May 11, 2025 • 58 mins
On today's program, we talked to Boston Globe reporter, Jon Chesto, about plans in Everett for a new soccer stadiumm and much more. Mike Marshall of marshall Wealth management offers advice on how and when to retire in this current economic climate. We explore the summer of rentals in southern New Hampshire and down on Cape Cod and the islands with experts in both regions. Plus the managing editor of the Boston Business Journal lays out the top five business stories this week.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly round up and discussion
of the top business news impacting our New England economy.
Speaker 2 (00:10):
Good morning, everybody, and welcome to the New England Business Report.
Kim Carrigan here along with Joe short Sleeve.
Speaker 3 (00:15):
Good morning, sir.
Speaker 4 (00:16):
Oh, good morning to you.
Speaker 5 (00:17):
Kim.
Speaker 4 (00:18):
You know we are staring it down now, aren't we. Himy,
I'm looking at him. I'm counting it up. I'm looking
at the calendar, going, Okay, two weeks from tomorrow is
Memorial Day. Yeah, that's a five week run to fourth
of July, and then the summer's over, and the summer's over.
Speaker 3 (00:38):
You know, I got to tell you something.
Speaker 2 (00:40):
I was out with some friends last week and the
woman said, we you know once the fourth is over.
Speaker 3 (00:48):
And I looked at her and I thought, have you
been talking to Joe? Obviously speaking to him. That's not true.
Don't say that.
Speaker 4 (00:56):
I grew up with that.
Speaker 2 (00:57):
So there you have it, gracious. Well, it's good to
have everybody with us. We've got a great show today.
It starts so unfortunately, the first word's out of my mouth,
are some tough news, some tough news coming from the
folks over there at the Associated Industries of Massachusetts. You know,
we follow them frequently here on the show, and we
(01:19):
always talk about the business confidence index.
Speaker 3 (01:23):
Yeah, well it's been trending.
Speaker 2 (01:24):
Down, but this past week they released their most recent
survey and it has dropped to the lowest level that
they have seen since the pandemic, which of course was
a time when all businesses were closed. So it's it's startling,
and it's it's disturbing, startling.
Speaker 4 (01:44):
But it's not surprising at this point given what has
been going on. I mean, everybody, it's coming from all
corners at this point, and so very true.
Speaker 3 (01:52):
Yeah.
Speaker 2 (01:52):
So Globe Business reporter John Cesto, he's been following this
very closely. They had their Joe I believe it was
AIMES annual breakfast this past week.
Speaker 4 (02:01):
Right, yeah, Thursday morning.
Speaker 2 (02:03):
Yeah, and I know that he was in attendance. So
he's going to update us on what some of those
members over there saying what they're anticipating the future will hold.
He's also going to update us on the Craft's efforts
to build that soccer stadium over there in Everett. They're
now saying that they would be willing to build out
beyond just the stadium.
Speaker 4 (02:21):
Yeah, they're talking about being in another assembly row, like
in Summerville or something like that. Of course, that'd be
great for the folks at the Encore of Boston Harbor Casino,
which you know picked that spot years and years ago.
Speaker 2 (02:32):
So you know, I hate to be biased here, but
it feels like to me that would just be a
good thing for that region because right now it's not
real productive, so it seems like that would be really terrific.
Then we're going to have a discussion with Mike Marshall
of Martial Wealth Management about the tariffs, the uncertainty and
the impact this has on retirees. I mean, most retirees
(02:54):
are on fixed income. They've got to be very nervous
about what could be coming down the pike.
Speaker 4 (02:59):
Yeah. I mean, you look at your four oh one
K and you compare it to what was it six
eight months ago, and then you look at it today.
And now I know there's been some recovery going on
here too, but still, you know, there are a lot
of saying, oh boy, is this the right time a handbringing. Yeah,
we're going to talk about a survey in our business
News this morning about AI adoption in the workplace survey,
(03:23):
and you know, I'm not surprised that it's being adopted
broadly at this point. But boy, when you look at
where it's being used, it's basically everywhere, folks. I mean,
you know, it's going to be parking your car before
you know it. I mean, it's it's in every sector
of the business community. We'll talk about that. Then we're
going to talk a little bit about summer rentals. Now,
in the past, Kim and I have you know, I'm
(03:44):
a Cape Cod snob, I'll admit, okay, so we always
talk a lot about Cape Cod on this program. But
in the past, Kim and I have interviewed Amy Landers
there from the Lakes region up in southern New Hampshire.
Very articulate individual, knows exactly what's going on with that
tourist economy in southern New Hampshire. She's going to join us,
and then we're going to be talking with Betsy Hansen
(04:06):
down on the Cape Cotton Islands. She's a new executive
director of the Cape Cotton Islands Association of re Orders,
taking over for Ryan Castle. So we'll find out how
the Cape is shaping up because you know Paul NEEDSWICKI
told us on this program he's the of course, the
president of the Chamber down there, that things are going
to be off ten or twenty percent this year. And
(04:26):
then finally, Kim, we got to have Don Seaffert, managing
editor of the Boston Business Journal. He'll be along and
boy does he have a pocket full of headlines.
Speaker 3 (04:34):
Yeah, he certainly does. We look forward to that.
Speaker 2 (04:37):
We like to talk to him about some of the
big headlines that they thought were important this past week
there at the BBJ.
Speaker 4 (04:44):
Yeah. Well, one of them, of course, is that the
Business Confident Index that you refer to otherwise other headlines,
Santander Bank closing eighteen branches. That's interesting. Research funding cuts
could mean thousands of fewer jobs in the Boston area.
And the good news just keeps up, It just keeps coming.
Speaker 6 (05:03):
You know.
Speaker 2 (05:04):
The Tantan Dare story I think is really interesting because
they're closing branches while we've been reporting that other banks
are opening branches, so they're all sort of trying to
figure out their way to survive, especially with all this
online banking all right.
Speaker 4 (05:18):
Now, as promised, we want to welcome the Globe Business reporter.
Of course, that is a John Chestow. Chestow means business.
We appreciate him joining us on the New England Business
Report on this Sunday morning. John, you've been busy. You've
got a bunch of headlines here in the globe this week.
But let's start with we could you attended the twenty
(05:40):
twenty five Annual Meeting for the Associated Industries of Massachusetts
on Thursday morning. Give us a snapshot of what happened there.
Speaker 7 (05:48):
Well, just for a quick rundown, the Lieutenant Governor Kim
Driskill spoke. Julie Kim, who is soon to be the
CEO of Decayda Pharmaceuticals, which is Japanese company but is
the largest life sciencest employee of Massachusetts, was honored and UH.
And then they also honored UH the House Speaker Ron
(06:09):
Mariano and Center President Karen Spilkok for their work in
passing a pay equity bill. I would say, the general
theme though there was, you know, is what the change
in Washington and how we have to stay the course
here in Massachusetts regardless of sort of the stuff that
comes our way, the unexpected curve balls that we keep
(06:31):
getting from DC. UH all The speakers seem to be
saying in varying ways to sort of, you know, stay
focused on your mission and uh, try try to hold
your head up and and don't get too distracted by
all the changes, some of them detrimental to the Massachusetts
(06:52):
economy that are coming our way. Was it gloomy not
at all, actually, which is interesting because the aim A
Business Confidence Index is in pretty bad shape.
Speaker 5 (07:04):
Right.
Speaker 7 (07:04):
You know, we've seen a confidence among MATHS employers via
AIM membership surveys plummet in the last three months. It
originally went up right after President Trump was elected, but
as some of the Trump administration's policies are being rolled out,
it's been dropping. The biggest concern among AIM members cited
(07:27):
in the survey is sort of the effect of tariffs
and how that's driving up costs, and just the unexpected
nature or unexpected way they're being rolled out. It seems
kind of chaotic and haphazard to them, so that's really
got them worried. But generally speaking, this the mood of
this room was, you know, a foreigner and fifty business
leaders over in the seaport, and they, I would say
(07:49):
it was generally reserved but positive.
Speaker 4 (07:53):
Yeah, well, did the House Speaker or the Senate president
a Mariana or Spilka have anything up their sleeve? It
soften the blow here in Massachusetts.
Speaker 7 (08:02):
Not really today, you know, Terence spilt that did say that.
You know, she did get a lot of applause by
saying that, you know, democracy is great for business, and
we really have to fight for democracy. Uh. And it's
it's good business sense to fight for democracy. So that
(08:24):
really was sort of summering up her brief speech, and
I think the room really liked that.
Speaker 4 (08:32):
All right. Talking with John chestero the Boston Globe, cheste
means business regular visitor here on the program. All right,
take a look at some of the other headlines that
he had been producing in the past week or so.
This one caught our attention. Here Crafts pledge more development
will follow the soccer stadium in Everett, and I guess
there's now big a comparison to Assembly Row in Somerville.
(08:55):
Give us an idea of exactly what's going on here.
Speaker 7 (08:58):
John, Well, the Crafts have two pro teams, the New
England Patriots and the New England Revolution, and they play
in the Gillette Stadium. But for a long time they
wanted to find a separate location closer to Boston or
in Boston for the Revolution for the soccer team, and
(09:20):
they think they have one in Everett, right on the
banks of the Mystic River. They still need to reach
deals to me the impact agreements with the city of
Everett and with the city of Boston. There's concerns in
both cities about traffic impacts. Well, Robert Kraft and Jonathan Craft,
the two I guess i'd say highest executives in the
(09:42):
Craft Group conglomerate, came and really made a case for
the fact that this would be the start of investment
in the city of Everett, that there would be other
development coming, much like there was development in and around
Gillette Stadium after they built the new Gillett Stadium in
Burrow that a little over twenty years ago. So they're
(10:04):
trying to win over the people of Everett, and I
would say it helped, but they didn't stick around for questions,
probably wisely and probably but it probably would have helped
more if they were if they had. So they're trying
to show that this is like an economic development boon
(10:26):
for the city that you know, in cooperation with across
the street the wind Resorts casino will see more development
on some of this old industrial land, and that waterfront
which has been closed to the public for a century
or more on that side of Route ninety nine will
be open and vibrant.
Speaker 4 (10:46):
Yeah, well that's Boston's beef, right Route ninety nine. I mean,
anybody's driven down that road heading to our encore Boston
Harbor casino, I mean it. I mean basically it's already
jammed most days and you start a jab.
Speaker 7 (10:58):
It's like a traffic jam, like all the way into
Sullivan's Circle on the Boston side, like a parking lot.
And that's one reason why the crafts are saying they're
they're not going to have more than seventy five parking
spaces at the stadium itself. That everyone's gonna come by
public transit. However, that's an open question how that's going
(11:21):
to work. There isn't The Orange Line is not far.
It's a little under a mile, so a lot of
people will take that. There's talk of a commuter rail
stop that the casino might pay for next to the casino,
but that still needs to be approved and built. That
that hasn't happened yet, and maybe even a silver line extension,
and there will probably be water taxis too. But we're
(11:43):
talking about, you know, twenty four thousand people at a
soccer game or thirty thousand people at a concert. So
I don't blame some of the people in Everett and
Boston for being a little concerned about what this will
mean for traffic. I think you're going to see a
lot of you know, ubers and taxes headed that way
as well.
Speaker 4 (12:02):
Now, my understanding is that the soccer stadium got the
green light from the folks up on Beacon Hill, but
as you pointed out, they still need these community agreements
with Boston and Everett, right, I mean, is that really
a serious hang up at this point or is this
all happening.
Speaker 7 (12:14):
I wouldn't say it's a done deal. I think the
community agreement with Everett will be easier because the mayor
is a big fan of this soccer stadium. It might
be a little suffer in Boston where the Mayor of
Boston has some concerns. And then they have to go
through state and local environmental permitting and that could take
(12:34):
some time. So you know, these permitting processes could take
one to two years, and so the crafts really aren't
committing to doing it until they make it through all
these government hoops.
Speaker 4 (12:45):
Well, okay, one final question on this topic. If they
talk about this becoming in the next Assembly Row of Summerville,
I mean, are they talking about the Crafts will do
all this or are they talking about other investors or
multiple investors.
Speaker 7 (12:57):
Oh, it's a great question. And you know, I was
the one that threw the comparison to Assembly Row in Somerville.
They grew the comparison to Patriot Place in in Foxborough.
It the similar idea of like an entertainment and shopping
and dining destination. They didn't really say. What I would
say is the wind Resorts, which owns the casino, has
(13:22):
significant acreage on the soccer stadium side of Route ninety nine,
and so either when or the Crafts or some third
party could develop it. In Foxborough, it's really been the Crafts.
So I wouldn't be surprised if the Crafts somehow get
involved with developing some of that land. They're a little
bit hemmed in because you know, this legislation that you
(13:45):
mentioned remove them from what's called the Designated Port Area,
which is essentially a zone that limits construction to marine
industrial uses. So they they are on the outskirts of
that zone now, but they can't move down the river
because they'll intrude on that zone. You know, they're not
going to build marine industrial things, so I think they're
(14:08):
going to go along Rude ninety nine and that's the
land that WIN has sort of land bank. So it
could be a combination of WIN, combination of the crafts
and the crafts and perhaps third party WIN has over
time entertained the ideas from hotel developers and such for
that land.
Speaker 4 (14:27):
John Justo's our guest. Finally, last question, as I do
with the other story you posted this week, listen in
on the earnings calls of ge Vernova, Hasbro and Boston
Beer Company, and you'll hear one word tariffs. What did
you find here?
Speaker 7 (14:43):
Well, it was really interesting because I started, you know,
I always check out the earnings calls from our local companies,
and almost every single one talked about tariffs. In fact,
a company ran the numbers for me. Of the two
hundred and seventy s and p five hundred companies that
reported through the end of April, almost all of them
(15:03):
mentioned tariffs on their calls, and largely in a bad way.
They create uncertainty. I mean it simply put, they're brought
across across the board tariffs of ten percent on most
trading partners and minimum of one hundred and forty five
percent on most items coming being imported in from China,
and China is a major trading partner for Massachusetts companies,
(15:26):
for New England companies, So that it you know, some
of these will get resolved, but the CEOs on these
calls are preparing for the worst. Some were pretty proud
that they've sort of already moved a lot of business
outside of China. Some said, well, we don't have much
business there and we're going to be okay. But some
like reported, I mean you mentioned geev Ornova. They could
(15:47):
see a hit of three hundred to four hundred million
this year because of their business in China, and they're
trying to mitigate that. Boston Scientific said they're trying to
mitigate it by cutting back on corporate travel. The terriffs
have had an impact at Hasbro, even though Hasbro has
(16:07):
will soon have less than forty percent of its toys
made in China. Their concern and they, as you know,
are thinking about relocating of Boston and they they're moving
their headquarters from Pawtucket to Boston or maybe just closer
to home in Providence, and they helped put off that
decision because the ARABS has sort of thrown their budgeting
(16:30):
process into disarray. So you're really affected just about everybody.
Speaker 4 (16:36):
Yeah, well you'll keep an eye on for us. I'm
sure he's a John Chester on John. Before we let
you go, the last quick question I have is everything
going right in the marathon?
Speaker 7 (16:44):
I survived. I came in just under three hours, so
I can't complain, and then I went right back to work.
Speaker 4 (16:52):
Just domain's business the Boston Globe. Up next, Mike Marshall,
Martial Wealth Management.
Speaker 1 (17:03):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty. Joe and
Kim will be right back.
Speaker 3 (17:20):
Hi, everybody, I'm Kim Kerrigan.
Speaker 4 (17:22):
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Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff. Congratulations, you worked hard to build
you a retirement nest egg. But now what Let me
help you break through the nonsense and financial speak so
we can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(19:07):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshal Wealth Management and
creator of the Marshall Plan, a comprehensive, customized plan that
will help you answer important questions in all seven key areas.
You don't have to do it alone. There is no
cost or obligation. Call us at eight five seven three
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(19:31):
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Speaker 12 (19:38):
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Speaker 3 (19:49):
Things well.
Speaker 2 (19:51):
We're continuing to wait to hear more about possible trade
deals between the White House and many of the countries
that we do trade with, and in the meantime that
ins certainty of whether hefty tariffs will be implemented. It's
got some stress for a lot of people, including of
course retirees. Mike Marshall is the president of Martial Wealth management.
Speaker 3 (20:11):
He joining us. This mortym good to have you with us.
Speaker 2 (20:13):
Let's talk a little bit about how you see the
impact of these tariffs affecting people right now.
Speaker 5 (20:20):
Well, thanks for having me, Kim and Joe. As far
as the tariffs are concerned, I mean President Trump has
basically used the tariffs as a loud bell to wake
up the world and say, listen, this is not going
to continue. And especially with what I call the big
three countries that we do most of our trading with,
(20:42):
which would be China, Mexico, and Canada. And I know
that those three account for most of the imports coming
into this country. And the President is basically saying, listen,
we're going to talk about doing a trade deal or
I'm going to impose these ridiculous tariffs. Now written for
(21:02):
tariff on China is like almost unsustainable. I mean it
is unsustainable. There's no way that we can continue doing
business as usual with China when he puts these kinds
of tax or tariffs on them. So you know that
that was his call to them, we need to sit
(21:23):
down and talk about this. And slowly but surely countries
are starting to negotiate with the United States. Nothing has
been done concretely yet in terms of the tariffs or
reducing them. But the other thing that's confusing the world
economy and the US economy and the markets is the
(21:45):
fact that he keeps changing the rules. You know, if
you're playing a game and they say the rules before
the game starts, you can play by the rules, but
when they change halfway through, it's very confusing. So it's
causing a lot of confusion. These and the tariffs, and
then you know, implementing different tariffs for different countries. This
(22:05):
is causing what I would call confusion to the point
where people are almost waiting and seeing what happens. It's
kind of frozen the world's economies, if you will, because
people are unsure and you know, the markets are unsure
of what's going to happen. So you're seeing tremendous volatility
(22:26):
in the stock market as a result. You know, lower
consumer sentiment. The consumers are, they're nervous and especially those
in retirement, and consumer sentiment. Low consumer sentiment always leads
to lower consumer spending, and then you start to get
(22:47):
the whole employment picture. Well, if people are spending less,
then they're on as many employees needed in order to
do the job that they used to be. So it's
one of those things where it's trickle down effect. The
consumer is really the driver of the US economy. I
mean sixty two thirds, sixty six percent of the US
(23:08):
economy is made up of consumer spending. You and I
going to the store and buying their goods and services.
So it's not a good situation. And as far as
it relates to you know, Trump and Powell Chairman Powells,
as I mentioned cap rates, you know stable because he's
(23:31):
the type of guy that's going to wait and see
what the data says, and quite honestly, Trump knows what
the data is going to say. It's going to say
that things are starting to slow down. I mean, if
you look at the ports, the largest port in our country,
Los Angeles, I mean they're doing literally about half of
the business they were doing a year ago. So fifty
(23:54):
percent down in terms of cargo ships bringing material in
from China, Mexico, can and all the other places in
the world is definitely going to have an effect on
consumer choices at the supermarkets and at the retail stores.
As far as brands go and choices for product, Yeah,
it's a it's a big tsunami is what it is.
(24:16):
And the only really thing that Trump was hoping was
that Chairman Powell would lower rates, you know, to help
ease the pain of some of this. But that's not
going to happen.
Speaker 4 (24:27):
Yeah, that's not happening. We're talking without Mike Marshall of
Martial Wealth Management, and he just referred to the silver tsunami.
The number of people turning sixty five every day in
this country. So Mike, your phone rings, you pick it
up and at somebody thinking about, Okay, I'm ready to
you know, start retirement here. What are the first couple
of questions that Mike Marshall usually got some of these folks.
Speaker 5 (24:52):
First thing I asked them when they tell me they
want to retire, as I say, when, and if they
tell me they want to retire immediately, I said, well,
have you done any pre retirement planning? See the problem
with retiring without doing the pre planning is that your
nest egg or your retirement portfolio needs to be transitioned
(25:14):
from you know, working where you're making money every day
and going into the office and your career is ongoing
to the point where you're living going to fixed income
and retirement you need to transition your nest egg from
you know, if you think of it like you're on
the highway going sixty five miles an hour, Well, as
you approach your exit, what are you gonna do? You're
(25:36):
gonna slow the car down because you don't go off
the exit sixty five miles an hour. Well, you don't
go into retirement with ninety percent of your money in
equities either. And so people who have not done any
pre retirement planning, that's the number one question I asked them,
is that have they done their pre retirement planning? And
if they say no, that's number one on the list,
(25:59):
you know, to that is basically how much do I
need to live? And they want to know, you know,
am I going to run out of money? Will I
have a situation where I can increase my income in
future years for inflation or increase taxes? These are all
major major questions because let's face it, in retirement, the
(26:20):
number one thing you need to do is keep your
nest egg strong, vibrant, and protected because as you start
to lose that nest egg, so too do you lose
the ability to create income, and specifically lifetime income. One
of the scariest situations for retirees is when they're drawing
(26:40):
money out of their nest egg, their investment portfolio, and
the market is falling at the same time. So that's
called the sequence of returns, and the sequence of returns
can destroy your nest egg if in fact you're pulling
money out in the market falls for you long enough
period of time. But that's really, you know, a situation
(27:02):
and a discussion for another time. But the challenges are
real for retirees. They're going to be facing higher prices
and they're going to be facing you know, probably some
sort of inability to get the goods and services that
they really want.
Speaker 2 (27:17):
Well, it's a challenging time for everyone and especially retirees.
And if you've got questions about your retirement, reach out
to Martial Wealth Management. Thanks so much, Mike, We appreciate
you being with us today. Still coming your way tourism season, yep,
it is just around the corner. So are you planning
a trip to New Hampshire, maybe to the Lakes reach it.
(27:38):
We're going to tell you everything you need to do
when we come back right here on the New England
Business Report.
Speaker 1 (27:49):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 6 (28:00):
Thank you, Skid.
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Speaker 3 (28:50):
Class scare dots.
Speaker 11 (28:55):
Are you a brother or sister of one of Greater
Boston's local trade unions and finally thinking about getting ready
to hang up your tools after thirty five years of
working your tailoff. Congratulations, you worked hard to build your
retirement nest egg, but now what Let me help you
break through the nonsense and financial speak so we can
get to the questions that are important to you. As
you know, nothing gets built without a set of plans,
(29:17):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshal Wealth Management and creator of
the Marshall Plan, a comprehensive, customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
or obligation. Call us at eight five seven three four
two ten thirty. That's eight five seven three four two
(29:40):
ten thirty. Well check us out online at Marshalwealth dot Com,
Marshall with two els, Marshallwealth dot Com.
Speaker 12 (29:47):
Advisory services offered your Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (30:00):
Hi everybody, I'm Kim Kerrigan.
Speaker 4 (30:02):
And I'm Joe Shortsleeve. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (30:09):
You can email us at any Business Radio at gmail
dot com.
Speaker 4 (30:14):
That's any business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Report on
this Sunday morning, May the eleventh, with Kim Kerrigan Joe Shortsleeve.
Speaker 6 (30:35):
Kim, you know, this.
Speaker 4 (30:36):
Is the spot in the program where we talk about
another business headline you may not have seen or heard.
And this is just a survey and it came out
of the Greater Boston Chamber of Commerce. It's a Pulse
survey and it's about AI adoption in the workplace. Now,
I know that everybody's using it, right, but I have
no idea. You go into how it's being used with
(30:56):
businesses at this point in Boston, forty five percent are
using it in operations, forty four percent in product development,
forty three percent in customer service, forty three percent in marketing,
forty percent in HR.
Speaker 3 (31:09):
Yeah.
Speaker 2 (31:10):
You know what's amazing when when when we first started
talking about AI, all I could think about was an
ability to replicate someone's voice.
Speaker 3 (31:18):
That's what I thought.
Speaker 2 (31:19):
You know, that was my extent of knowledge about AI, right,
and now you know the ways that it can be used,
most of which are very positive.
Speaker 3 (31:29):
Obviously, it has its downsides both.
Speaker 4 (31:31):
Sixty three percent of businesses report increased efficiency and time savings.
And then one of the questions that they asked, though
they say some business leaders site concerns with technical, ethical,
and organizational challenges. Forty seven percent point to a lack
of internal expertise. In other words, they'd be using it
more often in more places if the people working there
(31:55):
knew how to do it.
Speaker 2 (31:56):
Knew how to do it absolutely, you could just think,
give it another five years and you know that's what
everybody's skill is going to be, just using AI.
Speaker 4 (32:05):
Yeah, and twenty nine percent of employees are fighting this.
In other words, they're saying no, no, no, no, let's let's let's
not do this, let's not use it in this way.
So AI's here, folks, and it's taking over. And like
I say, pretty soon it's going to be parking your car.
Speaker 2 (32:23):
Well, chances are good that you've been making your summer
vacation plans and deciding what your destination might be, and
from any of you, it may be the sun of
the Lake region of New Hampshire a great place to
be in the summer months. Joining us to talk a
little bit about tourism in that area. We are very
happy to have the executive director of the Lakes Region
(32:45):
Tourism Department. This is Amy Landers, and Amy, it's great
to have you this morning.
Speaker 6 (32:49):
Good to chat, Good morning, thank you, and welcome to
the Lakes Region of New Hampshire.
Speaker 2 (32:56):
Yeah, is it raining up there you guys? Finally getting
some decent weather.
Speaker 6 (33:00):
We are. We have some clowns, but we have some
lovely sun and some warmth as well.
Speaker 2 (33:05):
Good finally right, So, Amy, as you look toward this
tourism season, first off, just tell us a little bit
about what you guys are anticipating.
Speaker 6 (33:14):
Well, you know, we are anticipating a positive outlook right
now for the summer season. We have seen that we
have pre bookings that are very strong and for some
of our lodging properties, those pre bookings are up going
into the season, especially those week long the vacation home
rentals with cottages that you really have to secure the
(33:35):
entire week and those go quickly. So we're getting some
positive results in the in the booking aspect, and you know,
with the nicer weather and finally getting this warm weather,
we're seeing you know, those day trippers starting and people
out exploring on the weekends, and the weekends have been
really busy with all of our events and activities that
(33:56):
are taking place.
Speaker 4 (33:58):
So amy year to year, you expect to be up
because you know, down on the Cape Cod there's some
handringing going on. They're wondering if they're going to make
last year's numbers. In fact, the president of the chamber
down there suggests that they could be off as much
as ten or twenty percent. But you're okay up there.
Speaker 6 (34:13):
We're not hearing that, and I wouldn't say we were
up last year. I think last year we would be
what you'd call normal numbers from twenty eighteen twenty nineteen,
pre COVID numbers, everybody was on track. If you look
at right after COVID, you may say.
Speaker 3 (34:33):
We were slightly down last year.
Speaker 6 (34:34):
Or flat because right after COVID, as you know, it
was just the numbers were outrageous, the number of visitors
coming and exploring and and joining the outdoor recreation. So
if you look at twenty eighteen twenty nineteen, our businesses
were on track, and I expect that to be normal
for the upcoming season. From what we're hearing as well.
(34:57):
We do have a very strong drive market and all
so very strong market and those further markets like the
New York, New Jersey, Pennsylvania, I think we're getting a
lot more attention there. Obviously we market in those territories
as well, but also with the airline being airline issues
with weight lines, last minute cancelations, pricing, the tariff pricing
(35:20):
for those airlines, I think we'll continue to get a
stronger growth from those those further drive markets than we've
seen in the past as well, which will be a
real strong component for the summer season.
Speaker 3 (35:34):
Amy Landers is our guest.
Speaker 2 (35:35):
She's the executive director of the Lakes Region Tourism up
in New Hampshire. And Amy, we're talking about you know,
you guys drawing off of maybe New York and Connecticut
and you know.
Speaker 3 (35:47):
A real driving visitor.
Speaker 2 (35:51):
What about do you depend on visitors from Canada very much?
And are you noticing any changes there because we're hearing
down here in the Boston area that Canadians have decided
not to visit this summer.
Speaker 6 (36:05):
And we've had very mixed reviews right now in the
Canadian market. For US each year it depends on the
dollar value, so we've had some strong seasons with the
Canadian visitors and those that were that were off. Depending
on that, we have seen some positive of the Canadian
market that they're not making changes because it's an easy drive.
(36:28):
They can make those decisions last minute because it's an
easy drive down, and we have seen some cancelations. For
the cancelations I've seen there have been more event based,
so they were coming for a specific event that they
come to each year and taking a break right now.
So I think it's still a lot of people making
last minute decisions from that Canadian market. But because of
(36:51):
the value and the easy drive to be able to
come down and enjoy the lakes, the mountains, the sea coast,
I think we'll see some of those those people come
around as the weather hits warm and they can get
the cars and drive.
Speaker 4 (37:04):
What percentage would you say the Canadians make up of
the New Hampshire tourism market because in the Boston, Massachusetts area,
they're the number one block of visitors and it has
folks here in Massachusetts, you know, Frankly terrified.
Speaker 6 (37:19):
So we do have Canadian visitors that come. It is
not a large percentage for us here in the Lakes region.
A lot of the Canadian market does enjoy the sea
coast and enjoys the ocean as well as the city.
So we have some Canadian visitors, but the biggest part
of our visitors are southern New Hampshire, Boston, Connecticut, and
(37:41):
New York, New Jersey. Pennsylvania are a lot stronger market
for us.
Speaker 2 (37:46):
I mean, let's go back if we could, to your
rentals hower prices at this stage of the game. I
know you had mentioned that shortly after COVID there were
so many people trying to come that no doubt the
prices had jumped up. Bit where do we stand on
rental prices at this point?
Speaker 6 (38:03):
You know, I would say they're competitive. I don't have
a handle necessarily on the pricing. Obviously they have to
be in competitive market value in order to secure those rentals,
and it depends on the type of rental lakefront non lakefront,
whether it's whether there are a three star property or
(38:24):
a four star property. We do have a brand new
five star, first five star property opening up here in
the Lakes region, the first five star in New Hampshire
opening up at the end of summer, So just a
little sneak peak for you at the Lake Estate on Winniscne.
So we're excited about that. So that obviously is going
to be a different price point than we've seen here
(38:45):
in the Lakes Region.
Speaker 4 (38:46):
Sure, Amy Landers is our guest executive director Lakes Or
Region Tourism Association. Amy. Before we let you go, just
give us up the ten mile view of the tourism
economy there in New Hampshire. I have a number here
that some seventy thousand individuals are part of the tourism economy.
Speaker 6 (39:06):
So New Hampshire welcomes more than fourteen point three million
visitors a year who generate about on the average about
seven point three billion in spending. Summer is our busiest
time of the year, followed by fall, winter and spring.
Here in the Lakes Region we get about total of
eleven percent of that spending in the state, or about
(39:26):
eight hundred million. For the summer of twenty twenty four,
the state wide spending was two point four billion. The
Lakes Region had about two hundred and eighty four million,
or twelve percent of that summer spend in twenty twenty four.
So for New Hampshire, it's our second leading industry and
a big part of the entire state and all of
(39:50):
our businesses benefits from these visitors coming, whether they're day tripping,
staying overnight or staying for a week. It's a big
part of the economy in New Hampshire.
Speaker 2 (40:01):
It sure is well, Amy, We hope you have a
great tourism season. Thanks so very much for being a
part of our show today.
Speaker 4 (40:07):
Okay, we're all thinking about it right. You know, everybody's
saying is a time of year, the weather's getting nicer.
I need to get to the cape. Maybe this is
just Joe talking, but that's the way I am.
Speaker 3 (40:18):
Everybody needs to get away, that is for sure.
Speaker 5 (40:20):
Well.
Speaker 4 (40:20):
The Cape Coden Islands Association of Realders has a new CEO,
and you here in the New England Business Support are
hearing from her as she takes over this new position,
which was I guess happened in April. Her name is
Betsy Hanson. Betsy, you're welcome to the program.
Speaker 10 (40:37):
Hi, thank you well, thanks for having me.
Speaker 4 (40:39):
Sure, all right, let's talk about it. What is the
summer looking like down there on Cape cod in terms
of rentals at this point we can get to sales
in a little bit, but let's talk about people signing
up for those rentals.
Speaker 10 (40:50):
Sure, rentals are actually looking really good. We have a
pretty strong consistent demand year over year. I spoke to
one company that was a head for the spring by
about four percent, so that's a really good indicator of interest,
and then the fall even seeing them jumping ahead of
numbers from twenty twenty four.
Speaker 3 (41:10):
Betsy, is it too late for people to start looking
for rentals at this stage of the game.
Speaker 10 (41:16):
No, I think there's always really great openings to be found.
We're not seeing one hundred percent capacity because we do
know that people are looking at all different times, for sure,
and I would always encourage to keep on looking because
you know, sometimes things fall through or sometimes something hasn't
been booked for the week you're looking for.
Speaker 4 (41:36):
Betsy Hansen's Our Guests Paul Ned's wiki. Of course, the
president's CEO of the Cape Cod Chamber of Commerce has
been on this program in this quota, is saying that
he sees things being off ten to twenty percent. What
are you.
Speaker 10 (41:49):
Seeing in terms of rentals?
Speaker 4 (41:53):
Yeah, are summer rentals?
Speaker 10 (41:55):
I guess, Oh, sure, that's not what we're hearing back.
Data is not necessarily cohesive when it comes to rentals
just because of the way that the market operates. So
I'm sure you can see different numbers elsewhere, but the
practitioners who represent raintil's that we've spoken with are not
necessarily seeing any fall off.
Speaker 2 (42:17):
You know, Patsy, we saw a really interesting trend during COVID,
and that's a lot of people we took their rentals
off the market because they went down and started to
live down on the Capan Islands full time. Are we
beginning to pull back now or are people going home
and starting to use those as rental properties again.
Speaker 10 (42:34):
Yeah, for sure. You did also see during COVID that
some people did buy properties and maybe intended to live
here but always use them as a rental and didn't
end up moving down here. Some of that balancing against
people who had been here full time and not to
be maybe as balancing out. So we're not seeing a
huge spike. We are seeing that the pricing is slightly
down about two to four percent, and I think that
(42:56):
would also be from people. I think that in the
past couple of years there was a you know, a
spiket and also people were chasing prices, and I think
that you're kind of seeing.
Speaker 4 (43:05):
That settle in Betsy, How do you are all sectors
performing equally the same? And when we talk about Nantucket,
Martha's Vineyard, the Mainland Cape, the outer Cape, I mean,
are you seeing strength in particular pockets.
Speaker 10 (43:19):
It's pretty across the board that it's just consistent. We're
not seeing any places that jump out as being different
or outliars from the others.
Speaker 2 (43:29):
And how does this you know, we need a little
bit of comparison, So how does this compare to let's
say last season at this stage of the game.
Speaker 10 (43:38):
Yeah, I'm seeing that it is consistent year over year
with stable inventory, but the pricing again would be slightly
down from last year, and that's where you get that
kind of two to four percent.
Speaker 4 (43:48):
Yeah, all right, let's talk about residential properties there, Cape
and islands in terms of real estate sales. You know,
there are a couple of years there where you couldn't
even hope to buy a place in the Cape. It
was so tough.
Speaker 10 (44:01):
Where are we today, Yeah, you know, I think you're
still seeing some of the effects of that. We definitely
do have a tight inventory and I don't see any
signs of that letting up soon. Good indicators though, or
that our pricing has remained relatively stable, at least kind of.
From last year to this year, we saw those large
jumps and aren't currently seeing as much of it right now.
(44:24):
We do currently have when we're looking at kind of
new listings. In the first quarter of this year, we
saw about one hundred more listings this year input than
we had last year. So if we looked at February,
we had about forty three listings and then in April
we were back at seven. So there's definitely a lot
coming on, but it is still a tight market, so
(44:46):
a lot from smaller numbers than maybe we had been
used to in previous years.
Speaker 3 (44:50):
Sure does that stand true on the islands as well.
Speaker 10 (44:54):
So you're looking at sales on the islands in twenty
twenty five mar thenyard you're looking at about fifty five sales,
and then last year was at about forty three, so
there is an increase.
Speaker 4 (45:07):
Betsy Hanson is the CEO of the Cape Cod and
Islands Association of Realders. Now, do you still work with
the folks looking to buy homes or sell homes?
Speaker 10 (45:16):
I don't personally, but many of our realtors, all of
our reeltors are always working with everyone looking to buy
or sell home.
Speaker 4 (45:23):
Yeah, so what is on your desk? What is the
number one thing that Betsy Hanson has to take care
of these days?
Speaker 10 (45:30):
A lot of it is working on our engagement and advocacy.
So as an organization, over the past five or so years,
we've been really focusing on how to make the Cape
a great, vibrant, year round place to live that helps
prop up our local economy and also make sure that
our realtors are involved kind of at all stages of
(45:51):
the home buying and selling process.
Speaker 4 (45:54):
Well, she's Betsy Hanson and she's the new CEO of
the Cape Codon Islands Association of Realders. Thanks for taking
time joining us on the New England Business Report.
Speaker 1 (46:04):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty Joe and
Kim will be right back.
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you answer important questions in all seven key areas. You
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(47:00):
ten thirty. We'll check us out online at Marshallwealth dot com,
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Speaker 12 (47:07):
Advisory services offered to Capital analysts or Lincoln Investment Registered
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Lincoln Investment dot Com, Marshal Wealth Management and the above
firms are independent and not affiliated.
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Speaker 3 (48:37):
Welcome back, everybody.
Speaker 2 (48:38):
Busy week in the business world, and at this time
we like to check some of the stories that grab
the attention of our friends over there at the Boston
Business Journal. Managing editor Don Seifert is with us today,
and Don, we spoke earlier with a guest who was
talking about the buzz all surrounding the Business Confidence Index.
UH talk to us a little bit about what you're here,
(49:01):
you know, Joe pointed out, and I think it's so true.
You know, we've watched it decline, so it's not actually
a surprise, but it is a bit alarming how far
it's dipped.
Speaker 13 (49:11):
Yeah, the association, I think industry in Massachusetts, they put
out a business confidence Index every month, and they've been
doing this for years now, and we've been covering it
mostly every month, and for the past couple of years
it's really been like it's a one to one hundred
scale and it's somewhere in the low fifties. Usually anything
above fifty is considered positive, anything below fifties considered negative.
(49:35):
And in the time that we've written about it really
hasn't changed a whole lot. It's always been somewhere between
fifty and fifty five, I think for the past couple
of years from what I remember, with very few outliers.
But in the past three months it has really fallen
a lot. And you know, I think in you know,
and obviously that coincides with with the new administration, the
(49:58):
new federal administration and the tariffs, which I think people
it's caught a lot of people find surprise. Yeah, it's
in the last month. In April, it actually fill lower
than I've ever seen it, and lower than any time
since the beginning of the pandemic when nobody knew what
was going to happen from the pandemic. It got to
(50:20):
it hit forty one, I believe at the in April,
and that's down four percentage point from March, which is
down from February. So it's just kind of on a decline,
and you can you can bet that that tariffs have
a lot to do with it.
Speaker 4 (50:38):
Don Seifert, managing out of the Boston Business Journal, is
of course our guest, and we're talking about the headlines
I made this week in the in the BBJ. Okay,
you know, Don had a news director that I worked
for for many years, and we'd do story suggestions and
after we'd make the story suggestion, he'd look at us
and he'd say, so what so what so? So what
(51:01):
the BC eyes down?
Speaker 1 (51:02):
So what?
Speaker 4 (51:03):
Don?
Speaker 5 (51:04):
Yeah?
Speaker 13 (51:04):
No, I mean I don't know. I mean, you know,
this is meant as a as a measure of how
confident you know, some of the biggest employers in the
state are about their business, and I guess the biggest
So what would be if they are not confident in
the future of their business. They are not going to
be putting forth investments. They are probably more likely to
(51:27):
be to be paying down debt and a massing cash
so that they can have a cushion, if you know,
if things go as badly as they think that they
may so, and that's probably you know, and obviously hiring
would flow down quite a bit too. So I think
all of those are probably the biggest. So what's with
the confidence.
Speaker 2 (51:48):
Absolutely, let's change here is just a little bit. I
know you guys were keeping an eye on Santander Bank.
They've they've announced they're closing eighteen branches and sixty six
of those are right here in the state, in Massachusetts.
Speaker 13 (52:00):
What's that all about, Well, Santander has been doing this
for quite a while, said, this is a you know,
Spanish bank, but their US headquarters are right here in Boston,
and we've done stories for the past couple of years,
honestly about Santander has been reducing the size of its
footprint with its branches. It contends that more and more
(52:21):
people are you know, they don't need brank branches, that
they're doing all their banking on their phone or on
the computer. And that there's really not as much need
for for branches. So now they're closing another one in
Boston on Congress Street, one of the Middletown Norwell UH
one right and sale in my hometown Wilburn and Wisterner.
(52:44):
So kind of continuing a trend that Santander has been
on for quite a while. And I think, you know,
there's a few banks that are doing this as well.
But what I thought was interesting is that not all
banks are doing this, and one of the outliers is
JP Morgan Chase, which is actually opening more branches and
making a lot of noise about that. And I think
(53:04):
it's a little bit of a different different philosophy of
what's the what's the purpose of a bank branch to both.
You know, Santander thinks of it as purely a service
for UH for its clients, and you know, it's looking
to service clients in a different way online, whereas I
think JP Morgan Chase really sees bank branches as an advertisement,
(53:26):
as marketing. They want to show that they're in some
of the you know, in neighborhoods all over Boston, and
I think that they're opening branches and you know, they
keep on setting the higher and higher goals for themselves.
So I thought it was interesting, you know, two very
different philosophies from two different banks on what the purpose
of the bank branches are.
Speaker 4 (53:46):
Yeah, we're talking about the headlines this week with Don Seifert. Yeah,
and the headlines we're referring to Santander Bank clients to
close eighteen branches. In the meantime, JP Morgan Chase aims
to open up fifty new ones. So yeah, go figure right, Yeah,
uh okay. Another headline coming out of the BBJ this week,
research funding cuts could mean thousands of youwer jobs in
(54:09):
the Boston area. Take us through this.
Speaker 13 (54:13):
Yeah, I mean this is not completely new, but but
what I thought was interesting about this story is some
of the estimates that they put on. I mean what
you know, what they're saying is that you know, this
research funding that that is being cut or limited by
the federal government, you know, at the behest of of
President Trump. You know it goes to universities, but it
(54:35):
is it is you know the effects of of that
of those funding cuts are going to go far beyond
universities to the entire economy. You know, and and you
know the reason is you know, right here in Massachusetts.
For one, universities themselves are pretty big business and pretty
huge employers, so you know, they you know, they fuel
(54:55):
a lot of other businesses indirectly, you know, caterers, restaurants, accountants, lawyers,
you know, all of these universities hire all of these
all of these other companies. One but yeah, some of
the some of the estimates that they put on it.
There is a BEU professor who estimated that in the
(55:16):
next year, the Boston economy could lose i think one
point five billion dollars from these cuts. Yeah, Boston University
professor Mark Williams one point four billion, and could actually
mean thousands of jobs loss. You know, he puts the
number of fourteen thousand, and you know, and then he
(55:38):
mentioned it, you know, if this lasts for the next
four years, if Trumper is really successful in limiting research
funding for several years to come, it will be a
lot higher. It'll be more than five billion dollars lost
from our economy and a sixty four thousand jobs. So
it just really puts a number on this and makes
(55:59):
you think, you know, this is not just about universities,
and universities are the only ones who need to worry
about this.
Speaker 2 (56:05):
Yeah, it's definitely a trickle down of fact. We're just
about out of time here real quickly though. I just
wanted to ask you about the new airline that's going
to be launching flights from Boston to the DR the
Dominican Republic.
Speaker 13 (56:16):
Yeah, this is a budget airline called air Agence, and
they are going to be launching I think four flights
a week to the Dominican Republic. Jet Blue does have
flights to the Dominican Republic now, but you know, having
a budget airline in there to offer cheaper prices hopefully
and there's going to be some welcome competition.
Speaker 4 (56:38):
Yeah.
Speaker 2 (56:38):
Are they going to go to other islands eventually? Is
there any talk of that?
Speaker 13 (56:43):
I think that it's actually a Dominican, a Dominican airline,
so I'm not sure who else they serve. This is
the first time they're coming to Boston, so I don't
know if they're going if they're going elsewhere as well.
Speaker 2 (56:54):
All right, don Zeiffert, great, thank you sir very much
for all the information.
Speaker 4 (57:00):
All Right, Kim, that means it's time to talk about
next week's program. And you know we've been talking about
summers upon us. I mean it's close Memorial Days around
the corner and then at the seaport they are reopening
their summer market, so that'll all be happening next week
and we'll dive into that topic. Of course, it's the
new England business support right here on w r k
(57:20):
O the Voice of Boston, a M six eighty
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly round up and discussion
of the top business news impacting our New England economy.
Speaker 2 (00:10):
Good morning, everybody, and welcome to the New England Business Report.
Kim Carrigan here along with Joe short Sleeve.
Speaker 3 (00:15):
Good morning, sir.
Speaker 4 (00:16):
Oh, good morning to you.
Speaker 5 (00:17):
Kim.
Speaker 4 (00:18):
You know we are staring it down now, aren't we. Himy,
I'm looking at him. I'm counting it up. I'm looking
at the calendar, going, Okay, two weeks from tomorrow is
Memorial Day. Yeah, that's a five week run to fourth
of July, and then the summer's over, and the summer's over.
Speaker 3 (00:38):
You know, I got to tell you something.
Speaker 2 (00:40):
I was out with some friends last week and the
woman said, we you know once the fourth is over.
Speaker 3 (00:48):
And I looked at her and I thought, have you
been talking to Joe? Obviously speaking to him. That's not true.
Don't say that.
Speaker 4 (00:56):
I grew up with that.
Speaker 2 (00:57):
So there you have it, gracious. Well, it's good to
have everybody with us. We've got a great show today.
It starts so unfortunately, the first word's out of my mouth,
are some tough news, some tough news coming from the
folks over there at the Associated Industries of Massachusetts. You know,
we follow them frequently here on the show, and we
(01:19):
always talk about the business confidence index.
Speaker 3 (01:23):
Yeah, well it's been trending.
Speaker 2 (01:24):
Down, but this past week they released their most recent
survey and it has dropped to the lowest level that
they have seen since the pandemic, which of course was
a time when all businesses were closed. So it's it's startling,
and it's it's disturbing, startling.
Speaker 4 (01:44):
But it's not surprising at this point given what has
been going on. I mean, everybody, it's coming from all
corners at this point, and so very true.
Speaker 3 (01:52):
Yeah.
Speaker 2 (01:52):
So Globe Business reporter John Cesto, he's been following this
very closely. They had their Joe I believe it was
AIMES annual breakfast this past week.
Speaker 4 (02:01):
Right, yeah, Thursday morning.
Speaker 2 (02:03):
Yeah, and I know that he was in attendance. So
he's going to update us on what some of those
members over there saying what they're anticipating the future will hold.
He's also going to update us on the Craft's efforts
to build that soccer stadium over there in Everett. They're
now saying that they would be willing to build out
beyond just the stadium.
Speaker 4 (02:21):
Yeah, they're talking about being in another assembly row, like
in Summerville or something like that. Of course, that'd be
great for the folks at the Encore of Boston Harbor Casino,
which you know picked that spot years and years ago.
Speaker 2 (02:32):
So you know, I hate to be biased here, but
it feels like to me that would just be a
good thing for that region because right now it's not
real productive, so it seems like that would be really terrific.
Then we're going to have a discussion with Mike Marshall
of Martial Wealth Management about the tariffs, the uncertainty and
the impact this has on retirees. I mean, most retirees
(02:54):
are on fixed income. They've got to be very nervous
about what could be coming down the pike.
Speaker 4 (02:59):
Yeah. I mean, you look at your four oh one
K and you compare it to what was it six
eight months ago, and then you look at it today.
And now I know there's been some recovery going on
here too, but still, you know, there are a lot
of saying, oh boy, is this the right time a handbringing. Yeah,
we're going to talk about a survey in our business
News this morning about AI adoption in the workplace survey,
(03:23):
and you know, I'm not surprised that it's being adopted
broadly at this point. But boy, when you look at
where it's being used, it's basically everywhere, folks. I mean,
you know, it's going to be parking your car before
you know it. I mean, it's it's in every sector
of the business community. We'll talk about that. Then we're
going to talk a little bit about summer rentals. Now,
in the past, Kim and I have you know, I'm
(03:44):
a Cape Cod snob, I'll admit, okay, so we always
talk a lot about Cape Cod on this program. But
in the past, Kim and I have interviewed Amy Landers
there from the Lakes region up in southern New Hampshire.
Very articulate individual, knows exactly what's going on with that
tourist economy in southern New Hampshire. She's going to join us,
and then we're going to be talking with Betsy Hansen
(04:06):
down on the Cape Cotton Islands. She's a new executive
director of the Cape Cotton Islands Association of re Orders,
taking over for Ryan Castle. So we'll find out how
the Cape is shaping up because you know Paul NEEDSWICKI
told us on this program he's the of course, the
president of the Chamber down there, that things are going
to be off ten or twenty percent this year. And
(04:26):
then finally, Kim, we got to have Don Seaffert, managing
editor of the Boston Business Journal. He'll be along and
boy does he have a pocket full of headlines.
Speaker 3 (04:34):
Yeah, he certainly does. We look forward to that.
Speaker 2 (04:37):
We like to talk to him about some of the
big headlines that they thought were important this past week
there at the BBJ.
Speaker 4 (04:44):
Yeah. Well, one of them, of course, is that the
Business Confident Index that you refer to otherwise other headlines,
Santander Bank closing eighteen branches. That's interesting. Research funding cuts
could mean thousands of fewer jobs in the Boston area.
And the good news just keeps up, It just keeps coming.
Speaker 6 (05:03):
You know.
Speaker 2 (05:04):
The Tantan Dare story I think is really interesting because
they're closing branches while we've been reporting that other banks
are opening branches, so they're all sort of trying to
figure out their way to survive, especially with all this
online banking all right.
Speaker 4 (05:18):
Now, as promised, we want to welcome the Globe Business reporter.
Of course, that is a John Chestow. Chestow means business.
We appreciate him joining us on the New England Business
Report on this Sunday morning. John, you've been busy. You've
got a bunch of headlines here in the globe this week.
But let's start with we could you attended the twenty
(05:40):
twenty five Annual Meeting for the Associated Industries of Massachusetts
on Thursday morning. Give us a snapshot of what happened there.
Speaker 7 (05:48):
Well, just for a quick rundown, the Lieutenant Governor Kim
Driskill spoke. Julie Kim, who is soon to be the
CEO of Decayda Pharmaceuticals, which is Japanese company but is
the largest life sciencest employee of Massachusetts, was honored and UH.
And then they also honored UH the House Speaker Ron
(06:09):
Mariano and Center President Karen Spilkok for their work in
passing a pay equity bill. I would say, the general
theme though there was, you know, is what the change
in Washington and how we have to stay the course
here in Massachusetts regardless of sort of the stuff that
comes our way, the unexpected curve balls that we keep
(06:31):
getting from DC. UH all The speakers seem to be
saying in varying ways to sort of, you know, stay
focused on your mission and uh, try try to hold
your head up and and don't get too distracted by
all the changes, some of them detrimental to the Massachusetts
(06:52):
economy that are coming our way. Was it gloomy not
at all, actually, which is interesting because the aim A
Business Confidence Index is in pretty bad shape.
Speaker 5 (07:04):
Right.
Speaker 7 (07:04):
You know, we've seen a confidence among MATHS employers via
AIM membership surveys plummet in the last three months. It
originally went up right after President Trump was elected, but
as some of the Trump administration's policies are being rolled out,
it's been dropping. The biggest concern among AIM members cited
(07:27):
in the survey is sort of the effect of tariffs
and how that's driving up costs, and just the unexpected
nature or unexpected way they're being rolled out. It seems
kind of chaotic and haphazard to them, so that's really
got them worried. But generally speaking, this the mood of
this room was, you know, a foreigner and fifty business
leaders over in the seaport, and they, I would say
(07:49):
it was generally reserved but positive.
Speaker 4 (07:53):
Yeah, well, did the House Speaker or the Senate president
a Mariana or Spilka have anything up their sleeve? It
soften the blow here in Massachusetts.
Speaker 7 (08:02):
Not really today, you know, Terence spilt that did say that.
You know, she did get a lot of applause by
saying that, you know, democracy is great for business, and
we really have to fight for democracy. Uh. And it's
it's good business sense to fight for democracy. So that
(08:24):
really was sort of summering up her brief speech, and
I think the room really liked that.
Speaker 4 (08:32):
All right. Talking with John chestero the Boston Globe, cheste
means business regular visitor here on the program. All right,
take a look at some of the other headlines that
he had been producing in the past week or so.
This one caught our attention. Here Crafts pledge more development
will follow the soccer stadium in Everett, and I guess
there's now big a comparison to Assembly Row in Somerville.
(08:55):
Give us an idea of exactly what's going on here.
Speaker 7 (08:58):
John, Well, the Crafts have two pro teams, the New
England Patriots and the New England Revolution, and they play
in the Gillette Stadium. But for a long time they
wanted to find a separate location closer to Boston or
in Boston for the Revolution for the soccer team, and
(09:20):
they think they have one in Everett, right on the
banks of the Mystic River. They still need to reach
deals to me the impact agreements with the city of
Everett and with the city of Boston. There's concerns in
both cities about traffic impacts. Well, Robert Kraft and Jonathan Craft,
the two I guess i'd say highest executives in the
(09:42):
Craft Group conglomerate, came and really made a case for
the fact that this would be the start of investment
in the city of Everett, that there would be other
development coming, much like there was development in and around
Gillette Stadium after they built the new Gillett Stadium in
Burrow that a little over twenty years ago. So they're
(10:04):
trying to win over the people of Everett, and I
would say it helped, but they didn't stick around for questions,
probably wisely and probably but it probably would have helped
more if they were if they had. So they're trying
to show that this is like an economic development boon
(10:26):
for the city that you know, in cooperation with across
the street the wind Resorts casino will see more development
on some of this old industrial land, and that waterfront
which has been closed to the public for a century
or more on that side of Route ninety nine will
be open and vibrant.
Speaker 4 (10:46):
Yeah, well that's Boston's beef, right Route ninety nine. I mean,
anybody's driven down that road heading to our encore Boston
Harbor casino, I mean it. I mean basically it's already
jammed most days and you start a jab.
Speaker 7 (10:58):
It's like a traffic jam, like all the way into
Sullivan's Circle on the Boston side, like a parking lot.
And that's one reason why the crafts are saying they're
they're not going to have more than seventy five parking
spaces at the stadium itself. That everyone's gonna come by
public transit. However, that's an open question how that's going
(11:21):
to work. There isn't The Orange Line is not far.
It's a little under a mile, so a lot of
people will take that. There's talk of a commuter rail
stop that the casino might pay for next to the casino,
but that still needs to be approved and built. That
that hasn't happened yet, and maybe even a silver line extension,
and there will probably be water taxis too. But we're
(11:43):
talking about, you know, twenty four thousand people at a
soccer game or thirty thousand people at a concert. So
I don't blame some of the people in Everett and
Boston for being a little concerned about what this will
mean for traffic. I think you're going to see a
lot of you know, ubers and taxes headed that way
as well.
Speaker 4 (12:02):
Now, my understanding is that the soccer stadium got the
green light from the folks up on Beacon Hill, but
as you pointed out, they still need these community agreements
with Boston and Everett, right, I mean, is that really
a serious hang up at this point or is this
all happening.
Speaker 7 (12:14):
I wouldn't say it's a done deal. I think the
community agreement with Everett will be easier because the mayor
is a big fan of this soccer stadium. It might
be a little suffer in Boston where the Mayor of
Boston has some concerns. And then they have to go
through state and local environmental permitting and that could take
(12:34):
some time. So you know, these permitting processes could take
one to two years, and so the crafts really aren't
committing to doing it until they make it through all
these government hoops.
Speaker 4 (12:45):
Well, okay, one final question on this topic. If they
talk about this becoming in the next Assembly Row of Summerville,
I mean, are they talking about the Crafts will do
all this or are they talking about other investors or
multiple investors.
Speaker 7 (12:57):
Oh, it's a great question. And you know, I was
the one that threw the comparison to Assembly Row in Somerville.
They grew the comparison to Patriot Place in in Foxborough.
It the similar idea of like an entertainment and shopping
and dining destination. They didn't really say. What I would
say is the wind Resorts, which owns the casino, has
(13:22):
significant acreage on the soccer stadium side of Route ninety nine,
and so either when or the Crafts or some third
party could develop it. In Foxborough, it's really been the Crafts.
So I wouldn't be surprised if the Crafts somehow get
involved with developing some of that land. They're a little
bit hemmed in because you know, this legislation that you
(13:45):
mentioned remove them from what's called the Designated Port Area,
which is essentially a zone that limits construction to marine
industrial uses. So they they are on the outskirts of
that zone now, but they can't move down the river
because they'll intrude on that zone. You know, they're not
going to build marine industrial things, so I think they're
(14:08):
going to go along Rude ninety nine and that's the
land that WIN has sort of land bank. So it
could be a combination of WIN, combination of the crafts
and the crafts and perhaps third party WIN has over
time entertained the ideas from hotel developers and such for
that land.
Speaker 4 (14:27):
John Justo's our guest. Finally, last question, as I do
with the other story you posted this week, listen in
on the earnings calls of ge Vernova, Hasbro and Boston
Beer Company, and you'll hear one word tariffs. What did
you find here?
Speaker 7 (14:43):
Well, it was really interesting because I started, you know,
I always check out the earnings calls from our local companies,
and almost every single one talked about tariffs. In fact,
a company ran the numbers for me. Of the two
hundred and seventy s and p five hundred companies that
reported through the end of April, almost all of them
(15:03):
mentioned tariffs on their calls, and largely in a bad way.
They create uncertainty. I mean it simply put, they're brought
across across the board tariffs of ten percent on most
trading partners and minimum of one hundred and forty five
percent on most items coming being imported in from China,
and China is a major trading partner for Massachusetts companies,
(15:26):
for New England companies, So that it you know, some
of these will get resolved, but the CEOs on these
calls are preparing for the worst. Some were pretty proud
that they've sort of already moved a lot of business
outside of China. Some said, well, we don't have much
business there and we're going to be okay. But some
like reported, I mean you mentioned geev Ornova. They could
(15:47):
see a hit of three hundred to four hundred million
this year because of their business in China, and they're
trying to mitigate that. Boston Scientific said they're trying to
mitigate it by cutting back on corporate travel. The terriffs
have had an impact at Hasbro, even though Hasbro has
(16:07):
will soon have less than forty percent of its toys
made in China. Their concern and they, as you know,
are thinking about relocating of Boston and they they're moving
their headquarters from Pawtucket to Boston or maybe just closer
to home in Providence, and they helped put off that
decision because the ARABS has sort of thrown their budgeting
(16:30):
process into disarray. So you're really affected just about everybody.
Speaker 4 (16:36):
Yeah, well you'll keep an eye on for us. I'm
sure he's a John Chester on John. Before we let
you go, the last quick question I have is everything
going right in the marathon?
Speaker 7 (16:44):
I survived. I came in just under three hours, so
I can't complain, and then I went right back to work.
Speaker 4 (16:52):
Just domain's business the Boston Globe. Up next, Mike Marshall,
Martial Wealth Management.
Speaker 1 (17:03):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty. Joe and
Kim will be right back.
Speaker 3 (17:20):
Hi, everybody, I'm Kim Kerrigan.
Speaker 4 (17:22):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (17:28):
You can email us at Any Business Radio at gmail
dot com.
Speaker 4 (17:33):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
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Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff. Congratulations, you worked hard to build
you a retirement nest egg. But now what Let me
help you break through the nonsense and financial speak so
we can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(19:07):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshal Wealth Management and
creator of the Marshall Plan, a comprehensive, customized plan that
will help you answer important questions in all seven key areas.
You don't have to do it alone. There is no
cost or obligation. Call us at eight five seven three
four two ten thirty that's eight five seven three four
(19:31):
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Speaker 12 (19:38):
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Speaker 3 (19:49):
Things well.
Speaker 2 (19:51):
We're continuing to wait to hear more about possible trade
deals between the White House and many of the countries
that we do trade with, and in the meantime that
ins certainty of whether hefty tariffs will be implemented. It's
got some stress for a lot of people, including of
course retirees. Mike Marshall is the president of Martial Wealth management.
Speaker 3 (20:11):
He joining us. This mortym good to have you with us.
Speaker 2 (20:13):
Let's talk a little bit about how you see the
impact of these tariffs affecting people right now.
Speaker 5 (20:20):
Well, thanks for having me, Kim and Joe. As far
as the tariffs are concerned, I mean President Trump has
basically used the tariffs as a loud bell to wake
up the world and say, listen, this is not going
to continue. And especially with what I call the big
three countries that we do most of our trading with,
(20:42):
which would be China, Mexico, and Canada. And I know
that those three account for most of the imports coming
into this country. And the President is basically saying, listen,
we're going to talk about doing a trade deal or
I'm going to impose these ridiculous tariffs. Now written for
(21:02):
tariff on China is like almost unsustainable. I mean it
is unsustainable. There's no way that we can continue doing
business as usual with China when he puts these kinds
of tax or tariffs on them. So you know that
that was his call to them, we need to sit
(21:23):
down and talk about this. And slowly but surely countries
are starting to negotiate with the United States. Nothing has
been done concretely yet in terms of the tariffs or
reducing them. But the other thing that's confusing the world
economy and the US economy and the markets is the
(21:45):
fact that he keeps changing the rules. You know, if
you're playing a game and they say the rules before
the game starts, you can play by the rules, but
when they change halfway through, it's very confusing. So it's
causing a lot of confusion. These and the tariffs, and
then you know, implementing different tariffs for different countries. This
(22:05):
is causing what I would call confusion to the point
where people are almost waiting and seeing what happens. It's
kind of frozen the world's economies, if you will, because
people are unsure and you know, the markets are unsure
of what's going to happen. So you're seeing tremendous volatility
(22:26):
in the stock market as a result. You know, lower
consumer sentiment. The consumers are, they're nervous and especially those
in retirement, and consumer sentiment. Low consumer sentiment always leads
to lower consumer spending, and then you start to get
(22:47):
the whole employment picture. Well, if people are spending less,
then they're on as many employees needed in order to
do the job that they used to be. So it's
one of those things where it's trickle down effect. The
consumer is really the driver of the US economy. I
mean sixty two thirds, sixty six percent of the US
(23:08):
economy is made up of consumer spending. You and I
going to the store and buying their goods and services.
So it's not a good situation. And as far as
it relates to you know, Trump and Powell Chairman Powells,
as I mentioned cap rates, you know stable because he's
(23:31):
the type of guy that's going to wait and see
what the data says, and quite honestly, Trump knows what
the data is going to say. It's going to say
that things are starting to slow down. I mean, if
you look at the ports, the largest port in our country,
Los Angeles, I mean they're doing literally about half of
the business they were doing a year ago. So fifty
(23:54):
percent down in terms of cargo ships bringing material in
from China, Mexico, can and all the other places in
the world is definitely going to have an effect on
consumer choices at the supermarkets and at the retail stores.
As far as brands go and choices for product, Yeah,
it's a it's a big tsunami is what it is.
(24:16):
And the only really thing that Trump was hoping was
that Chairman Powell would lower rates, you know, to help
ease the pain of some of this. But that's not
going to happen.
Speaker 4 (24:27):
Yeah, that's not happening. We're talking without Mike Marshall of
Martial Wealth Management, and he just referred to the silver tsunami.
The number of people turning sixty five every day in
this country. So Mike, your phone rings, you pick it
up and at somebody thinking about, Okay, I'm ready to
you know, start retirement here. What are the first couple
of questions that Mike Marshall usually got some of these folks.
Speaker 5 (24:52):
First thing I asked them when they tell me they
want to retire, as I say, when, and if they
tell me they want to retire immediately, I said, well,
have you done any pre retirement planning? See the problem
with retiring without doing the pre planning is that your
nest egg or your retirement portfolio needs to be transitioned
(25:14):
from you know, working where you're making money every day
and going into the office and your career is ongoing
to the point where you're living going to fixed income
and retirement you need to transition your nest egg from
you know, if you think of it like you're on
the highway going sixty five miles an hour, Well, as
you approach your exit, what are you gonna do? You're
(25:36):
gonna slow the car down because you don't go off
the exit sixty five miles an hour. Well, you don't
go into retirement with ninety percent of your money in
equities either. And so people who have not done any
pre retirement planning, that's the number one question I asked them,
is that have they done their pre retirement planning? And
if they say no, that's number one on the list,
(25:59):
you know, to that is basically how much do I
need to live? And they want to know, you know,
am I going to run out of money? Will I
have a situation where I can increase my income in
future years for inflation or increase taxes? These are all
major major questions because let's face it, in retirement, the
(26:20):
number one thing you need to do is keep your
nest egg strong, vibrant, and protected because as you start
to lose that nest egg, so too do you lose
the ability to create income, and specifically lifetime income. One
of the scariest situations for retirees is when they're drawing
(26:40):
money out of their nest egg, their investment portfolio, and
the market is falling at the same time. So that's
called the sequence of returns, and the sequence of returns
can destroy your nest egg if in fact you're pulling
money out in the market falls for you long enough
period of time. But that's really, you know, a situation
(27:02):
and a discussion for another time. But the challenges are
real for retirees. They're going to be facing higher prices
and they're going to be facing you know, probably some
sort of inability to get the goods and services that
they really want.
Speaker 2 (27:17):
Well, it's a challenging time for everyone and especially retirees.
And if you've got questions about your retirement, reach out
to Martial Wealth Management. Thanks so much, Mike, We appreciate
you being with us today. Still coming your way tourism season, yep,
it is just around the corner. So are you planning
a trip to New Hampshire, maybe to the Lakes reach it.
(27:38):
We're going to tell you everything you need to do
when we come back right here on the New England
Business Report.
Speaker 1 (27:49):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 6 (28:00):
Thank you, Skid.
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Class scare dots.
Speaker 11 (28:55):
Are you a brother or sister of one of Greater
Boston's local trade unions and finally thinking about getting ready
to hang up your tools after thirty five years of
working your tailoff. Congratulations, you worked hard to build your
retirement nest egg, but now what Let me help you
break through the nonsense and financial speak so we can
get to the questions that are important to you. As
you know, nothing gets built without a set of plans,
(29:17):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshal Wealth Management and creator of
the Marshall Plan, a comprehensive, customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
or obligation. Call us at eight five seven three four
two ten thirty. That's eight five seven three four two
(29:40):
ten thirty. Well check us out online at Marshalwealth dot Com,
Marshall with two els, Marshallwealth dot Com.
Speaker 12 (29:47):
Advisory services offered your Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (30:00):
Hi everybody, I'm Kim Kerrigan.
Speaker 4 (30:02):
And I'm Joe Shortsleeve. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (30:09):
You can email us at any Business Radio at gmail
dot com.
Speaker 4 (30:14):
That's any business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Report on
this Sunday morning, May the eleventh, with Kim Kerrigan Joe Shortsleeve.
Speaker 6 (30:35):
Kim, you know, this.
Speaker 4 (30:36):
Is the spot in the program where we talk about
another business headline you may not have seen or heard.
And this is just a survey and it came out
of the Greater Boston Chamber of Commerce. It's a Pulse
survey and it's about AI adoption in the workplace. Now,
I know that everybody's using it, right, but I have
no idea. You go into how it's being used with
(30:56):
businesses at this point in Boston, forty five percent are
using it in operations, forty four percent in product development,
forty three percent in customer service, forty three percent in marketing,
forty percent in HR.
Speaker 3 (31:09):
Yeah.
Speaker 2 (31:10):
You know what's amazing when when when we first started
talking about AI, all I could think about was an
ability to replicate someone's voice.
Speaker 3 (31:18):
That's what I thought.
Speaker 2 (31:19):
You know, that was my extent of knowledge about AI, right,
and now you know the ways that it can be used,
most of which are very positive.
Speaker 3 (31:29):
Obviously, it has its downsides both.
Speaker 4 (31:31):
Sixty three percent of businesses report increased efficiency and time savings.
And then one of the questions that they asked, though
they say some business leaders site concerns with technical, ethical,
and organizational challenges. Forty seven percent point to a lack
of internal expertise. In other words, they'd be using it
more often in more places if the people working there
(31:55):
knew how to do it.
Speaker 2 (31:56):
Knew how to do it absolutely, you could just think,
give it another five years and you know that's what
everybody's skill is going to be, just using AI.
Speaker 4 (32:05):
Yeah, and twenty nine percent of employees are fighting this.
In other words, they're saying no, no, no, no, let's let's let's
not do this, let's not use it in this way.
So AI's here, folks, and it's taking over. And like
I say, pretty soon it's going to be parking your car.
Speaker 2 (32:23):
Well, chances are good that you've been making your summer
vacation plans and deciding what your destination might be, and
from any of you, it may be the sun of
the Lake region of New Hampshire a great place to
be in the summer months. Joining us to talk a
little bit about tourism in that area. We are very
happy to have the executive director of the Lakes Region
(32:45):
Tourism Department. This is Amy Landers, and Amy, it's great
to have you this morning.
Speaker 6 (32:49):
Good to chat, Good morning, thank you, and welcome to
the Lakes Region of New Hampshire.
Speaker 2 (32:56):
Yeah, is it raining up there you guys? Finally getting
some decent weather.
Speaker 6 (33:00):
We are. We have some clowns, but we have some
lovely sun and some warmth as well.
Speaker 2 (33:05):
Good finally right, So, Amy, as you look toward this
tourism season, first off, just tell us a little bit
about what you guys are anticipating.
Speaker 6 (33:14):
Well, you know, we are anticipating a positive outlook right
now for the summer season. We have seen that we
have pre bookings that are very strong and for some
of our lodging properties, those pre bookings are up going
into the season, especially those week long the vacation home
rentals with cottages that you really have to secure the
(33:35):
entire week and those go quickly. So we're getting some
positive results in the in the booking aspect, and you know,
with the nicer weather and finally getting this warm weather,
we're seeing you know, those day trippers starting and people
out exploring on the weekends, and the weekends have been
really busy with all of our events and activities that
(33:56):
are taking place.
Speaker 4 (33:58):
So amy year to year, you expect to be up
because you know, down on the Cape Cod there's some
handringing going on. They're wondering if they're going to make
last year's numbers. In fact, the president of the chamber
down there suggests that they could be off as much
as ten or twenty percent. But you're okay up there.
Speaker 6 (34:13):
We're not hearing that, and I wouldn't say we were
up last year. I think last year we would be
what you'd call normal numbers from twenty eighteen twenty nineteen,
pre COVID numbers, everybody was on track. If you look
at right after COVID, you may say.
Speaker 3 (34:33):
We were slightly down last year.
Speaker 6 (34:34):
Or flat because right after COVID, as you know, it
was just the numbers were outrageous, the number of visitors
coming and exploring and and joining the outdoor recreation. So
if you look at twenty eighteen twenty nineteen, our businesses
were on track, and I expect that to be normal
for the upcoming season. From what we're hearing as well.
(34:57):
We do have a very strong drive market and all
so very strong market and those further markets like the
New York, New Jersey, Pennsylvania, I think we're getting a
lot more attention there. Obviously we market in those territories
as well, but also with the airline being airline issues
with weight lines, last minute cancelations, pricing, the tariff pricing
(35:20):
for those airlines, I think we'll continue to get a
stronger growth from those those further drive markets than we've
seen in the past as well, which will be a
real strong component for the summer season.
Speaker 3 (35:34):
Amy Landers is our guest.
Speaker 2 (35:35):
She's the executive director of the Lakes Region Tourism up
in New Hampshire. And Amy, we're talking about you know,
you guys drawing off of maybe New York and Connecticut
and you know.
Speaker 3 (35:47):
A real driving visitor.
Speaker 2 (35:51):
What about do you depend on visitors from Canada very much?
And are you noticing any changes there because we're hearing
down here in the Boston area that Canadians have decided
not to visit this summer.
Speaker 6 (36:05):
And we've had very mixed reviews right now in the
Canadian market. For US each year it depends on the
dollar value, so we've had some strong seasons with the
Canadian visitors and those that were that were off. Depending
on that, we have seen some positive of the Canadian
market that they're not making changes because it's an easy drive.
(36:28):
They can make those decisions last minute because it's an
easy drive down, and we have seen some cancelations. For
the cancelations I've seen there have been more event based,
so they were coming for a specific event that they
come to each year and taking a break right now.
So I think it's still a lot of people making
last minute decisions from that Canadian market. But because of
(36:51):
the value and the easy drive to be able to
come down and enjoy the lakes, the mountains, the sea coast,
I think we'll see some of those those people come
around as the weather hits warm and they can get
the cars and drive.
Speaker 4 (37:04):
What percentage would you say the Canadians make up of
the New Hampshire tourism market because in the Boston, Massachusetts area,
they're the number one block of visitors and it has
folks here in Massachusetts, you know, Frankly terrified.
Speaker 6 (37:19):
So we do have Canadian visitors that come. It is
not a large percentage for us here in the Lakes region.
A lot of the Canadian market does enjoy the sea
coast and enjoys the ocean as well as the city.
So we have some Canadian visitors, but the biggest part
of our visitors are southern New Hampshire, Boston, Connecticut, and
(37:41):
New York, New Jersey. Pennsylvania are a lot stronger market
for us.
Speaker 2 (37:46):
I mean, let's go back if we could, to your
rentals hower prices at this stage of the game. I
know you had mentioned that shortly after COVID there were
so many people trying to come that no doubt the
prices had jumped up. Bit where do we stand on
rental prices at this point?
Speaker 6 (38:03):
You know, I would say they're competitive. I don't have
a handle necessarily on the pricing. Obviously they have to
be in competitive market value in order to secure those rentals,
and it depends on the type of rental lakefront non lakefront,
whether it's whether there are a three star property or
(38:24):
a four star property. We do have a brand new
five star, first five star property opening up here in
the Lakes region, the first five star in New Hampshire
opening up at the end of summer, So just a
little sneak peak for you at the Lake Estate on Winniscne.
So we're excited about that. So that obviously is going
to be a different price point than we've seen here
(38:45):
in the Lakes Region.
Speaker 4 (38:46):
Sure, Amy Landers is our guest executive director Lakes Or
Region Tourism Association. Amy. Before we let you go, just
give us up the ten mile view of the tourism
economy there in New Hampshire. I have a number here
that some seventy thousand individuals are part of the tourism economy.
Speaker 6 (39:06):
So New Hampshire welcomes more than fourteen point three million
visitors a year who generate about on the average about
seven point three billion in spending. Summer is our busiest
time of the year, followed by fall, winter and spring.
Here in the Lakes Region we get about total of
eleven percent of that spending in the state, or about
(39:26):
eight hundred million. For the summer of twenty twenty four,
the state wide spending was two point four billion. The
Lakes Region had about two hundred and eighty four million,
or twelve percent of that summer spend in twenty twenty four.
So for New Hampshire, it's our second leading industry and
a big part of the entire state and all of
(39:50):
our businesses benefits from these visitors coming, whether they're day tripping,
staying overnight or staying for a week. It's a big
part of the economy in New Hampshire.
Speaker 2 (40:01):
It sure is well, Amy, We hope you have a
great tourism season. Thanks so very much for being a
part of our show today.
Speaker 4 (40:07):
Okay, we're all thinking about it right. You know, everybody's
saying is a time of year, the weather's getting nicer.
I need to get to the cape. Maybe this is
just Joe talking, but that's the way I am.
Speaker 3 (40:18):
Everybody needs to get away, that is for sure.
Speaker 5 (40:20):
Well.
Speaker 4 (40:20):
The Cape Coden Islands Association of Realders has a new CEO,
and you here in the New England Business Support are
hearing from her as she takes over this new position,
which was I guess happened in April. Her name is
Betsy Hanson. Betsy, you're welcome to the program.
Speaker 10 (40:37):
Hi, thank you well, thanks for having me.
Speaker 4 (40:39):
Sure, all right, let's talk about it. What is the
summer looking like down there on Cape cod in terms
of rentals at this point we can get to sales
in a little bit, but let's talk about people signing
up for those rentals.
Speaker 10 (40:50):
Sure, rentals are actually looking really good. We have a
pretty strong consistent demand year over year. I spoke to
one company that was a head for the spring by
about four percent, so that's a really good indicator of interest,
and then the fall even seeing them jumping ahead of
numbers from twenty twenty four.
Speaker 3 (41:10):
Betsy, is it too late for people to start looking
for rentals at this stage of the game.
Speaker 10 (41:16):
No, I think there's always really great openings to be found.
We're not seeing one hundred percent capacity because we do
know that people are looking at all different times, for sure,
and I would always encourage to keep on looking because
you know, sometimes things fall through or sometimes something hasn't
been booked for the week you're looking for.
Speaker 4 (41:36):
Betsy Hansen's Our Guests Paul Ned's wiki. Of course, the
president's CEO of the Cape Cod Chamber of Commerce has
been on this program in this quota, is saying that
he sees things being off ten to twenty percent. What
are you.
Speaker 10 (41:49):
Seeing in terms of rentals?
Speaker 4 (41:53):
Yeah, are summer rentals?
Speaker 10 (41:55):
I guess, Oh, sure, that's not what we're hearing back.
Data is not necessarily cohesive when it comes to rentals
just because of the way that the market operates. So
I'm sure you can see different numbers elsewhere, but the
practitioners who represent raintil's that we've spoken with are not
necessarily seeing any fall off.
Speaker 2 (42:17):
You know, Patsy, we saw a really interesting trend during COVID,
and that's a lot of people we took their rentals
off the market because they went down and started to
live down on the Capan Islands full time. Are we
beginning to pull back now or are people going home
and starting to use those as rental properties again.
Speaker 10 (42:34):
Yeah, for sure. You did also see during COVID that
some people did buy properties and maybe intended to live
here but always use them as a rental and didn't
end up moving down here. Some of that balancing against
people who had been here full time and not to
be maybe as balancing out. So we're not seeing a
huge spike. We are seeing that the pricing is slightly
down about two to four percent, and I think that
(42:56):
would also be from people. I think that in the
past couple of years there was a you know, a
spiket and also people were chasing prices, and I think
that you're kind of seeing.
Speaker 4 (43:05):
That settle in Betsy, How do you are all sectors
performing equally the same? And when we talk about Nantucket,
Martha's Vineyard, the Mainland Cape, the outer Cape, I mean,
are you seeing strength in particular pockets.
Speaker 10 (43:19):
It's pretty across the board that it's just consistent. We're
not seeing any places that jump out as being different
or outliars from the others.
Speaker 2 (43:29):
And how does this you know, we need a little
bit of comparison, So how does this compare to let's
say last season at this stage of the game.
Speaker 10 (43:38):
Yeah, I'm seeing that it is consistent year over year
with stable inventory, but the pricing again would be slightly
down from last year, and that's where you get that
kind of two to four percent.
Speaker 4 (43:48):
Yeah, all right, let's talk about residential properties there, Cape
and islands in terms of real estate sales. You know,
there are a couple of years there where you couldn't
even hope to buy a place in the Cape. It
was so tough.
Speaker 10 (44:01):
Where are we today, Yeah, you know, I think you're
still seeing some of the effects of that. We definitely
do have a tight inventory and I don't see any
signs of that letting up soon. Good indicators though, or
that our pricing has remained relatively stable, at least kind of.
From last year to this year, we saw those large
jumps and aren't currently seeing as much of it right now.
(44:24):
We do currently have when we're looking at kind of
new listings. In the first quarter of this year, we
saw about one hundred more listings this year input than
we had last year. So if we looked at February,
we had about forty three listings and then in April
we were back at seven. So there's definitely a lot
coming on, but it is still a tight market, so
(44:46):
a lot from smaller numbers than maybe we had been
used to in previous years.
Speaker 3 (44:50):
Sure does that stand true on the islands as well.
Speaker 10 (44:54):
So you're looking at sales on the islands in twenty
twenty five mar thenyard you're looking at about fifty five sales,
and then last year was at about forty three, so
there is an increase.
Speaker 4 (45:07):
Betsy Hanson is the CEO of the Cape Cod and
Islands Association of Realders. Now, do you still work with
the folks looking to buy homes or sell homes?
Speaker 10 (45:16):
I don't personally, but many of our realtors, all of
our reeltors are always working with everyone looking to buy
or sell home.
Speaker 4 (45:23):
Yeah, so what is on your desk? What is the
number one thing that Betsy Hanson has to take care
of these days?
Speaker 10 (45:30):
A lot of it is working on our engagement and advocacy.
So as an organization, over the past five or so years,
we've been really focusing on how to make the Cape
a great, vibrant, year round place to live that helps
prop up our local economy and also make sure that
our realtors are involved kind of at all stages of
(45:51):
the home buying and selling process.
Speaker 4 (45:54):
Well, she's Betsy Hanson and she's the new CEO of
the Cape Codon Islands Association of Realders. Thanks for taking
time joining us on the New England Business Report.
Speaker 1 (46:04):
You are listening to the New England Business Report on
the Voice of Boston WRKO six 't eighty Joe and
Kim will be right back.
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Advisory services offered to Capital analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshal Wealth Management and the above
firms are independent and not affiliated.
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Speaker 3 (48:37):
Welcome back, everybody.
Speaker 2 (48:38):
Busy week in the business world, and at this time
we like to check some of the stories that grab
the attention of our friends over there at the Boston
Business Journal. Managing editor Don Seifert is with us today,
and Don, we spoke earlier with a guest who was
talking about the buzz all surrounding the Business Confidence Index.
UH talk to us a little bit about what you're here,
(49:01):
you know, Joe pointed out, and I think it's so true.
You know, we've watched it decline, so it's not actually
a surprise, but it is a bit alarming how far
it's dipped.
Speaker 13 (49:11):
Yeah, the association, I think industry in Massachusetts, they put
out a business confidence Index every month, and they've been
doing this for years now, and we've been covering it
mostly every month, and for the past couple of years
it's really been like it's a one to one hundred
scale and it's somewhere in the low fifties. Usually anything
above fifty is considered positive, anything below fifties considered negative.
(49:35):
And in the time that we've written about it really
hasn't changed a whole lot. It's always been somewhere between
fifty and fifty five, I think for the past couple
of years from what I remember, with very few outliers.
But in the past three months it has really fallen
a lot. And you know, I think in you know,
and obviously that coincides with with the new administration, the
(49:58):
new federal administration and the tariffs, which I think people
it's caught a lot of people find surprise. Yeah, it's
in the last month. In April, it actually fill lower
than I've ever seen it, and lower than any time
since the beginning of the pandemic when nobody knew what
was going to happen from the pandemic. It got to
(50:20):
it hit forty one, I believe at the in April,
and that's down four percentage point from March, which is
down from February. So it's just kind of on a decline,
and you can you can bet that that tariffs have
a lot to do with it.
Speaker 4 (50:38):
Don Seifert, managing out of the Boston Business Journal, is
of course our guest, and we're talking about the headlines
I made this week in the in the BBJ. Okay,
you know, Don had a news director that I worked
for for many years, and we'd do story suggestions and
after we'd make the story suggestion, he'd look at us
and he'd say, so what so what so? So what
(51:01):
the BC eyes down?
Speaker 1 (51:02):
So what?
Speaker 4 (51:03):
Don?
Speaker 5 (51:04):
Yeah?
Speaker 13 (51:04):
No, I mean I don't know. I mean, you know,
this is meant as a as a measure of how
confident you know, some of the biggest employers in the
state are about their business, and I guess the biggest
So what would be if they are not confident in
the future of their business. They are not going to
be putting forth investments. They are probably more likely to
(51:27):
be to be paying down debt and a massing cash
so that they can have a cushion, if you know,
if things go as badly as they think that they
may so, and that's probably you know, and obviously hiring
would flow down quite a bit too. So I think
all of those are probably the biggest. So what's with
the confidence.
Speaker 2 (51:48):
Absolutely, let's change here is just a little bit. I
know you guys were keeping an eye on Santander Bank.
They've they've announced they're closing eighteen branches and sixty six
of those are right here in the state, in Massachusetts.
Speaker 13 (52:00):
What's that all about, Well, Santander has been doing this
for quite a while, said, this is a you know,
Spanish bank, but their US headquarters are right here in Boston,
and we've done stories for the past couple of years,
honestly about Santander has been reducing the size of its
footprint with its branches. It contends that more and more
(52:21):
people are you know, they don't need brank branches, that
they're doing all their banking on their phone or on
the computer. And that there's really not as much need
for for branches. So now they're closing another one in
Boston on Congress Street, one of the Middletown Norwell UH
one right and sale in my hometown Wilburn and Wisterner.
(52:44):
So kind of continuing a trend that Santander has been
on for quite a while. And I think, you know,
there's a few banks that are doing this as well.
But what I thought was interesting is that not all
banks are doing this, and one of the outliers is
JP Morgan Chase, which is actually opening more branches and
making a lot of noise about that. And I think
(53:04):
it's a little bit of a different different philosophy of
what's the what's the purpose of a bank branch to both.
You know, Santander thinks of it as purely a service
for UH for its clients, and you know, it's looking
to service clients in a different way online, whereas I
think JP Morgan Chase really sees bank branches as an advertisement,
(53:26):
as marketing. They want to show that they're in some
of the you know, in neighborhoods all over Boston, and
I think that they're opening branches and you know, they
keep on setting the higher and higher goals for themselves.
So I thought it was interesting, you know, two very
different philosophies from two different banks on what the purpose
of the bank branches are.
Speaker 4 (53:46):
Yeah, we're talking about the headlines this week with Don Seifert. Yeah,
and the headlines we're referring to Santander Bank clients to
close eighteen branches. In the meantime, JP Morgan Chase aims
to open up fifty new ones. So yeah, go figure right, Yeah,
uh okay. Another headline coming out of the BBJ this week,
research funding cuts could mean thousands of youwer jobs in
(54:09):
the Boston area. Take us through this.
Speaker 13 (54:13):
Yeah, I mean this is not completely new, but but
what I thought was interesting about this story is some
of the estimates that they put on. I mean what
you know, what they're saying is that you know, this
research funding that that is being cut or limited by
the federal government, you know, at the behest of of
President Trump. You know it goes to universities, but it
(54:35):
is it is you know the effects of of that
of those funding cuts are going to go far beyond
universities to the entire economy. You know, and and you
know the reason is you know, right here in Massachusetts.
For one, universities themselves are pretty big business and pretty
huge employers, so you know, they you know, they fuel
(54:55):
a lot of other businesses indirectly, you know, caterers, restaurants, accountants, lawyers,
you know, all of these universities hire all of these
all of these other companies. One but yeah, some of
the some of the estimates that they put on it.
There is a BEU professor who estimated that in the
(55:16):
next year, the Boston economy could lose i think one
point five billion dollars from these cuts. Yeah, Boston University
professor Mark Williams one point four billion, and could actually
mean thousands of jobs loss. You know, he puts the
number of fourteen thousand, and you know, and then he
(55:38):
mentioned it, you know, if this lasts for the next
four years, if Trumper is really successful in limiting research
funding for several years to come, it will be a
lot higher. It'll be more than five billion dollars lost
from our economy and a sixty four thousand jobs. So
it just really puts a number on this and makes
(55:59):
you think, you know, this is not just about universities,
and universities are the only ones who need to worry
about this.
Speaker 2 (56:05):
Yeah, it's definitely a trickle down of fact. We're just
about out of time here real quickly though. I just
wanted to ask you about the new airline that's going
to be launching flights from Boston to the DR the
Dominican Republic.
Speaker 13 (56:16):
Yeah, this is a budget airline called air Agence, and
they are going to be launching I think four flights
a week to the Dominican Republic. Jet Blue does have
flights to the Dominican Republic now, but you know, having
a budget airline in there to offer cheaper prices hopefully
and there's going to be some welcome competition.
Speaker 4 (56:38):
Yeah.
Speaker 2 (56:38):
Are they going to go to other islands eventually? Is
there any talk of that?
Speaker 13 (56:43):
I think that it's actually a Dominican, a Dominican airline,
so I'm not sure who else they serve. This is
the first time they're coming to Boston, so I don't
know if they're going if they're going elsewhere as well.
Speaker 2 (56:54):
All right, don Zeiffert, great, thank you sir very much
for all the information.
Speaker 4 (57:00):
All Right, Kim, that means it's time to talk about
next week's program. And you know we've been talking about
summers upon us. I mean it's close Memorial Days around
the corner and then at the seaport they are reopening
their summer market, so that'll all be happening next week
and we'll dive into that topic. Of course, it's the
new England business support right here on w r k
(57:20):
O the Voice of Boston, a M six eighty
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