch story really is a sad ending to
what was one of Boston's best known chefs. And and
it's just surreal shame that that that that has take
place this year.
Speaker 2 (27:44):
Yeah, I know it get a lot of attention because
a lot of those are our people's favorite restaurants that
unfortunately will not exist here in the Boston area any longer.
It's the Boston Business Journal, and we thanked Doug very
very much in all of the staff there at the
Boston Business Journal for what they've done for us, and
we look forward to twenty twenty five and done.
Speaker 3 (28:03):
They've been a great partner, Kim, when we dealt with
them when we hosted the program at Bloomberg as well,
they were always on and they're always ahead of the
curve and it's great for everybody involved.
Speaker 2 (28:13):
It certainly is, so we thank them very much. All Right,
it's still come in your way Holidays on the Cape.
It's not just a place to enjoy during this summer
holiday's Cape style. That's when we come back.
Speaker 1 (28:28):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 2 (28:36):
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Speaker 2 (29:29):
Fin Hi, everybody, it's Kimcare or get along with Bill
Chase of high Tech Windows Insiding. Now, Bill, we've been
hearing a lot about your windows being the same windows
installed at the top of Mount Washington and that these
windows are only sold by high Tech.
Speaker 6 (29:48):
That's right, Kim.
Speaker 7 (29:49):
Our Summer Series windows are designed to keep your house
warm in the window and cool in the summer and
can withstand the harsh New England weather better than any
other window on the market.
Speaker 2 (29:58):
That sounds great, But what about the cost, Bill, Because
things have been pretty tight for people these.
Speaker 7 (30:02):
Days, Well that's a great reason to call us now, Kim.
Our windows are half the price of the big window companies,
and right now we are offering by one window get
one percent off. But call us now. This is our
biggest sale of the year.
Speaker 2 (30:16):
It sounds terrific. So the best prices and the best
quality call high Tech today at nine seven eight seven
seven one eight nine three nine. That's nine seven eight
seven seven one eighty nine thirty nine, or visit high
Techcorp dot biz for a free estimate. Hi everybody, I'm
(30:37):
Kim Kerrigan.
Speaker 3 (30:38):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (30:45):
You can email us at any Business Radio at gmail
dot com.
Speaker 3 (30:50):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Brought to you by high Tech Windows. Their windows are
installed at the top of Mount Washington and are made
in New England for New England Weather and Welcome back
(31:14):
to the New England Business Report on this Sunday morning,
December twenty second, Kim Karrigan Joe Schortz Live and this
is the spot in the program where we take a
look at some of the other business news out there
that you may have missed. This one is actually just
a travel report coming out of Logan Airport and talk
about how the economy is improving. Boston Logan International Airport,
(31:34):
kim so our record number of passengers passed through its
gates in twenty twenty four. Airport had forty three million
passengers this year. Now, the previous high was forty two
set back in forty two million back in two thousand
and nineteen. But the thing about this is they released
these stats about Okay, oh, the airport's doing great, people
(31:55):
coming through. But apparently there was this guy, Reagan Barry
of Boston, who is the forty third millionth passenger to
pass through Logan Airport, and he was honored with free
tickets from Delta Airlines. Imagine this guy, and I was
just coming there was I that day. Not a great prize,
(32:19):
just some tickets. I mean, I think I was expecting
a little bit more than that.
Speaker 2 (32:23):
Yeah, yeah, you know. I am amazed by these numbers
because it felt like twenty two was the year that
people really traveled a lot, because you couldn't travel for
such a long time, and you know, airports were packed
and it was crazy then. And I think those were
sort of record breaking numbers that year, and the fact
that it's continued to go up and the prices of
(32:45):
airline tickets have continued to go up. I just think
it's really interesting that so many people have said, I
don't care, you know, I'm going to get out there
and do my thing.
Speaker 3 (32:54):
It's such a busy airport, and yet when you land there,
it's like you're landing on a postage stamp.
Speaker 2 (32:59):
I mean, yeah, Joe, let me ask you this. When's
the last time you were there picking someone up?
Speaker 3 (33:08):
You know?
Speaker 2 (33:08):
It's the constant. The construction at Logan Airport is just insanity, right.
Speaker 3 (33:13):
Oh oh yeah, Jeff Blue terminal. See, I'm always there
with the state police yelling at me, going, you're the guy.
Speaker 2 (33:19):
Huh.
Speaker 6 (33:22):
Well.
Speaker 2 (33:22):
We are so happy to have Paul Ned's Wiki with
us this morning. He is the president and CEO of
the Cape Cod Chamber of Commerce. Always great to chat
with Paul.
Speaker 3 (33:33):
Paul.
Speaker 2 (33:33):
We were thinking about this, Joe and myself, and we
were wondering, and I think Joe knows more because he
spends a lot of time down there. What Christmas means
to the Cape off season, but an opportunity maybe to
make some dollars down there.
Speaker 13 (33:49):
Yeah, No, Christmas increasingly in the holiday season in general
has become a strong, a strong time of the year
for the Cape. A lot of people visit the Cape.
I mean, thirty seven percent of the housing stock on
a Cape for second homes and we're seeing people start
to use their second homes differently and red see them
down here for the holidays. So it's a big season
(34:11):
for us.
Speaker 3 (34:12):
And how has that changed over the years, Paul Medswickie,
I mean it seems like nobody was there Christmas time, ten, ten, fifteen,
twenty years ago, but what is it today.
Speaker 5 (34:20):
Yeah, No, we're.
Speaker 13 (34:21):
Busy, especially in the in the mid Cape area, you know,
I think you know more some of the summer visitors
tend to be more Outer Cape National Seashore kind of people.
But in the Lower Cape, Mid Cape, Upper Cape, we
see a lot of people that are here for the
holiday festivities.
Speaker 5 (34:39):
I mean.
Speaker 13 (34:40):
And it's also we have a lot more businesses and
hospitality groups that are doing things to attract people, and
we have more hotels that are open year round. Now
we'll cross it in in Harwich for example, went a
year round last year, so they've got events scheduled through
the holiday. As the Chattam bars in We've got the
(35:02):
Heritage Museum and gardens and Sandwiches right over the bridge
that has their gardens a glow that sells out every year.
Mashbee Commons has special events, and then there are strolls
and parades really all throughout the Cape. Yeah, so there's
a lot going on. Even the Cape Cod Railroad for example,
how it's a polar Express wreck so you can bring
the kids. So there's a lot that's going on in
(35:24):
the Cape. And we've really started to market the holidays
on the Cape a lot more and we're seeing more
people down here because of that.
Speaker 2 (35:32):
Now, I know Joe just asked you this, but I
do want to go back and circle. You know, fifteen
twenty years ago, was this you know, was this an
event on the Cape at all? Or were a lot
of places closed and Christmas just the holiday season just
wasn't a part of it.
Speaker 13 (35:48):
A lot of places twenty years ago would have been closed.
The Cape was a real sort of seasonal destination for
a long time, but it's become less so is the pandemic.
Really we've seen people are here more year round. You know,
the shoulder seasons are really strong. Is to be July
and August. You know, they're still a prime month, but
(36:10):
June and September have become very strong months for us.
In October in particular, this year was a really strong love.
Speaker 3 (36:18):
You talked about the Closet and the Chatham Bars, both
five star resorts on Cape Cod, both the open year round,
now both doing Christmas. Who's the customer? Who's the client
and where are they coming from?
Speaker 13 (36:30):
Most of the clients come from sort of the New England,
New York, New Jersey area. That's where we see most
people come from. There is you know, probably about ten
percent of ors or international travelers as well. But you
know we have a strong clientele and a lot of
repeat customers.
Speaker 2 (36:50):
Yeah, well it's charming there. So it's a great way
I think to snuggle up to a fireplace and enjoy
some holiday spirit. I hope it's a great holiday there.
I'm the Cay Paul Medswiki. Thank you so much for
being a part of the New England Business Report.
Speaker 3 (37:05):
All right, time to talk about Well, it's the Business
Confidence Index, Kim. And this is something that the Associated
Industries of Massachusetts compiles each month and we track, you know,
what a business is feeling, how's everybody thinking about the economy.
Where are we heading at this point? Well, some good
news in the Business Confidence Index, and the most recent
survey was took place after the November fifth presidential election.
(37:30):
That of course returns to Donald Trump to the White House.
But let's bring in Chris Garon. He is the executive
vice president there at the Associated Industries of Massachusetts for
public affairs. Chris, welcome to the program. You're a regular
visitor here. So what's going on with the Business Confidence
Index in November?
Speaker 12 (37:49):
Well, so, the Business Confidence Index actually lived up to
its name in November. We measure employer sentiment on a
one hundred point scale. Anything above fifty they're feeling good.
Anything below fifty, they're not feeling good. And in November
the index went up two point two points and landed
at fifty seven point five. That was its highest level
(38:14):
in two years. And it was also the fourth monthly
increase that we've seen so far in twenty twenty four.
So good good news.
Speaker 2 (38:22):
Yeah, So Chris talked to us about, you know, some
analysis of those numbers and why you think that, you know,
businesses are feeling so confident at this stage of the game.
Speaker 12 (38:35):
So to quote the estimable. James Carville, It really is
the economy stupid when you look at what's happening. Massachusetts
in the third quarter had an economic growth rate of
almost three percent, and the US economy, which was just
revised up last week, grew at three point one percent
(38:57):
during the third quarter. And even with that, Massachusetts unemployment
rate is still below four percent. So you put those
items together, and I think Jerome Powell perhaps said it
best last week when he said most forecasters keep calling
for a slowdown in growth. They've been doing so for
(39:18):
a very long time, and it keeps not happening. So
the economic fundamentals are very strong. And I think again
we've seen that with four consecutive increases that employers are
feeling pretty good about that. As we get to the
end of twenty twenty four and started looking into twenty.
Speaker 3 (39:34):
Five, talking with Chris Garon, executive vice president there associated
in Massachusetts. All right, I know that this index it's
not just Massachusetts, just not the state of Massachusetts. Inside
of Massachusetts, you break it into regions, but there's also
a national index. Give us some of the other numbers
and what direction they're pointing.
Speaker 12 (39:54):
So when we put the index together, we look at
a number of different things. So for example, we have companies,
how are you feeling about your own prospects? And that
number ended up at fifty eight point two in November,
really strong number. Again, Massachusetts index was up to fifty
(40:15):
six point seven, and the US index, as you point out,
actually gained three points. That was the largest gainer of
all the factors that we measure, up to fifty seven
point four. And I think realistically that has something to
do with the results of the election, although it's an
interesting calculus when you look at it. I mean, certainly
(40:36):
companies are looking forward to perhaps a different regulatory approach
out of this administration. I think there's some interest in
the DOGE Department looking at the government efficiency because really
that's what employers care about more than anything else. At
the same time, a lot of our members are concerned
(40:57):
about tariffs, and a number of them indicated that on
their survey forms. So you've got a couple of different
things pulling in different directions, and I think they'll be
obviously looking pretty closely at all of those as we
go into the new year.
Speaker 2 (41:11):
And Chris, I know that Joe has just talked about,
you know, the national and whatever. But you guys also
break it down in the state. The north Shore confidence index,
I know, back in October was really high. Do you
have any of those numbers the western part of the state,
you know, north so and so.
Speaker 12 (41:30):
The trends were pretty consistent. All of the regions showed
an increase. So as we look at Worcester, that number
went from forty eight to fifty two, almost to fifty three.
In Western Massachusetts the number was fifty three point two.
And again the north Shore index that you pointed out
(41:51):
actually moderated a bit, it went from sixty point six
to fifty seven, but that was still the best performing
region our survey. And again that really has a lot
to do with industry mix. So if you look at
both Western Springfield a little heavier representation in our survey
of manufacturing companies, and one of the you know, sobering
(42:14):
parts about this otherwise great economy that we're in is
that Massachusetts lost three thousand manufacturing jobs year over year
November to November, and so that's that's a matter of
some concern, and I think you're seeing that come outment
to regional numbers.
Speaker 3 (42:31):
I'm curious. I know you also break it down by
a company size, you know, our big companies or small companies.
Who's feeling more bullish at this point? And I guess
I asked that in the context of not too long
ago in this program, you know, Kim and I talked
to John Hurst, of course, president of the Retailers Association
here in the state of Massachusetts, and he said that,
you know, for small retailers, they're in a recession. So
(42:53):
break it down for us in terms of company size
and your thoughts on that.
Speaker 12 (42:57):
Sure, and consistent with dak comment, we found that large
companies were the most optimistic in our survey of at
sixty point four, so that's a very high number. Medium
sized companies committed fifty eight point one, and then small
companies were the least optimistic, although still pretty well in
(43:20):
optimistic range at fifty four point four. Again, I think,
you know, there's certainly challenges that a lot of the
small companies, particularly you know, John pointed out some of
the small retailers are facing. Be interesting to see what
the numbers look like at the end of the holiday season,
to see how all that shakes out.
Speaker 2 (43:41):
So, Chris, at this time of year, we obviously have
to look forward you said that this most recent survey
was after the election, so that was a lot of people.
I think probably looking forward, what are you guys anticipating,
What do you think twenty twenty five is going to,
you know, show us and how will it stack up?
Speaker 12 (43:59):
I think the national level, we're probably looking at more
of the same.
Speaker 8 (44:05):
You know.
Speaker 12 (44:05):
I think the Federal Reserve will continue to do this
dance between you know, are we controlling inflation without choking
off economic growth? And I think right now inflation has
been more persistent than most people had anticipated. So while
while the Fed reduced rates again last week, I think
(44:27):
they're going to be very circumspect about doing so going
into the new year. But in general, we're getting we're
getting good feedback from our members, and I think on
a state level as well, there are also a lot
of reasons to be optimistic. I mean the legislature as
an economic development bill that creates significant investments in you know,
(44:52):
some of our real bedrock growth industry. So it that's
five hundred million dollar capital reauthorization of the Life Science
is Initiative, which has been very successful, four hundred million
dollars for climate tech, and then another one hundred million
dollars to create the Massachusetts AI Hub, which Governor Heay
(45:14):
formally announced last week. So all of that, all of
those industry sectors are enormously competitive, and while Massachusetts certainly
is a center of those industries, it's always a battle
as other states try and fte off, you know, little
bits of those industries for themselves. So I think that's
(45:36):
that's also a reason to be optimistic as we look.
Speaker 1 (45:39):
At in the new year.
Speaker 3 (45:40):
All Right, he's Chris Garon, executive vice president there at
the Associated Industries of Massachusetts. Up next, Well, how much
cash do you have in your wallet? Do you have
any at all? We're gonna have been talking with a
professor from bu write in the book about the power
of cash.
Speaker 1 (45:58):
You are listening to the New England Business Report on
the Voice of Boston w RKO six eighty. Joe and
Kim will be right back.
Speaker 2 (46:09):
Hi, everybody, it's Kim Carora. Get along with Bill Chase
of high Tech Windows and Siding. Now, Bill, we've been
hearing a lot about your windows being the same windows
installed at the top of Mount Washington and that these
windows are only sold by high Tech.
Speaker 7 (46:20):
That's right, Kim, our Summer series windows are designed to
keep your house warm in the winter and cool in
the summer and can withstand the harsh New England weather
better than any other window on the market.
Speaker 2 (46:31):
That sounds great, But what about the cost bill Because
things have been pretty tight for people these days.
Speaker 6 (46:35):
Well that's a great reason to call us now, Kim.
Speaker 7 (46:38):
Our windows are half the price of the big window companies,
and right now we are offering by one window, get
one off.
Speaker 6 (46:46):
But call us now. This is our biggest sale of
the year.
Speaker 2 (46:48):
It sounds terrific. So the best prices and the best
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Speaker 8 (47:06):
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Speaker 2 (49:25):
Well, Joe, I don't know about you, but as you've
been making holiday purchases, have you been using cash or
have you been? I?
Speaker 3 (49:32):
Do I still use cash? I didn't realize I was
a chin out liar at this point. But I guess
you're right though, Kim, you said you're you just use
a credit card, right.
Speaker 2 (49:40):
Well, you know what. I use a debit card a lot,
which I don't think is probably all that smart, and
my husband is not real thrilled about that, but I
do that. I do Venmo. A lot of people use
Apple Pay. It seems to be very convenient for you know,
just when you're out and about shopping, but it's not
really comfortable for everyone. We're starting to learn, you're discuss
(50:01):
more is a former advisor to the Boston Federal Reserve
and currently is a bu Questrum School of Business professor.
This is Jay Zagorski joining us. He's got a new
book coming out, by the way, it's due out in April.
It's called The Power of Cash, Why using paper money
is good for you and society. Professor, great to have
(50:21):
you with us today. You argue that using cash is
a great tool and that we should prevent it from
going away completely. Tell us why I.
Speaker 4 (50:31):
Think cash is a wonderful thing, and I'm not advocating
when we go back to the way life was in
the nineteen thirties, where everyone just used cash and destroy
all your credit cards and depic cards and mobile payments,
but instead a dual system where people use both cash
and electronic means. Because electronic means they don't work all
the time. Electronic means they need electricity, They also need
(50:54):
secure communications networks, and the need computers that haven't been hacked.
The idea that going forward, that all three of those legs, electricity, communications,
and secure computers are there all the time, I just
don't think that's a very good assumption for the future.
Speaker 3 (51:10):
Well, professor, what motivated you to write this book? What's
going on out there at this point in this country
and around the world as it relates to the use
of cash.
Speaker 4 (51:20):
So what I'm seeing, and I think everybody else is seeing,
is we're seeing a lot more we'll call them extreme
weather events. When extreme weather events happen, cell towers go down,
electricity network goes down. We're also seeing an incredible rise
in hacking. Every time I pick up the newspaper or
turn on TV or radio, I'm seeing large numbers of
(51:41):
major corporations say, oh, sorry, another data breach. So this
idea that it's convenient, that's correct, but we're giving up
something and you don't have to worry about data breaches
when you're using paper money. You don't have to worry
when you're using paper money about somebody sort of stealing
your identity. Paper money there's a whole bunch of advantages
(52:03):
for it.
Speaker 2 (52:05):
Do you believe that people who use paper money spend
less money?
Speaker 8 (52:09):
I do.
Speaker 4 (52:09):
I do so. First, when you're out of paper money
in the holiday season is coming up right now. When
you're out of paper money, you're done. It keeps you
on a budget when you're using And you said you
like debit cards. A debit card doesn't extend as much
as a credit card. You can't go up to your
credit limit. But with a debit card, you can spend
everything that you have in your bank account. Cash you
(52:31):
can only spend what's in your pocket.
Speaker 3 (52:33):
Yeah, so, I actually, you know, fell upon you by
reading the New York Times article by PAULA. Span headline
in the Boston Globe. We ran the New York Times article.
Payments are going digital, but many seniors still rely on cash.
Give us an idea of what's happening with cash out there.
(52:53):
I mean, I was surprised to read some of the
things that you know, you show up and you can't
give them a twenty dollars bill.
Speaker 4 (53:00):
No, you can't. But for many seniors, they actually like cash.
And there's a couple of different reasons why seniors or
the elderly really wanted. First, you know, today's cashless payment systems,
they really support a high spending lifestyle. What do I
mean by that? Everyone's being offered rewards cards?
Speaker 8 (53:20):
What?
Speaker 4 (53:20):
Rewards cards only are useful if you spend a lot
of money. When I talk to my mother, she's like,
rewards card winning, need a rewards card for I already
have everything. They're hard to buy my mother gifts because
she's like, no, no, I'm trying to get rid of
things from the house to accumulate. More So, if rewards
cards are there for high spending people and elderly people
(53:40):
are like, already have the things I want in life?
Where basically charging people and rewards cards and other forms
of electronic payments that actually have relatively high costs. Every
time you swipe or tap, you're basically giving up to
the credit card companies, to the banks somewhere between two
and three percent, and businesses are raising their prices in
(54:04):
response to that. So basically, many elderly people they don't
need these reports cards. The other thing I hear of
from many people who are getting older, it's really tough
to use things like cell phones or some of these
things where they're asking you to type in your password.
It's tough to remember these things. Sometimes the keys on
a cell phone are just not big enough to press.
(54:26):
So what we're seeing is that between age twenty and eighty,
between twenty and fifty, about eighty five percent of people
are using electronic means to pay for things, but among
people over eighty, it's under fifty percent.
Speaker 2 (54:42):
Professor. One thing that Joe and I have learned since
reading the article that we saw you being quoted in
is that the state of Massachusetts has a law that
prevents places from going cashless. And yet I have been
to Fenway Park to July Stadium, all of these locations,
(55:03):
as far as I can tell, are cashless. How are
they getting around this?
Speaker 4 (55:08):
So Tho's a couple of things. One, the law penalties
have not been updated since the mid nineteen seventies, and
while that law had some teeth in the nineteen seventies,
at least the penalties did. Because of inflation, the penalties
are basically meaningless now. But more importantly, the law says
retail establishments. Retail establishments cannot go cashless. That means restaurants
(55:31):
can go cashless because they're not necessarily a retail establishment.
Fenway Park is not a retail establishment. The supporting establishment
how you define what a retail establishment is tries to
figure out who's under the law. Talking garages, they're probably
not retail establishments either. So your local convenience store can't
go cashless. But Feneri and Park sure and Fenoway Park
(55:54):
also says, well, we have some machines which take your
paper money and will give you debit card, a pre
loaded debit card. Now there's only a couple on the concourse,
they're tough to find and you can't really get money back.
But they basically say, we provide an opportunity for people
with cash to buy things here at front of a park.
Speaker 3 (56:13):
Talking with the professor jays of corus Ki is of
course with the Question School of Business there at Boston University,
and he has a new book coming out in the spring,
The Power of Cash. Tell us about writing this book,
tell us about where you are at this point and
what people can expect.
Speaker 4 (56:30):
Oh I finished the book this past summer. It's now
going through the publication process. Yes, you can read the
book online, you can listen to the book, but the
longest part of the production process is like paper money,
producing a physical book, you know, something with actual pieces
of paper. And right now I'm just telling people about
(56:52):
this idea because I think we're going to lose something
if we switch to an all cash list economy. Paper
money it provides number of things that we all take
for granted. Let me just end real quick on one
simple idea. It's the winter holiday times. People are trying
to be generous walking down the street here in Boston,
and someone says, any spare change, any money. If you
(57:15):
don't have paper money on you, it's tough to be generous.
Speaker 2 (57:19):
And we'll leave it right there, professor, Thank you very much.
Speaker 4 (57:23):
On your show.
Speaker 3 (57:24):
All right, Kim, that's it for this Sunday morning, of course,
So we'll be back next Sunday on the twenty ninth
of December. As we stare down New Year's Eve, of course,
a lot to talk about. We're going to be joined
by some folks down on Cape Cod. Gary Thulander of
the Quacet Resort's going to join us. We're also going
to be talking with Joe Campinelli of Need Them Back.
(57:46):
So join us next Sunday morning on the New England
Business Report on WRKO. The Voice of Boston A I'm
six eighty
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