September 28, 2025 • 58 mins
On today’s program, we talk with the president of the Massachusetts High Technology Council Chris Anderson about the state of his membership. The executive editor of the Boston Business Journal, Doug Banks will share the top headlines. Daniel Cooper an economist with the Boston Federal Reserve Bank examines the states economy. And finally, the Executive Editor of Boston Magazine Brittany Jasnoff shares the 30 New England travel awards.
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Episode Transcript
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to New England Business Report.
It's so good to have you with us on this Sunday,
September the twenty eighth. I'm Kim Carrigan along with Joe
short Sleeve and here we are the last Sunday in September.
Speaker 3 (00:23):
Yeah, lady's October, so no like say, buckle up.
Speaker 2 (00:30):
Oh it's the truth, right, we just start just to
zuoming twenty five has gone so quickly to me. I
don't know if you feel that way, but we talk
about this each week because it's just so crazy, how
quickly based.
Speaker 3 (00:42):
On a daughter in law just had a baby girl
this past week, so congratulations, talk about marker and time.
You know Joe now has five grandchildren. Are you kidding me?
Speaker 2 (00:56):
Good for your good Josh job. Let's take a look
at some of the stories that we've got coming up
this morning. We've got a really great show in this
first half hour. A recent survey shows that, besides Hawaii,
Massachusetts is the most expensive place to retire in the country,
(01:17):
and we were wondering, you know, why.
Speaker 4 (01:20):
Is that the case.
Speaker 2 (01:22):
So we thought that it would be great to get
some information from the president of the mass High Technology Council,
the High Tech Council, Chris Anderson. He's an old friend
of ours. We spoke to him a lot when we
worked over there on Bloomberg. Haven't had a chance to
have him here on the New England Business Report, so
we're really looking forward to having him in to talk
about that and a number of other things.
Speaker 5 (01:41):
Joe.
Speaker 3 (01:42):
Yeah, he's a guy like Jim Rooney. He tells you
the truth. He tells you exactly the way it is.
He does not hold back.
Speaker 5 (01:49):
Uh.
Speaker 3 (01:50):
I mean, I suppose he's politically correct, but just barely.
That's why I enjoyed Chris so much. So what's going
on in the state's economy and the high tech industry
in the state, He'll tell you absolutely.
Speaker 2 (02:06):
So we're looking forward to that conversation with him. And
you know, speaking of that retirement issue was also storied
this last week in the BBJ, So the executive editor
of the Boston Business Journal, Doug Banks, is going to
join us. He always talks to us about some of
those different headlines they have, that being one of them.
He's going to talk to us about some of the
best colleges in the area. He's also going to talk
(02:28):
to us about the Survivor Cafe, which is above the
Greatest bar in Boston. This is a big trend, Joe.
These cafes were people who loved these shows, or they
love these you know, books, or whatever it might be.
They go to these cafes, the Survivor Cafe. All I
can think about when I think of that is do
(02:49):
they serve like live crickets or beatles or something, because
on that show they're always eating stuff like that crickets.
Speaker 3 (02:58):
I'm guessing they, I hope not. Now that The World's
Greatest part, of course, is owned by Bill Fairweather and
his wife. And you know, if I go back in
time to the nineteen eighties when I was working at
Channel fifty six, Bill Fairweather was a sports producer.
Speaker 2 (03:14):
Yeah so really I didn't realize that.
Speaker 3 (03:17):
Oh yeah, yeah, So anyway, I know the Fairweather from
way back. Second half of the program, we have a
very special guest. We're going to be talking with one
Daniel Cooper. He's a vice president and economist with the
Boston Federal Reserve Bank, and you know, a lot of
interesting questions for Daniel Cooper. You know, he can talk
(03:39):
about what the FED does. I mean, we always hear
about the FED, but right at the end of the day,
do you really know exactly what they do? And he
can talk about the differences in economies and other words
in terms of you know, okay, we're doing well here
in New England, but what's going on in the rest
of the country. But another topic that he said he
wanted to talk about. I think this is fascinating is
(04:02):
is a I to blame for the slow jobs market.
So we'll be talking with Daniel Cooper about that. And
then the New England Travel Awards are out. The Boston
magazine has thirty awards out there, and I took it
to look at the list. Kim, I'm sure you have
as well, primarily looking at the Massachusetts destinations. I get
(04:27):
there's this pretty wild new hotel out in western Massachusetts
called Prospect Lake. If are you familiar with that.
Speaker 2 (04:33):
I was not familiar with it until I read it
in this You know the thirty winners, right.
Speaker 3 (04:38):
Britney Jasnof is the executivetor of Boston magazine. She's going
to be along to roll the Best Fenway I mean
the best Lobster role apparently they're saying, is in Fenway
golf locations, to take us down to Ocean Edge in Brewster.
And of course then there's the week cousset the resort
(05:00):
out there in the Cape. You know. Yeah, they got
to mention as well. Yeah, Zof has been on this
program before.
Speaker 2 (05:06):
Yeah, she's terrific. You know what's neat about this is
that people nominated their favorite place is to travel, and
their favorite festivals, their favorite beaches, their favorite mountains, and
then they chose So I want to hear how they
chose these thirty winners.
Speaker 3 (05:24):
All right, Kim, you and I have talked to this
gentleman many times over the years, especially when we wore
our hats at Bloomberg. He's, of course, Chris Anderson. He
is the president of the Massachusetts High Technology Council. Always
a great conversation. Of course, the Massachusetts High Technology councils
and organizations of CEOs senior executives representing technology companies dedicated
(05:49):
to creating and sustaining conditions that support investment. Therein lies
the question, you know, how are we doing. Chris, welcome
and well, tell us a little bit about your membership.
I couldn't find actual numbers of how many people consider
themselves members of the Massachusetts High Technology Council, but tell
us whose member and how are things going.
Speaker 6 (06:13):
Well, it's great to be back with both of you.
Thanks for having me on this morning, and it's a
timely conversation as we look forward and think about what
the impacts of certain trends are on the Massachusetts economy.
You know, we do have a very intensive innovation economy
that now permeates almost every type of employer you can
(06:33):
think of. So it's hard to put a box around
high tech or innovation specifically, particularly when we see what
artificial intelligence is doing and transforming almost every type of
business operation of Massachusetts. And that's one of the factors
that is driving some urgency around our focus on the
(06:57):
future of the state's innovation economy, which does remain one
of the most innovative innovation states in the United States.
Speaker 2 (07:06):
So, Chris, having said all of that, tell us, what
is the innovation economy looking like in Massachusetts?
Speaker 6 (07:12):
Well, it's looking very mobile. And the reason I say
that is that employers that are still here have been
increasingly adding headcount outside of the Commonwealth. We're actually one
of the few states that have lost jobs since COVID hit.
Most other states that we compete with have added tremendous
(07:35):
numbers of jobs. And it's really being driven by some
changes and trends that are impacting our quality life and
the high cost of living here. And that's what we're
really focused on. We're looking for solutions to help regain
some of the business climate and competitiveness momentum that we
had that allows employers to stay here and grow here
(07:56):
and provides opportunities for people looking for work to find
them here in Massachusetts.
Speaker 3 (08:01):
Are we're talking to Chris Anderson is the president of
the Massachusetts High Technology Council. Well, all right, Chris, are
all those answers up on Beacon Hill? Specifically? Are they
up there in the Governor's office? I mean, where are
these answers that you need?
Speaker 6 (08:11):
Well, we think the answers are going to come from
tax fairs in the twenty twenty six election cycle. People
who live in work here and are going to be voting.
We've seen an increase in the prevalence of initiative petitions.
I think in order to really get changed the way
we need to in a timely fashion. We have to
present information to the voting residents of the Commonwealth and
(08:34):
have that way in on are your income taxes too
high or do you want to reduce them over three years?
Do you think that the state's budget, which has grown
at twice the rate of your household income for the
past ten years, should continue to grow at that pace,
or do you want to reduce the rate of growth
in line with what your household income increases. And we
(08:56):
think those are the types of questions that we will
be presenting, we believe will be presenting to the voters
in twenty twenty six as the first of a multi
year effort to begin making policy changes that impact our
bottom line competitiveness.
Speaker 2 (09:12):
Well, you've pointed out, Chris, some of the policies obviously
through those questions that you think are really relevant and important.
But what would you say, are the give us the
top three issues that are facing these businesses and need
to be rectified immediately for growth to continue.
Speaker 6 (09:29):
Well, part of it is national, right, So we're seeing
even just recently with the change in the H one
B visa process, which has for decades been a challenge
for many of our technology firms, not only here in
Massachusetts but across the country. That's an important program that
requires or allows our tech employers to fill highly skilled
(09:55):
positions with scarce workers, and we don't produce enough for
these skilled workers in the United States, and that's why
there's an important role for foreign skilled trained workers through
the H one V VISA system. Right now, there's people
are trying to figure out whether this hurts or helps
in the long run, just like the tariff situation did.
(10:16):
But that's a federal issue that is affecting everybody, and
we're still digesting what that means. Locally. We just have
to get the state to be a lot more competitive.
We're losing residents to New Hampshire and Florida at an
alarming rate, and not only the working members of the community,
but the high wealth folks who provide a lot of
(10:37):
philanthropy in Massachusetts. And if that trend continues unchecked, we're
going to see a decline ultimately in what the state
collects from tax revenue, and that will impact services and
the quality of life for people that are still here.
Speaker 3 (10:51):
And not only people who are working, but folks who
are retiring you're quoted in on the article on the
Boston Business Journal, was talking about the high cost of
retireronment in this state. Yeah, okay, we know Massachusetts expensive.
But what's going on here and how concerned are you?
Speaker 6 (11:06):
Well, it's a big concern, you know. And the way
you attack that is you look at reforming the estate tax.
Massachusetts is one of a handful of states, a little
over a dozen states that still has an estate tax
in play, and it's one of the biggest estate tax fights.
So New Hampshire, for example, Florida, I mentioned them, they
(11:29):
don't have an estate tax. Massachusetts should eliminate the estate tax.
That'll certainly help on the retirement front. So we just
have to think about how we manage the costs that
are creating incentives to drive older residents to leave the
Commonwealth and take their investment resources, their philanthropy with them.
(11:51):
And that would be on the top of my list
to attack the retirement issue.
Speaker 2 (11:57):
So, Chris, we've talked about, you know, some of the
issues that obviously or impacting the technology business in this state,
and they haven't been great.
Speaker 4 (12:05):
How about some good news.
Speaker 2 (12:07):
What's some of the good things that are happening?
Speaker 6 (12:09):
Well, I mentioned at the front end that we have
an extremely innovation driven economy and we can capture some
of the huge opportunities that artificial intelligence has because of
that innovation diversity. In Massachusetts, we're currently working on a
number of proposals and the common Wealth is established an
(12:30):
AI hub. Some of our members are very active in
helping shape the opportunity for public private partnerships that take
the advent of artificial intelligence and drive new growth in
various economic clusters such as fintech or healthcare. So there
(12:50):
are opportunities to take advantage of new growth, and I
would just I always say this, right, you have to
do this in tandem with the hard work to make
sure that we reduce barriers that cause people to want
to leave. If we do these together, and we should
be able to do these together, we can retain regain
the growth momentum and have the revenue to solve some
(13:13):
of these vexing problems around our transportation systems, our inner
city education, public education systems, and the high cost of housing.
Speaker 3 (13:23):
How is the emergence of AI and the High Tech
Council members, how is it a good thing to plan?
Further on Kim's question.
Speaker 6 (13:33):
Sure well, if you think about the inventional electricity, I
would equate artificial intelligence in a similar way. It's going
to revolutionize how we train people, how people are using
artificial intelligence, how artificial intelligence is improving people's lives throughout
the medical system, how it's transforming the flow of information,
(13:58):
improving secure And I'll say the mirror of that is
that when you think about cybersecurity and the threats of cybersecurity,
AI is also helping improve the mobility or the impact
that the bad guys are having. So there's clearly a
(14:19):
double edged sword here. And as long as we create
regulations in Massachusetts that protect the consumer or the employee,
well at the same time encouraging AI to help transform
our economy will be okay. I just fear that some
(14:40):
elected officials, not only Massachusetts but in other states want
to overregulate this new phenomenon to the point where it
inhibits the positive impacts that can have on our economy.
Speaker 3 (14:53):
There you go, all right, He's Chris Anderson. He's the
president of the Massachusetts High Technology Council. Appreciate you joining
us on the New England Business Report. Executive editor of
the Boston Business Journal.
Speaker 1 (15:10):
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the Voice of Boston w RKO six 't eighty Joe
and Kim will be right back.
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com and we'll get your business on the show too.
And welcome back to the New England Business Support. It's
course Sunday morning, September the twenty eighth. Yes, Yes, Fall
(18:06):
is here and taking hold all right. Here in the
program is the spot where we talked to the executive
editor of the Boston Business Journal about this week's headlines,
of which there were plenty. He is one Doug Banks. Doug,
thanks so much for joining us. You know this story
you wanted to start with here, this Apple Green exits
(18:29):
Mass Pike service Plaza contract. I don't know, I've read
this story in many other formats, the Globe, whatever yourself
saying it's confusing, Yeah.
Speaker 4 (18:39):
It really is.
Speaker 5 (18:40):
So.
Speaker 4 (18:41):
First of all, thanks as always for having me.
Speaker 12 (18:44):
This story is you know, I think a lot of
everybody's sort of been following the Mass Pike service plaza contract.
Normally these things are not nearly as dramatic, but in
this case, the biggest news this past week was that
the Irish company Apple Green walked away from what would
have been a thirty five year contract to refurbish, redevelop
all the service plazas the rest stops along the Mass Pike. Now,
(19:07):
the reason why this is such big news is because
for the past couple of months, their rival and the
rival Bidder Global Partners, which is a local gas company
that owns Gulf stations and currently has that contract. Not
only has they have they threatened legal action, but they've
been going on a media blitz saying that the bid
was rigged, that it was unfair that they should have
(19:27):
gotten chosen. They're the local you know, local bidder, YadA, YadA, YadA,
and so here's here's a case where Apple Green won it.
They were putting up with all of this nonsense from
their rival, and now they've walked away saying they couldn't
reach an agreement with Mass Dot officials and that threat
of the legal action from their rival sort of hanging
over their heads.
Speaker 3 (19:47):
Well yeah, I mean, but that's what I wonder how
much of this withdrawal has to do with Global's challenge.
Speaker 12 (19:53):
It's really that's a really good question. I mean, at
the end of the day, we don't know. Mask Dot
isn't saying, they're not even saying whether they're going to
put this out for rebid and try to bring in a.
Speaker 4 (20:03):
Whole new group, whether they're going to award it to Global.
We just don't know. Mascot has not been clear on that.
Speaker 12 (20:09):
But what we do know is that Apple Green was
partnered with local companies like John Fish's Suffolk Construction, local
architecture firm. They were going to do over seven hundred
and fifty million dollars in construction, built, you know, refurbishing
all these and it was going to bring more electric
vehicle charging capacity to the pike. So I think, you know,
it could have been good. We really just don't know
at the end of the day what they were thinking.
Speaker 3 (20:30):
Yeah, and they're supposed to start in January, right, I mean.
Speaker 12 (20:33):
Yeah, it would have been done by twenty twenty eight.
So now that's all up in the air.
Speaker 3 (20:37):
All right. Another headline there on the Boston Business Journal
this week has to do with colleges and well, they're
all looking for cash these days, and they're finding new
ways headline on the BBJ. With small colleges to face
more and more hurdles, they're turning to land deals.
Speaker 4 (20:54):
What's going on, Yeah, Joe.
Speaker 12 (20:55):
We had a cover story last week on local small
colleges that are you know, they're seeing fewer students, they're
seeing threatened endowments, and so they're looking at one of
their most valuable assets, which is their land, especially those
colleges that are close to downtown. For example, Simmons University
rights between Longwood Medical Area and the Fenway. They just
(21:16):
announced the ninety nine year ground lease to the big
developer Skanska to build a nineteen story residential commercial building
right there next to Slash on their campus. That's not
necessarily a school building, it will be, you know, a
commercial and residential building. And then Leslie University over in Cambridge,
they've sold off twenty five properties since twenty twenty one,
(21:38):
over one hundred million dollars they've brought in that way.
So that's just two examples. Our cover story definitely has more.
I definitely recommend people to check that out. And that's
not the only college stories that we had this week.
Speaker 3 (21:51):
Oh y, Yeah, some people made the list, some people didn't.
Speaker 1 (21:56):
Let's hear about this.
Speaker 3 (21:58):
I have your headline on the BBJ here Williams and
Amherst College's top US News Liberal Arts rankings once again.
Speaker 12 (22:06):
Yes, the US News and World Report came out with
its ever controversial, ever annual rankings, and.
Speaker 4 (22:13):
You know, shocker.
Speaker 12 (22:14):
On the big school side, Mit and Harvard were in
the top three, just behind Princeton, so it was Princeton, Mit, Harvard.
Speaker 4 (22:21):
And then on the.
Speaker 12 (22:21):
Small college side, as you mentioned, Williams College was ranked
number one, Amherst College was ranked number two, and those
two who have been at the top of that list
for basically ten years now. So really the only news is,
you know, the news that's not news is we have
elite schools here in Massachusetts and we're better than anyone else.
Speaker 4 (22:39):
We kind of already knew that.
Speaker 12 (22:40):
The biggest news, to be honest, is that Northeastern cracked
the top fifty for the first time in years. It
rose eight spots to the number forty six. So Northeastern
is competing as a really high quality university and that,
you know, US News and World Report has given them,
you know, that credibility in the past and now they're back.
Speaker 3 (23:00):
Yeah, but Doug, how much we know? What is the
criteria for climbing up the list here? I mean for
the you know, what is it these What is the
information that US News and World Reporter is working with.
Speaker 12 (23:10):
Yeah, they change a lot, but they you know, they
use I think something like seventeen measures of different academic quality.
They look across all, they look across all kinds of things.
I mean, it's they do change the methodology here and there,
but but it's it's always you know, it's always interesting
(23:31):
because company.
Speaker 4 (23:32):
When colleges don't do.
Speaker 12 (23:33):
Well on the list, that's when they'll say, well, it's
just a list, it's media, it doesn't really count. But
then when they do well on the list, boy, we
definitely hear about it, that's for sure.
Speaker 3 (23:42):
Yeah.
Speaker 1 (23:43):
All right.
Speaker 3 (23:44):
This is another headline on the BBJ, and it's one
that I think a lot of folks have been talking about.
Massachusetts has the highest cost of retirement on the continent.
I guess only Hawaii beats us. There not not necessarily
a great headline. A lot of folks on the business
community are quoted as to this this story here, so
(24:08):
highest cost of retirement. That's not a good thing right.
Speaker 12 (24:13):
No, no, no, sir, not if you live here like
we do, and as you're getting up in age like
we are. I mean, I'm speaking for myself here, of course,
not the you know every young Joe and Kim. But
we're more expensive than New York. We're more expensive than California.
Like this is not good when Hawaii is the only
state that's more expensive than Massachusetts when it comes to
retirement costs.
Speaker 4 (24:34):
This company called net Credit.
Speaker 12 (24:35):
They looked at, you know, the average retirement age, average
life expectancy, and then they put that up against the
local cost of living, which they use the MIT cost
of Living Index, which anybody can look up online. Then
they added they padded it with an extra twenty percent
and costs because they wanted to sort of look at
what's the retirement in comfort, sort of what's the comfortable retirement.
(24:58):
So according to the their information, it would require one
point zero six million dollars nest egg for a comfortable
retirement in Massachusetts, which again, as you said, highest one
in the in the country except for Hawaii. And yeah,
I talked to several local business leaders and they all
said of a version of this, which is Massachusetts as
(25:21):
we know is a high cost state to do business.
Energy costs are high, taxes have been high. Those with assets,
people who retire with money have faced one of the highest,
most punitive estate taxes in the nation. They've tried to
change that in years past, they haven't been able to.
And then for those on a fixed income, it's just
(25:44):
ever more expensive. And we see this now. I mean,
grocery costs, everything are going up. It's almost impossible to
live here. So this is definitely a warning shot across
the bow for state leaders who want Massachusetts to be
a competitive state, to have people here and here and
stay here and not you know, retired to Florida, which
is what a lot of people do, or other you know,
(26:05):
no text states.
Speaker 3 (26:07):
Yeah, and on the other end of that list, I
guess you have as West Virginia's the cheapest place for retirees.
But okay, so kind of a fun story also, you
had on the BBJ website this week, I survived the
Survivor Cafe now open in Boston. I'm somewhat familiar with this.
(26:29):
It's all connected to the World's Greatest bar. Tell us
what this is.
Speaker 12 (26:34):
Yeah, so we're seeing more and more of this. You
may remember a couple of years ago, the Cafe from Friends,
the Central Perk opened in the back bay in the
West End West End Johnny's. They opened the Drunken Clam,
which I guess is from the cartoon family Guy. This
past summer and now for if you're a fan of
the show Survivor, the Greatest Bar over on Friend Street
(26:55):
has transformed its third and fourth floors into the Survivor
Fan Cafe. So they're taking the you know, themes from
the show, games, challenges, you could do, challenges from the show.
They're serving, you know, obviously the menu is going to
have Polynesian food, Survivor themed drinks. They've got they've got
all kinds of stuff, a tribal counsul fire pit. If
(27:16):
you you know, if you're one of your friends is
getting on your nerves, you can go over to the
voting confessional booth where they vote people off the island.
Speaker 4 (27:22):
All kinds of interesting things.
Speaker 12 (27:24):
And you know, my wife watches the show, and we've
got people in the newsroom who watch the show. So
kind of a fun, kind of a fun way to
bring people downtown and get them, get them, you know,
active over in the West End.
Speaker 3 (27:36):
Now the Greatest Bar is owned by the parents of
Shannon Fairweather, who was a contestant this past week on Survivor.
So there there is a local connection.
Speaker 12 (27:47):
There, Yes, exactly, they're they You know, the show just
started this past week and you know watching on Wednesdays.
And of course last season we had a local connection
to a pizza guy in Revere where I live at
Luigi's Pizza was on the show, and that pizza place
is constantly talking about Survivor and using that to get
(28:10):
attention as well.
Speaker 4 (28:11):
You can see it all the time.
Speaker 12 (28:12):
So definitely a great way to promote a local place
and bring people together.
Speaker 7 (28:18):
All right.
Speaker 3 (28:18):
He's Doug Banks. He's the executive editor of the Boston
Business Journal. Thank you very much for joining us on
the New England Business Report. Next we're gonna be talking
with Daniel Cooper, he is with the Federal Reserve Bank
in Boston.
Speaker 1 (28:34):
Kim and Joe, we'll explore more business news that impacts
our New England economy when they return.
Speaker 7 (28:40):
It's so much fun when I'm joving with you.
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Speaker 10 (29:42):
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 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 import and to you.
As you know, nothing gets built without as set of plans,
(30:03):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshall 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
(30:27):
two ten thirty. Well check us out online at Marshallwealth
dot com. Marshall with two els, Marshallwealth dot Com.
Speaker 11 (30:34):
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, Marshal Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (30:47):
Welcome back to doing the Business report on this Sunday morning,
September the twenty eighth. Time now to talk about some
other business headlines out there that Kim and I thought
would be interesting for everybody listening this morning I've told
you Cam and you know this. My daughter works at
the Encore Boston Harbor casino, right and they're very successful.
(31:07):
But they're very concerned in the casino industry in this
state about what's going on in Beacon Hill right now
about this push for eye gambling. And as many people
have said it on they say that casinos now face
headwinds through more competition and shifting consumer habits. Legislators are
considering further legislation through online gambling. Maybe you can't fight
(31:32):
the tide. But at the same time, I was looking
back at this and saying, these companies, these casinos that
came to Massachusetts, they paid a four hundred thousand dollars
application fee, they paid an eighty five million dollar licensing fee,
and they had to invest at least five hundred million dollars.
I mean, I could understand why these guys are sitting
(31:54):
here and going, wait a minute, Massachusetts, what are you doing?
Speaker 2 (31:57):
Well, And I'll tell you they know just how bad
this can't affect them because they know that in this state,
sports betting really and truly is not a casino betting game.
Sports betting is done on a phone. Yeah, they have
you know, over an Encore again talking about that that
they have that gorgeous, you know, sports betting parlor and
(32:19):
it's used for viewing more than it is betting, so
they know that online betting of any type is going
to be a real problem for them.
Speaker 5 (32:28):
Yeah.
Speaker 3 (32:28):
Well, I guess casino revenue of the state, as you're
pointing out, the casino tax has peaked in twenty twenty
two and has declined about three percent over the last
three years, and they say that's the period that coincided
with the introduction of sports betting. And as you just
pointed out, Kim, they built these beautiful areas for sports betting.
I guess what. Yeah, they're pretty quiet, right right.
Speaker 2 (32:50):
I will admit that I have been there to watch
games and never laid down a single dime. Yeah, well,
I did buy a glass of wine or two, so
maybe that counted.
Speaker 6 (33:00):
Well.
Speaker 3 (33:00):
We have a business news there.
Speaker 2 (33:03):
Well, let's go up north to Dartmouth College, and I
don't know if you saw this, but one of their
very famous alumni is donating fifteen million dollars to create
a new residential hall in her name. We're talking about
Shonda Rhymes, and this will be the Shonda rhymes hall.
Of course, she is the CEO of Shonda Land. She
(33:26):
is behind some of the most incredible shows including Scandal,
How to Get Away with Murder, Grey's Anatomy, and of
course Bridgerton, which we're all waiting with baited breath for
the next season of Bridgerton on Netflix because it's so great.
But she's fifty five years old. She is a graduate
from there, and she graduated in ninety one. And when
(33:50):
this beautiful facility, this new dorm is built, it's going
to be five stories and it's going to be the
first to be named after a woman on that campus
and the first to be named after a black alum.
So I think that's pretty cool. Groundbreaking is in twenty
twenty six. It's scheduled to open in twenty twenty eight,
(34:11):
and so people can say if they live there that
they live in Shondaland, which is is a pretty cool thing.
Speaker 3 (34:20):
Well, you know, I went to College of the Seventies
and Holy Cross, and you know, I feel at I
don't know about you, but I feel a little gypped
in terms of dorms. You know, my dorm was pretty
basic and I'm sure, I'm sure what they're building other places,
especially what you're talking about right now. There are darbyth
It's gonna be a lot nicer than you know. The
alumni dorm at holy Cross College, well, let me tell.
Speaker 2 (34:41):
You Welner's studio, No, no wellness studio with a grand piano.
Speaker 3 (34:45):
Gotta have that.
Speaker 2 (34:46):
One hundred and fifteen juniors and seniors. They will be
able to live in apartment style suites in this building.
Nobody wants to leave college. You're living is too good? Yeah, Well,
uncertain has been the way that many have described the economy,
both here in the New England region as well as nationwide.
(35:06):
We're joined by Daniel Cooper, an economist with the Federal
Reserve Bank of Boston, to talk a little more about
the economy.
Speaker 4 (35:13):
Daniels, so good to have you with us.
Speaker 2 (35:15):
Thanks so much. You know, Joe and I were saying
we wanted to start with just a broader conversation. A
lot of people hear about the Federal Reserve, but I'm
not sure they know what you guys do. So could
I just give us a rundown of what the Federal
Reserve does?
Speaker 3 (35:29):
Sure?
Speaker 13 (35:29):
So, I work for the Boston Dead and we're one
of twelve federal Reserve Banks, which along with the Board
of Governors in Washington, d C, make up what.
Speaker 8 (35:40):
We call the Federal Reserve System. So we're based in Boston,
but we serve nearly all of nearly all of New England,
and our President, Susan Collins, brings lots of insights from
around the region, along with economic analysis from the Research
Department where I sit and other Boston bed to the
(36:02):
Federal Open Market Committee when they meet to discuss interest
rate policy. Mm hmm.
Speaker 3 (36:08):
So, Daniel, what your read on how the economy is
doing here in Massachusetts slash New England.
Speaker 8 (36:16):
So I think, you know, more broadly speaking, overall, the
economy is doing well. Uh, you know, nationwide, and you're
you're asking a bit about New England and Massachusetts. You know,
I think, you know, things are overall healthy, and I
think a lot of the patterns we're seeing nationally you're
also seeing here. I mean there's a bit of you know,
mixed signals from the data.
Speaker 5 (36:37):
You know.
Speaker 8 (36:37):
One piece of data that's been the news a lot
recently has been job growth, which has flowed noticeably. You know,
there's also a down our revisions for some of the
historical data through through earlier this year, you know. But
at the same time, you know, retail sales growth and
seems to be pretty solid. We had some really good
(36:58):
numbers in August, and that stuff isn't broken down necessarily regionally,
but there's not, you know, reasons to necessarily believe it's
it's very different and we're not necessary hearing things that
it's it's substantially different around here. Of course, their pockets
is weakness everywhere, and you hear anecdotes of some small
companies struggling more than others, but generally things seem pretty good. Uh,
(37:21):
but there's always regional differences, and we one thing that
we're seeing is that job growth in Massachusetts, you know,
has been quite slow for a while now. It's sort
of pre date flaws to slow down we saw nationally,
and it's not completely clear why that's the case. It's
something we're looking into a bit, and you know, but
you also see some sciences of strength in the area
(37:42):
and that you know, relative to other areas of the country.
House prices here, you know, haven't you know, haven't slowed
down as much as elsewhere. We're not actually not seeing
declines in house prices here as much as we are
seeing in other areas of the country. So there's certainly differences,
and it's you know, again, you get some sort of
mixed from the data a bit, but I think overall
(38:03):
things are are reasonably okay at the moment.
Speaker 3 (38:06):
Talking with Daniel la Cooper, he is a vice president
and an economist. He's at the Federal Reserve Bank of
Boston and their Research department where he heads up the
Household Decision Making Group. Interesting question that you folks actually
brought to our attention and suggested, is is a I
to blame for the slow jobs market?
Speaker 8 (38:28):
Yeah? I think I think that's a very interesting question
and one that's going to be debated for a while.
I would say it's a bit of a mixed bag
with AI, and it's probably too soon to tell, and
it's certainly too soon to sort of lay the blame
on it.
Speaker 6 (38:47):
There.
Speaker 8 (38:47):
There are certain things going on that you see. The
unemployment rate, for instance, has gone up a lot for
college graduates. You know, they're having more, you know, and
and they're they're having there's more difficulty in finding jobs.
Industries and occupations where you would expect AI to potentially
be playing a bigger role, you know, it's you know,
(39:08):
perhaps it's consistent with these are occupations like maths and
computers and management, and you see like sort of continuing
claims from unemployment insurance being you know, more concentrated and
going up a bit more in those areas, and you know,
indicative of that, maybe you know, AI is replacing some
(39:29):
of the entry level field labor, and the unemployer rate
for college grads, it's gone up more, you know, for
younger college graduates. So there's certain things like that going
on that are raising questions about AI. At the same time,
there's a ton of anecdotal evidence and a ton of
firms talking about how AI is enhancing the productivity of
their existing workers. So, you know, productivity is a great thing.
(39:51):
It's you know, the economy is producing more, you know,
for the amount of inputs it has, and that that
can be quite beneficial in the long run. And the
other thing we've heard about it, and which I find
quite interesting, is that they're we've heard about institutions locally
and around the region harnessing AI to try to help
improve their workforce development programs. So so using it to
(40:14):
try to help people build skills that are necessary or
tailoring programs to help you match workers with what firms
need and that you know, I would think, you know, again,
in the in the longer run, could I be quite
beneficial for those.
Speaker 2 (40:27):
Labor market Absolutely. AI certainly a story that will be
ongoing in the story of the future. Let's take a
look at this issue in that being tariffs, Daniel, that's
a story for right this very minute. Your your idea
about how that's impacting the economy.
Speaker 8 (40:47):
Yeah, I think again, you've got you've got some more
local impacts. You've got some more national impacts. Obviously, tarifs
are national thing and it you know, but they are
going to affect firms more that you know, trade more
internationally and import more. And you know, I think that
you know, certainly, uh, you know, there are firms here
(41:09):
that we've heard about that you know, do a lot
of cross border trade with Canada just because of our proximity,
and you know, you can get you know, terrorifts for
some of these places are quite burdensome in that if
some some places have inputs that start you know, start here,
they go to you know, they go to Canada and
then they're sent back here for final production. And you know,
(41:31):
so that potentially get hit by terriffs. You know, there's
a you end up with double tariffs in some instances
in these cases, and it's quite becoming quite costly for
there's those firms to produce some of these products. And
so we first some stories about you know, the potential
costs of you know, ongoing terroriffs with Canada for some
some local firms and and certainly you know that's not
(41:53):
that's not isolated just to our region, but that's you know,
some of the things that we've heard about around here,
and you know, it raises costs, and you know, it's
it's hard for certain small manufacturers, of which we have
a lot in the region, to potentially absorb some of
these costs, and you know, so then they also have
to you know, they're faced with decisions about, you know,
(42:14):
how much to pass on and you know, smaller mom
and pop type stores, you know, again, ones that you
know input you know from you know broad you know
a lot of their products. You know, they they're potentially struggling,
you and we've heard that they're struggling to both navigate
the logistics of the of the tariffs because it's all
new and it's all there's a lot of you know,
(42:36):
paperwork and additional things that they must have to navigate.
At the same time, they have to navigate the rising costs,
and a lot of these small mom and pops stores
have no choice but to pass on the cost increases
to the consumers, whether or not they're going to it's
going to impact consumers demand. It's just they don't like
Larger firms may have more of an ability to absorb
some of the costs, you know, or you know, find
(42:59):
different producers or source things, you know domestically. You know,
these a lot of these mom and pop stores, especially
you know locally, you know, really.
Speaker 13 (43:07):
Rely on you know, a lot of good say important.
Speaker 8 (43:10):
It's gonna take more time for them to a job.
Speaker 2 (43:12):
Sure, well, we love our mom and pops here on
the New England Business Report, that's for sure, and always
interested to know what's happening with them. Daniel Cooper, we
thank you very much for being a part of the
show this morning. Coming up next we'll take a look
at the travel industry. This is the New England Business Report.
Speaker 1 (43:35):
You are listening to The New England Business Report on
the Voice of Boston w RKO six, Aby, Joe and
Kim will be right back.
Speaker 7 (43:45):
It's so much fun when I'm joving with you everywhere,
with God, everything that we do. Yeah, it's fun when
I'm joving with you.
Speaker 9 (43:56):
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Speaker 10 (44:46):
Are you a brother or a sister of one? A
gread of Boston's local trade unions and finally thinking about
getting ready to hang up your tools after thirty five
years of working your tail off. Congratulations, you worked hard
to build your retirement nest egg. But now 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,
(45:08):
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
(45:31):
two ten thirty. Well check us out online at Marshalwealth
dot Com, Marshall with two els, Marshallwealth dot Com.
Speaker 11 (45:39):
Advisory services offered through 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.
Speaker 2 (45:52):
Hi, everybody, I'm Kim Kerrigan.
Speaker 3 (45:54):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are are still available.
Speaker 2 (46:01):
You can email us at any Business Radio at gmail
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Speaker 3 (46:06):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 1 (46:21):
The New England Business Report on WRKO is brought to
you in part by SUPERO of New England SUPERU of
New England dot com.
Speaker 3 (46:31):
All right, welcome back to the New England Business Report
on this Sunday morning, that would be September twenty eighth.
Thinking about getting away at golf, outing, maybe skiing, getting
a massage, all of the above. Well, yeah, we have
something for you. Let's bring in the executive editor of
Boston Magazine, Britney Jasnoff. Now she's been on this program
(46:55):
before and they are out with their top thirty New
England Travel Awards. And these awards come about as a
result of their readership, their listeners or whatever. Folks tell them, Hey,
you know what, we really love this place. Brittany, welcome
to the program. Tell us about this, the New England
Travel Awards. What are they and how do they come about?
Speaker 5 (47:17):
Yeah, thank you so much for having me. So, yeah,
we're really excited about our New England Travel Awards. This
is our second year doing this. We started it in
twenty twenty four and it's a really exciting process. You know,
we survey our readers in about thirty different hospitality categories,
so we're looking at luxury resorts, destination restaurants, the mountains, festivals,
(47:39):
you name it, in all six New England states. So
our readers vote on their favorites and then we actually
canvene a panel of hospitality experts to choose the winners
from that list.
Speaker 2 (47:51):
And what is the criteria when those experts get together.
Speaker 5 (47:56):
Oh that's a great question. So I think it's a
little different depending on you know, what are looking at, right,
So you know, it really is all about what the
category is. You know, we have different categories like hotel Design,
which blind Tiger and Portland Main One for that really
really cool hotel design, you know, for Wellness Retreat which
(48:17):
the winner was Kenyon, Ranch and Lenox. We were obviously
looking at different criteria, you know, things like you know,
the amount of the SPA service, the overall SPA services,
the overall experience kind of because this is a wellness
retreat not just you know, you know, just about the spa,
but about the whole holistic experience. So it really depended
on the category.
Speaker 3 (48:38):
Sure does cost come into play here, because I mean,
as I read through your list, there are some very
nice locations here, I mean, but does that matter how
much a cost or whether it's a bargain or not.
Speaker 10 (48:50):
Yeah, we're not.
Speaker 5 (48:51):
We're looking more just at the overall experience of the
of the hotels, so not so much, you know, we're
looking you know, we want our readers to be able
to kind of go and have an amazing experience. So
that's sort of what the most important criteria was for us.
Speaker 3 (49:06):
All right, Okay, well let's uh, my daughter works at
the Encore Boston Harbor Casino, so I'll get that disclosure
right out of the way here. But on Encore major list,
how come absolutely well.
Speaker 5 (49:18):
You know it was it was an easy choice for casino,
you know, because we just what we love is that
it's not just about you know, the table games and
the slot machines there. It's also about the spa. The
restaurants are amazing, so it's really a whole experience you
don't even have to you know, enjoy gambling to have
a really fun night there. The hotel is also fantastic,
(49:39):
So it's the great vacation location.
Speaker 2 (49:41):
Yeah, sure is, Brittany. You said, this is the second
year for this list and for these awards. Who's some repeat.
Speaker 5 (49:50):
Oh that's a good question. Let's see. I believe that Algonquit,
Maine won two years in a row for best Beach Town.
I personally love Algunquit. Uh. It's a great, you know combination.
I'm the beach is gorgeous, The town itself is bustling
and so much fun just to walk around. Great dining
(50:13):
so you know, and great lodging options as well. And
it's not too far obviously, you know, it's just just
a short, relatively short drive from Boston, you know, not
too bad each other means. So you know that was
a repeat winner for us.
Speaker 3 (50:30):
Well, I'm a Cape Cod snob, Brittany, so you know,
I always think Cape Cod should win. But but nonetheless, Hey,
let's go.
Speaker 5 (50:38):
To Western Cape Cod too.
Speaker 3 (50:41):
You know, I know you did, I know you did?
I see them on the list here, let's go out
to western Massachusetts. Was this hotel called Prospect Lake. It
looked a little different.
Speaker 5 (50:53):
Are you talking about the prospect Berkshire's U but for
best new hotels, yeah or yeah, yeah, the one prosper
like exactly. Yeah, so that we were our panels were
super excited about this. This is a fairly new hotel.
It just opened this past spring and it was like
a campground that had kind of fallen into just a
(51:14):
fit pair and the new owners, you know, took it
over and they completely renovated it and redid it. And
so now there are forty nine gorgeous cabins throughout the grounds,
a great restaurant, and say seasonal saltwater pool and you know,
if you're going in the winter, you know there's some
ice skating and snow showing that you can enjoy. Sauna
(51:35):
is so good for cold and warm weather, I think,
which is you know, kind of what the Berkshires is
all about all seasons.
Speaker 2 (51:42):
And it's not just about hotels, but it's about great
activity locations. So you talk about the best ski mountain,
which in this case is Stove Mountain, and you also
talk about the best golf course in the area, which
is down there in Brewster, the Ocean Edge Resort, Go
Cape Cod exactly.
Speaker 5 (52:03):
God.
Speaker 2 (52:03):
Yeah, so so those have got to be tough ones
to try to choose, you know, with the best activity
location might be, because we've got some great ones all
over New England.
Speaker 5 (52:14):
Absolutely absolutely, I know it is. It is a really
tough call year, right, but you know those those are
the two, you know, specifically with Dolph and Resorts that
really stood out to our panelists.
Speaker 3 (52:27):
Yeah, Brittany Jasnov's are our guests us the executive editor
of the Boston magazine and they're out with their New
England Travel Awards. Okay, you know, Kim and I love
talking about lobster roles. Now do you have two winners here? Look,
because I saw one was the Fenway area that that
that struck me as news.
Speaker 5 (52:46):
Oh so it's actually even Tide and so Even Tide
has a location in Portland, Maine. And then they also
have the location of Fenway, you know, near the Wall Park.
So we kind of we said, you know, if you
if you're not you know, if you're travel and you're
in Maine, it's great there. It's also great if you
are sticking around Boston you can actually try it, which
is pretty cool. But we love, we love their lobster role.
(53:10):
You know, they have that that fluffy you know, steamed bun,
Vow style steamed bun and just you know, it's just absolutely.
Speaker 2 (53:17):
Delicious and just lots of lobster, a lot of lobster
brown butter, like anything shows brown butter. So tell us, Brittany,
what the feedback is from these thirty locations or these
festivals or you know, whatever it might be. What does
it mean for them to win something like this.
Speaker 5 (53:36):
I think it's very exciting. You know, the places are
very you know, uh deserving of these recognitions, and I
think that they are, you know, are are excited to
kind of be to be recognized and to have this
you know, you know, we're we're showcasing you know, the
best of the best year in hospitality. So it's it's
(53:58):
an exciting honor for sure.
Speaker 3 (54:00):
And yeah, okay, getting back to Joe and Cape Cod.
Now you have a family friendly resort, I see, and
then you have just a resort to take us through
those two winners.
Speaker 5 (54:12):
Yeah, so the family friendly one is Red Jacket Beach
Resort and they actually just went through I believe a
big renovation and they have some really great family friendly
accommodations there. So it's right on private beach. You know,
they have a lot of kind of fun programming for kids,
which you know, parents know it's great to have things,
(54:32):
you know, besides beach to keep their kids busy. You know,
their's science workshops, magic shows, baseball clinics, super fun place.
And then with Closet sort of felt like the panel
just felt like this year, you know, best Hotel massachusets
kind I had to go to a closet. It just
celebrated one hundredth year anniversary, which is amazing, and it's
fresh off a multimillion dollar renovation itself, so it's it's
(54:55):
a really beautiful luxury resort right on pleasant day and
you can take a complimary boat ride if you're a
guest there out to Outer Beach, which is a really
cool feature as well.
Speaker 2 (55:08):
So, Brittany, I keep going back to just how this
whole list is put together and what the in the
end the list means. So obviously you're your readers are
the ones who put this forth? Are you seeing just
as a trend? You know, is there a lot of
enthusiasm about travel from your readers? They obviously want to
see these kinds of things. I'm wondering, you know what
(55:30):
the response was when you ask people, uh to nominate
and then and has that changed? Have you seen that change?
You know for local travel?
Speaker 5 (55:40):
Yeah, I mean I think that there's we got a
great response from our readers from the survey. I think
there's a lot of enthusiasm both for local travel and
you know, national international travel frankly you know throughout you know,
the country. But I but yeah, I think that our
readers are very enthusiastic about travel overall. And it's a
(56:02):
big you know, part of what we do is sort
of you know, exploring not just Boston but all the
kind of crannies of our area that are worth driving to.
Speaker 8 (56:13):
Yeah.
Speaker 4 (56:14):
Absolutely all right.
Speaker 3 (56:15):
That she's Britney Jasnoff and she's the executive editor of
Boston Magazine and she joins us every now and then,
and we want to thank her for joining us on
the New England Business Report.
Speaker 2 (56:29):
Well, Joe, that's going to do it for this edition
of the New England Business Report. Let's look ahead to
next week. You know, we've got a lot of things
happening in the world of sports, the business of sports.
We love to talk about it, Joe, and we love
to talk about it with Skip perm. Obviously, we've got
our winter sports right on the horizon. We've got some
fall sports that are going on right now, and we've
(56:51):
got some well, we hope we've got some continued baseball
to talk about as well. So Skip Perm will be
our guest. That's coming up next week at eight am
on the Voice of Boston w r k O six
eighty am.
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to New England Business Report.
It's so good to have you with us on this Sunday,
September the twenty eighth. I'm Kim Carrigan along with Joe
short Sleeve and here we are the last Sunday in September.
Speaker 3 (00:23):
Yeah, lady's October, so no like say, buckle up.
Speaker 2 (00:30):
Oh it's the truth, right, we just start just to
zuoming twenty five has gone so quickly to me. I
don't know if you feel that way, but we talk
about this each week because it's just so crazy, how
quickly based.
Speaker 3 (00:42):
On a daughter in law just had a baby girl
this past week, so congratulations, talk about marker and time.
You know Joe now has five grandchildren. Are you kidding me?
Speaker 2 (00:56):
Good for your good Josh job. Let's take a look
at some of the stories that we've got coming up
this morning. We've got a really great show in this
first half hour. A recent survey shows that, besides Hawaii,
Massachusetts is the most expensive place to retire in the country,
(01:17):
and we were wondering, you know, why.
Speaker 4 (01:20):
Is that the case.
Speaker 2 (01:22):
So we thought that it would be great to get
some information from the president of the mass High Technology Council,
the High Tech Council, Chris Anderson. He's an old friend
of ours. We spoke to him a lot when we
worked over there on Bloomberg. Haven't had a chance to
have him here on the New England Business Report, so
we're really looking forward to having him in to talk
about that and a number of other things.
Speaker 5 (01:41):
Joe.
Speaker 3 (01:42):
Yeah, he's a guy like Jim Rooney. He tells you
the truth. He tells you exactly the way it is.
He does not hold back.
Speaker 5 (01:49):
Uh.
Speaker 3 (01:50):
I mean, I suppose he's politically correct, but just barely.
That's why I enjoyed Chris so much. So what's going
on in the state's economy and the high tech industry
in the state, He'll tell you absolutely.
Speaker 2 (02:06):
So we're looking forward to that conversation with him. And
you know, speaking of that retirement issue was also storied
this last week in the BBJ, So the executive editor
of the Boston Business Journal, Doug Banks, is going to
join us. He always talks to us about some of
those different headlines they have, that being one of them.
He's going to talk to us about some of the
best colleges in the area. He's also going to talk
(02:28):
to us about the Survivor Cafe, which is above the
Greatest bar in Boston. This is a big trend, Joe.
These cafes were people who loved these shows, or they
love these you know, books, or whatever it might be.
They go to these cafes, the Survivor Cafe. All I
can think about when I think of that is do
(02:49):
they serve like live crickets or beatles or something, because
on that show they're always eating stuff like that crickets.
Speaker 3 (02:58):
I'm guessing they, I hope not. Now that The World's
Greatest part, of course, is owned by Bill Fairweather and
his wife. And you know, if I go back in
time to the nineteen eighties when I was working at
Channel fifty six, Bill Fairweather was a sports producer.
Speaker 2 (03:14):
Yeah so really I didn't realize that.
Speaker 3 (03:17):
Oh yeah, yeah, So anyway, I know the Fairweather from
way back. Second half of the program, we have a
very special guest. We're going to be talking with one
Daniel Cooper. He's a vice president and economist with the
Boston Federal Reserve Bank, and you know, a lot of
interesting questions for Daniel Cooper. You know, he can talk
(03:39):
about what the FED does. I mean, we always hear
about the FED, but right at the end of the day,
do you really know exactly what they do? And he
can talk about the differences in economies and other words
in terms of you know, okay, we're doing well here
in New England, but what's going on in the rest
of the country. But another topic that he said he
wanted to talk about. I think this is fascinating is
(04:02):
is a I to blame for the slow jobs market.
So we'll be talking with Daniel Cooper about that. And
then the New England Travel Awards are out. The Boston
magazine has thirty awards out there, and I took it
to look at the list. Kim, I'm sure you have
as well, primarily looking at the Massachusetts destinations. I get
(04:27):
there's this pretty wild new hotel out in western Massachusetts
called Prospect Lake. If are you familiar with that.
Speaker 2 (04:33):
I was not familiar with it until I read it
in this You know the thirty winners, right.
Speaker 3 (04:38):
Britney Jasnof is the executivetor of Boston magazine. She's going
to be along to roll the Best Fenway I mean
the best Lobster role apparently they're saying, is in Fenway
golf locations, to take us down to Ocean Edge in Brewster.
And of course then there's the week cousset the resort
(05:00):
out there in the Cape. You know. Yeah, they got
to mention as well. Yeah, Zof has been on this
program before.
Speaker 2 (05:06):
Yeah, she's terrific. You know what's neat about this is
that people nominated their favorite place is to travel, and
their favorite festivals, their favorite beaches, their favorite mountains, and
then they chose So I want to hear how they
chose these thirty winners.
Speaker 3 (05:24):
All right, Kim, you and I have talked to this
gentleman many times over the years, especially when we wore
our hats at Bloomberg. He's, of course, Chris Anderson. He
is the president of the Massachusetts High Technology Council. Always
a great conversation. Of course, the Massachusetts High Technology councils
and organizations of CEOs senior executives representing technology companies dedicated
(05:49):
to creating and sustaining conditions that support investment. Therein lies
the question, you know, how are we doing. Chris, welcome
and well, tell us a little bit about your membership.
I couldn't find actual numbers of how many people consider
themselves members of the Massachusetts High Technology Council, but tell
us whose member and how are things going.
Speaker 6 (06:13):
Well, it's great to be back with both of you.
Thanks for having me on this morning, and it's a
timely conversation as we look forward and think about what
the impacts of certain trends are on the Massachusetts economy.
You know, we do have a very intensive innovation economy
that now permeates almost every type of employer you can
(06:33):
think of. So it's hard to put a box around
high tech or innovation specifically, particularly when we see what
artificial intelligence is doing and transforming almost every type of
business operation of Massachusetts. And that's one of the factors
that is driving some urgency around our focus on the
(06:57):
future of the state's innovation economy, which does remain one
of the most innovative innovation states in the United States.
Speaker 2 (07:06):
So, Chris, having said all of that, tell us, what
is the innovation economy looking like in Massachusetts?
Speaker 6 (07:12):
Well, it's looking very mobile. And the reason I say
that is that employers that are still here have been
increasingly adding headcount outside of the Commonwealth. We're actually one
of the few states that have lost jobs since COVID hit.
Most other states that we compete with have added tremendous
(07:35):
numbers of jobs. And it's really being driven by some
changes and trends that are impacting our quality life and
the high cost of living here. And that's what we're
really focused on. We're looking for solutions to help regain
some of the business climate and competitiveness momentum that we
had that allows employers to stay here and grow here
(07:56):
and provides opportunities for people looking for work to find
them here in Massachusetts.
Speaker 3 (08:01):
Are we're talking to Chris Anderson is the president of
the Massachusetts High Technology Council. Well, all right, Chris, are
all those answers up on Beacon Hill? Specifically? Are they
up there in the Governor's office? I mean, where are
these answers that you need?
Speaker 6 (08:11):
Well, we think the answers are going to come from
tax fairs in the twenty twenty six election cycle. People
who live in work here and are going to be voting.
We've seen an increase in the prevalence of initiative petitions.
I think in order to really get changed the way
we need to in a timely fashion. We have to
present information to the voting residents of the Commonwealth and
(08:34):
have that way in on are your income taxes too
high or do you want to reduce them over three years?
Do you think that the state's budget, which has grown
at twice the rate of your household income for the
past ten years, should continue to grow at that pace,
or do you want to reduce the rate of growth
in line with what your household income increases. And we
(08:56):
think those are the types of questions that we will
be presenting, we believe will be presenting to the voters
in twenty twenty six as the first of a multi
year effort to begin making policy changes that impact our
bottom line competitiveness.
Speaker 2 (09:12):
Well, you've pointed out, Chris, some of the policies obviously
through those questions that you think are really relevant and important.
But what would you say, are the give us the
top three issues that are facing these businesses and need
to be rectified immediately for growth to continue.
Speaker 6 (09:29):
Well, part of it is national, right, So we're seeing
even just recently with the change in the H one
B visa process, which has for decades been a challenge
for many of our technology firms, not only here in
Massachusetts but across the country. That's an important program that
requires or allows our tech employers to fill highly skilled
(09:55):
positions with scarce workers, and we don't produce enough for
these skilled workers in the United States, and that's why
there's an important role for foreign skilled trained workers through
the H one V VISA system. Right now, there's people
are trying to figure out whether this hurts or helps
in the long run, just like the tariff situation did.
(10:16):
But that's a federal issue that is affecting everybody, and
we're still digesting what that means. Locally. We just have
to get the state to be a lot more competitive.
We're losing residents to New Hampshire and Florida at an
alarming rate, and not only the working members of the community,
but the high wealth folks who provide a lot of
(10:37):
philanthropy in Massachusetts. And if that trend continues unchecked, we're
going to see a decline ultimately in what the state
collects from tax revenue, and that will impact services and
the quality of life for people that are still here.
Speaker 3 (10:51):
And not only people who are working, but folks who
are retiring you're quoted in on the article on the
Boston Business Journal, was talking about the high cost of
retireronment in this state. Yeah, okay, we know Massachusetts expensive.
But what's going on here and how concerned are you?
Speaker 6 (11:06):
Well, it's a big concern, you know. And the way
you attack that is you look at reforming the estate tax.
Massachusetts is one of a handful of states, a little
over a dozen states that still has an estate tax
in play, and it's one of the biggest estate tax fights.
So New Hampshire, for example, Florida, I mentioned them, they
(11:29):
don't have an estate tax. Massachusetts should eliminate the estate tax.
That'll certainly help on the retirement front. So we just
have to think about how we manage the costs that
are creating incentives to drive older residents to leave the
Commonwealth and take their investment resources, their philanthropy with them.
(11:51):
And that would be on the top of my list
to attack the retirement issue.
Speaker 2 (11:57):
So, Chris, we've talked about, you know, some of the
issues that obviously or impacting the technology business in this state,
and they haven't been great.
Speaker 4 (12:05):
How about some good news.
Speaker 2 (12:07):
What's some of the good things that are happening?
Speaker 6 (12:09):
Well, I mentioned at the front end that we have
an extremely innovation driven economy and we can capture some
of the huge opportunities that artificial intelligence has because of
that innovation diversity. In Massachusetts, we're currently working on a
number of proposals and the common Wealth is established an
(12:30):
AI hub. Some of our members are very active in
helping shape the opportunity for public private partnerships that take
the advent of artificial intelligence and drive new growth in
various economic clusters such as fintech or healthcare. So there
(12:50):
are opportunities to take advantage of new growth, and I
would just I always say this, right, you have to
do this in tandem with the hard work to make
sure that we reduce barriers that cause people to want
to leave. If we do these together, and we should
be able to do these together, we can retain regain
the growth momentum and have the revenue to solve some
(13:13):
of these vexing problems around our transportation systems, our inner
city education, public education systems, and the high cost of housing.
Speaker 3 (13:23):
How is the emergence of AI and the High Tech
Council members, how is it a good thing to plan?
Further on Kim's question.
Speaker 6 (13:33):
Sure well, if you think about the inventional electricity, I
would equate artificial intelligence in a similar way. It's going
to revolutionize how we train people, how people are using
artificial intelligence, how artificial intelligence is improving people's lives throughout
the medical system, how it's transforming the flow of information,
(13:58):
improving secure And I'll say the mirror of that is
that when you think about cybersecurity and the threats of cybersecurity,
AI is also helping improve the mobility or the impact
that the bad guys are having. So there's clearly a
(14:19):
double edged sword here. And as long as we create
regulations in Massachusetts that protect the consumer or the employee,
well at the same time encouraging AI to help transform
our economy will be okay. I just fear that some
(14:40):
elected officials, not only Massachusetts but in other states want
to overregulate this new phenomenon to the point where it
inhibits the positive impacts that can have on our economy.
Speaker 3 (14:53):
There you go, all right, He's Chris Anderson. He's the
president of the Massachusetts High Technology Council. Appreciate you joining
us on the New England Business Report. Executive editor of
the Boston Business Journal.
Speaker 1 (15:10):
You are listening to the New England Business Report on
the Voice of Boston w RKO six 't eighty Joe
and Kim will be right back.
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Speaker 2 (17:31):
Hi everybody, I'm Kim Karragan.
Speaker 3 (17:33):
And I'm Joe Shortsley. If you want to be part
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Speaker 2 (17:40):
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Speaker 3 (17:45):
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 Support. It's
course Sunday morning, September the twenty eighth. Yes, Yes, Fall
(18:06):
is here and taking hold all right. Here in the
program is the spot where we talked to the executive
editor of the Boston Business Journal about this week's headlines,
of which there were plenty. He is one Doug Banks. Doug,
thanks so much for joining us. You know this story
you wanted to start with here, this Apple Green exits
(18:29):
Mass Pike service Plaza contract. I don't know, I've read
this story in many other formats, the Globe, whatever yourself
saying it's confusing, Yeah.
Speaker 4 (18:39):
It really is.
Speaker 5 (18:40):
So.
Speaker 4 (18:41):
First of all, thanks as always for having me.
Speaker 12 (18:44):
This story is you know, I think a lot of
everybody's sort of been following the Mass Pike service plaza contract.
Normally these things are not nearly as dramatic, but in
this case, the biggest news this past week was that
the Irish company Apple Green walked away from what would
have been a thirty five year contract to refurbish, redevelop
all the service plazas the rest stops along the Mass Pike. Now,
(19:07):
the reason why this is such big news is because
for the past couple of months, their rival and the
rival Bidder Global Partners, which is a local gas company
that owns Gulf stations and currently has that contract. Not
only has they have they threatened legal action, but they've
been going on a media blitz saying that the bid
was rigged, that it was unfair that they should have
(19:27):
gotten chosen. They're the local you know, local bidder, YadA, YadA, YadA,
and so here's here's a case where Apple Green won it.
They were putting up with all of this nonsense from
their rival, and now they've walked away saying they couldn't
reach an agreement with Mass Dot officials and that threat
of the legal action from their rival sort of hanging
over their heads.
Speaker 3 (19:47):
Well yeah, I mean, but that's what I wonder how
much of this withdrawal has to do with Global's challenge.
Speaker 12 (19:53):
It's really that's a really good question. I mean, at
the end of the day, we don't know. Mask Dot
isn't saying, they're not even saying whether they're going to
put this out for rebid and try to bring in a.
Speaker 4 (20:03):
Whole new group, whether they're going to award it to Global.
We just don't know. Mascot has not been clear on that.
Speaker 12 (20:09):
But what we do know is that Apple Green was
partnered with local companies like John Fish's Suffolk Construction, local
architecture firm. They were going to do over seven hundred
and fifty million dollars in construction, built, you know, refurbishing
all these and it was going to bring more electric
vehicle charging capacity to the pike. So I think, you know,
it could have been good. We really just don't know
at the end of the day what they were thinking.
Speaker 3 (20:30):
Yeah, and they're supposed to start in January, right, I mean.
Speaker 12 (20:33):
Yeah, it would have been done by twenty twenty eight.
So now that's all up in the air.
Speaker 3 (20:37):
All right. Another headline there on the Boston Business Journal
this week has to do with colleges and well, they're
all looking for cash these days, and they're finding new
ways headline on the BBJ. With small colleges to face
more and more hurdles, they're turning to land deals.
Speaker 4 (20:54):
What's going on, Yeah, Joe.
Speaker 12 (20:55):
We had a cover story last week on local small
colleges that are you know, they're seeing fewer students, they're
seeing threatened endowments, and so they're looking at one of
their most valuable assets, which is their land, especially those
colleges that are close to downtown. For example, Simmons University
rights between Longwood Medical Area and the Fenway. They just
(21:16):
announced the ninety nine year ground lease to the big
developer Skanska to build a nineteen story residential commercial building
right there next to Slash on their campus. That's not
necessarily a school building, it will be, you know, a
commercial and residential building. And then Leslie University over in Cambridge,
they've sold off twenty five properties since twenty twenty one,
(21:38):
over one hundred million dollars they've brought in that way.
So that's just two examples. Our cover story definitely has more.
I definitely recommend people to check that out. And that's
not the only college stories that we had this week.
Speaker 3 (21:51):
Oh y, Yeah, some people made the list, some people didn't.
Speaker 1 (21:56):
Let's hear about this.
Speaker 3 (21:58):
I have your headline on the BBJ here Williams and
Amherst College's top US News Liberal Arts rankings once again.
Speaker 12 (22:06):
Yes, the US News and World Report came out with
its ever controversial, ever annual rankings, and.
Speaker 4 (22:13):
You know, shocker.
Speaker 12 (22:14):
On the big school side, Mit and Harvard were in
the top three, just behind Princeton, so it was Princeton, Mit, Harvard.
Speaker 4 (22:21):
And then on the.
Speaker 12 (22:21):
Small college side, as you mentioned, Williams College was ranked
number one, Amherst College was ranked number two, and those
two who have been at the top of that list
for basically ten years now. So really the only news is,
you know, the news that's not news is we have
elite schools here in Massachusetts and we're better than anyone else.
Speaker 4 (22:39):
We kind of already knew that.
Speaker 12 (22:40):
The biggest news, to be honest, is that Northeastern cracked
the top fifty for the first time in years. It
rose eight spots to the number forty six. So Northeastern
is competing as a really high quality university and that,
you know, US News and World Report has given them,
you know, that credibility in the past and now they're back.
Speaker 3 (23:00):
Yeah, but Doug, how much we know? What is the
criteria for climbing up the list here? I mean for
the you know, what is it these What is the
information that US News and World Reporter is working with.
Speaker 12 (23:10):
Yeah, they change a lot, but they you know, they
use I think something like seventeen measures of different academic quality.
They look across all, they look across all kinds of things.
I mean, it's they do change the methodology here and there,
but but it's it's always you know, it's always interesting
(23:31):
because company.
Speaker 4 (23:32):
When colleges don't do.
Speaker 12 (23:33):
Well on the list, that's when they'll say, well, it's
just a list, it's media, it doesn't really count. But
then when they do well on the list, boy, we
definitely hear about it, that's for sure.
Speaker 3 (23:42):
Yeah.
Speaker 1 (23:43):
All right.
Speaker 3 (23:44):
This is another headline on the BBJ, and it's one
that I think a lot of folks have been talking about.
Massachusetts has the highest cost of retirement on the continent.
I guess only Hawaii beats us. There not not necessarily
a great headline. A lot of folks on the business
community are quoted as to this this story here, so
(24:08):
highest cost of retirement. That's not a good thing right.
Speaker 12 (24:13):
No, no, no, sir, not if you live here like
we do, and as you're getting up in age like
we are. I mean, I'm speaking for myself here, of course,
not the you know every young Joe and Kim. But
we're more expensive than New York. We're more expensive than California.
Like this is not good when Hawaii is the only
state that's more expensive than Massachusetts when it comes to
retirement costs.
Speaker 4 (24:34):
This company called net Credit.
Speaker 12 (24:35):
They looked at, you know, the average retirement age, average
life expectancy, and then they put that up against the
local cost of living, which they use the MIT cost
of Living Index, which anybody can look up online. Then
they added they padded it with an extra twenty percent
and costs because they wanted to sort of look at
what's the retirement in comfort, sort of what's the comfortable retirement.
(24:58):
So according to the their information, it would require one
point zero six million dollars nest egg for a comfortable
retirement in Massachusetts, which again, as you said, highest one
in the in the country except for Hawaii. And yeah,
I talked to several local business leaders and they all
said of a version of this, which is Massachusetts as
(25:21):
we know is a high cost state to do business.
Energy costs are high, taxes have been high. Those with assets,
people who retire with money have faced one of the highest,
most punitive estate taxes in the nation. They've tried to
change that in years past, they haven't been able to.
And then for those on a fixed income, it's just
(25:44):
ever more expensive. And we see this now. I mean,
grocery costs, everything are going up. It's almost impossible to
live here. So this is definitely a warning shot across
the bow for state leaders who want Massachusetts to be
a competitive state, to have people here and here and
stay here and not you know, retired to Florida, which
is what a lot of people do, or other you know,
(26:05):
no text states.
Speaker 3 (26:07):
Yeah, and on the other end of that list, I
guess you have as West Virginia's the cheapest place for retirees.
But okay, so kind of a fun story also, you
had on the BBJ website this week, I survived the
Survivor Cafe now open in Boston. I'm somewhat familiar with this.
(26:29):
It's all connected to the World's Greatest bar. Tell us
what this is.
Speaker 12 (26:34):
Yeah, so we're seeing more and more of this. You
may remember a couple of years ago, the Cafe from Friends,
the Central Perk opened in the back bay in the
West End West End Johnny's. They opened the Drunken Clam,
which I guess is from the cartoon family Guy. This
past summer and now for if you're a fan of
the show Survivor, the Greatest Bar over on Friend Street
(26:55):
has transformed its third and fourth floors into the Survivor
Fan Cafe. So they're taking the you know, themes from
the show, games, challenges, you could do, challenges from the show.
They're serving, you know, obviously the menu is going to
have Polynesian food, Survivor themed drinks. They've got they've got
all kinds of stuff, a tribal counsul fire pit. If
(27:16):
you you know, if you're one of your friends is
getting on your nerves, you can go over to the
voting confessional booth where they vote people off the island.
Speaker 4 (27:22):
All kinds of interesting things.
Speaker 12 (27:24):
And you know, my wife watches the show, and we've
got people in the newsroom who watch the show. So
kind of a fun, kind of a fun way to
bring people downtown and get them, get them, you know,
active over in the West End.
Speaker 3 (27:36):
Now the Greatest Bar is owned by the parents of
Shannon Fairweather, who was a contestant this past week on Survivor.
So there there is a local connection.
Speaker 12 (27:47):
There, Yes, exactly, they're they You know, the show just
started this past week and you know watching on Wednesdays.
And of course last season we had a local connection
to a pizza guy in Revere where I live at
Luigi's Pizza was on the show, and that pizza place
is constantly talking about Survivor and using that to get
(28:10):
attention as well.
Speaker 4 (28:11):
You can see it all the time.
Speaker 12 (28:12):
So definitely a great way to promote a local place
and bring people together.
Speaker 7 (28:18):
All right.
Speaker 3 (28:18):
He's Doug Banks. He's the executive editor of the Boston
Business Journal. Thank you very much for joining us on
the New England Business Report. Next we're gonna be talking
with Daniel Cooper, he is with the Federal Reserve Bank
in Boston.
Speaker 1 (28:34):
Kim and Joe, we'll explore more business news that impacts
our New England economy when they return.
Speaker 7 (28:40):
It's so much fun when I'm joving with you.
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Speaker 10 (29:42):
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 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 import and to you.
As you know, nothing gets built without as set of plans,
(30:03):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshall 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
(30:27):
two ten thirty. Well check us out online at Marshallwealth
dot com. Marshall with two els, Marshallwealth dot Com.
Speaker 11 (30:34):
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, Marshal Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (30:47):
Welcome back to doing the Business report on this Sunday morning,
September the twenty eighth. Time now to talk about some
other business headlines out there that Kim and I thought
would be interesting for everybody listening this morning I've told
you Cam and you know this. My daughter works at
the Encore Boston Harbor casino, right and they're very successful.
(31:07):
But they're very concerned in the casino industry in this
state about what's going on in Beacon Hill right now
about this push for eye gambling. And as many people
have said it on they say that casinos now face
headwinds through more competition and shifting consumer habits. Legislators are
considering further legislation through online gambling. Maybe you can't fight
(31:32):
the tide. But at the same time, I was looking
back at this and saying, these companies, these casinos that
came to Massachusetts, they paid a four hundred thousand dollars
application fee, they paid an eighty five million dollar licensing fee,
and they had to invest at least five hundred million dollars.
I mean, I could understand why these guys are sitting
(31:54):
here and going, wait a minute, Massachusetts, what are you doing?
Speaker 2 (31:57):
Well, And I'll tell you they know just how bad
this can't affect them because they know that in this state,
sports betting really and truly is not a casino betting game.
Sports betting is done on a phone. Yeah, they have
you know, over an Encore again talking about that that
they have that gorgeous, you know, sports betting parlor and
(32:19):
it's used for viewing more than it is betting, so
they know that online betting of any type is going
to be a real problem for them.
Speaker 5 (32:28):
Yeah.
Speaker 3 (32:28):
Well, I guess casino revenue of the state, as you're
pointing out, the casino tax has peaked in twenty twenty
two and has declined about three percent over the last
three years, and they say that's the period that coincided
with the introduction of sports betting. And as you just
pointed out, Kim, they built these beautiful areas for sports betting.
I guess what. Yeah, they're pretty quiet, right right.
Speaker 2 (32:50):
I will admit that I have been there to watch
games and never laid down a single dime. Yeah, well,
I did buy a glass of wine or two, so
maybe that counted.
Speaker 6 (33:00):
Well.
Speaker 3 (33:00):
We have a business news there.
Speaker 2 (33:03):
Well, let's go up north to Dartmouth College, and I
don't know if you saw this, but one of their
very famous alumni is donating fifteen million dollars to create
a new residential hall in her name. We're talking about
Shonda Rhymes, and this will be the Shonda rhymes hall.
Of course, she is the CEO of Shonda Land. She
(33:26):
is behind some of the most incredible shows including Scandal,
How to Get Away with Murder, Grey's Anatomy, and of
course Bridgerton, which we're all waiting with baited breath for
the next season of Bridgerton on Netflix because it's so great.
But she's fifty five years old. She is a graduate
from there, and she graduated in ninety one. And when
(33:50):
this beautiful facility, this new dorm is built, it's going
to be five stories and it's going to be the
first to be named after a woman on that campus
and the first to be named after a black alum.
So I think that's pretty cool. Groundbreaking is in twenty
twenty six. It's scheduled to open in twenty twenty eight,
(34:11):
and so people can say if they live there that
they live in Shondaland, which is is a pretty cool thing.
Speaker 3 (34:20):
Well, you know, I went to College of the Seventies
and Holy Cross, and you know, I feel at I
don't know about you, but I feel a little gypped
in terms of dorms. You know, my dorm was pretty
basic and I'm sure, I'm sure what they're building other places,
especially what you're talking about right now. There are darbyth
It's gonna be a lot nicer than you know. The
alumni dorm at holy Cross College, well, let me tell.
Speaker 2 (34:41):
You Welner's studio, No, no wellness studio with a grand piano.
Speaker 3 (34:45):
Gotta have that.
Speaker 2 (34:46):
One hundred and fifteen juniors and seniors. They will be
able to live in apartment style suites in this building.
Nobody wants to leave college. You're living is too good? Yeah, Well,
uncertain has been the way that many have described the economy,
both here in the New England region as well as nationwide.
(35:06):
We're joined by Daniel Cooper, an economist with the Federal
Reserve Bank of Boston, to talk a little more about
the economy.
Speaker 4 (35:13):
Daniels, so good to have you with us.
Speaker 2 (35:15):
Thanks so much. You know, Joe and I were saying
we wanted to start with just a broader conversation. A
lot of people hear about the Federal Reserve, but I'm
not sure they know what you guys do. So could
I just give us a rundown of what the Federal
Reserve does?
Speaker 3 (35:29):
Sure?
Speaker 13 (35:29):
So, I work for the Boston Dead and we're one
of twelve federal Reserve Banks, which along with the Board
of Governors in Washington, d C, make up what.
Speaker 8 (35:40):
We call the Federal Reserve System. So we're based in Boston,
but we serve nearly all of nearly all of New England,
and our President, Susan Collins, brings lots of insights from
around the region, along with economic analysis from the Research
Department where I sit and other Boston bed to the
(36:02):
Federal Open Market Committee when they meet to discuss interest
rate policy. Mm hmm.
Speaker 3 (36:08):
So, Daniel, what your read on how the economy is
doing here in Massachusetts slash New England.
Speaker 8 (36:16):
So I think, you know, more broadly speaking, overall, the
economy is doing well. Uh, you know, nationwide, and you're
you're asking a bit about New England and Massachusetts. You know,
I think, you know, things are overall healthy, and I
think a lot of the patterns we're seeing nationally you're
also seeing here. I mean there's a bit of you know,
mixed signals from the data.
Speaker 5 (36:37):
You know.
Speaker 8 (36:37):
One piece of data that's been the news a lot
recently has been job growth, which has flowed noticeably. You know,
there's also a down our revisions for some of the
historical data through through earlier this year, you know. But
at the same time, you know, retail sales growth and
seems to be pretty solid. We had some really good
(36:58):
numbers in August, and that stuff isn't broken down necessarily regionally,
but there's not, you know, reasons to necessarily believe it's
it's very different and we're not necessary hearing things that
it's it's substantially different around here. Of course, their pockets
is weakness everywhere, and you hear anecdotes of some small
companies struggling more than others, but generally things seem pretty good. Uh,
(37:21):
but there's always regional differences, and we one thing that
we're seeing is that job growth in Massachusetts, you know,
has been quite slow for a while now. It's sort
of pre date flaws to slow down we saw nationally,
and it's not completely clear why that's the case. It's
something we're looking into a bit, and you know, but
you also see some sciences of strength in the area
(37:42):
and that you know, relative to other areas of the country.
House prices here, you know, haven't you know, haven't slowed
down as much as elsewhere. We're not actually not seeing
declines in house prices here as much as we are
seeing in other areas of the country. So there's certainly differences,
and it's you know, again, you get some sort of
mixed from the data a bit, but I think overall
(38:03):
things are are reasonably okay at the moment.
Speaker 3 (38:06):
Talking with Daniel la Cooper, he is a vice president
and an economist. He's at the Federal Reserve Bank of
Boston and their Research department where he heads up the
Household Decision Making Group. Interesting question that you folks actually
brought to our attention and suggested, is is a I
to blame for the slow jobs market?
Speaker 8 (38:28):
Yeah? I think I think that's a very interesting question
and one that's going to be debated for a while.
I would say it's a bit of a mixed bag
with AI, and it's probably too soon to tell, and
it's certainly too soon to sort of lay the blame
on it.
Speaker 6 (38:47):
There.
Speaker 8 (38:47):
There are certain things going on that you see. The
unemployment rate, for instance, has gone up a lot for
college graduates. You know, they're having more, you know, and
and they're they're having there's more difficulty in finding jobs.
Industries and occupations where you would expect AI to potentially
be playing a bigger role, you know, it's you know,
(39:08):
perhaps it's consistent with these are occupations like maths and
computers and management, and you see like sort of continuing
claims from unemployment insurance being you know, more concentrated and
going up a bit more in those areas, and you know,
indicative of that, maybe you know, AI is replacing some
(39:29):
of the entry level field labor, and the unemployer rate
for college grads, it's gone up more, you know, for
younger college graduates. So there's certain things like that going
on that are raising questions about AI. At the same time,
there's a ton of anecdotal evidence and a ton of
firms talking about how AI is enhancing the productivity of
their existing workers. So, you know, productivity is a great thing.
(39:51):
It's you know, the economy is producing more, you know,
for the amount of inputs it has, and that that
can be quite beneficial in the long run. And the
other thing we've heard about it, and which I find
quite interesting, is that they're we've heard about institutions locally
and around the region harnessing AI to try to help
improve their workforce development programs. So so using it to
(40:14):
try to help people build skills that are necessary or
tailoring programs to help you match workers with what firms
need and that you know, I would think, you know, again,
in the in the longer run, could I be quite
beneficial for those.
Speaker 2 (40:27):
Labor market Absolutely. AI certainly a story that will be
ongoing in the story of the future. Let's take a
look at this issue in that being tariffs, Daniel, that's
a story for right this very minute. Your your idea
about how that's impacting the economy.
Speaker 8 (40:47):
Yeah, I think again, you've got you've got some more
local impacts. You've got some more national impacts. Obviously, tarifs
are national thing and it you know, but they are
going to affect firms more that you know, trade more
internationally and import more. And you know, I think that
you know, certainly, uh, you know, there are firms here
(41:09):
that we've heard about that you know, do a lot
of cross border trade with Canada just because of our proximity,
and you know, you can get you know, terrorifts for
some of these places are quite burdensome in that if
some some places have inputs that start you know, start here,
they go to you know, they go to Canada and
then they're sent back here for final production. And you know,
(41:31):
so that potentially get hit by terriffs. You know, there's
a you end up with double tariffs in some instances
in these cases, and it's quite becoming quite costly for
there's those firms to produce some of these products. And
so we first some stories about you know, the potential
costs of you know, ongoing terroriffs with Canada for some
some local firms and and certainly you know that's not
(41:53):
that's not isolated just to our region, but that's you know,
some of the things that we've heard about around here,
and you know, it raises costs, and you know, it's
it's hard for certain small manufacturers, of which we have
a lot in the region, to potentially absorb some of
these costs, and you know, so then they also have
to you know, they're faced with decisions about, you know,
(42:14):
how much to pass on and you know, smaller mom
and pop type stores, you know, again, ones that you
know input you know from you know broad you know
a lot of their products. You know, they they're potentially struggling,
you and we've heard that they're struggling to both navigate
the logistics of the of the tariffs because it's all
new and it's all there's a lot of you know,
(42:36):
paperwork and additional things that they must have to navigate.
At the same time, they have to navigate the rising costs,
and a lot of these small mom and pops stores
have no choice but to pass on the cost increases
to the consumers, whether or not they're going to it's
going to impact consumers demand. It's just they don't like
Larger firms may have more of an ability to absorb
some of the costs, you know, or you know, find
(42:59):
different producers or source things, you know domestically. You know,
these a lot of these mom and pop stores, especially
you know locally, you know, really.
Speaker 13 (43:07):
Rely on you know, a lot of good say important.
Speaker 8 (43:10):
It's gonna take more time for them to a job.
Speaker 2 (43:12):
Sure, well, we love our mom and pops here on
the New England Business Report, that's for sure, and always
interested to know what's happening with them. Daniel Cooper, we
thank you very much for being a part of the
show this morning. Coming up next we'll take a look
at the travel industry. This is the New England Business Report.
Speaker 1 (43:35):
You are listening to The New England Business Report on
the Voice of Boston w RKO six, Aby, Joe and
Kim will be right back.
Speaker 7 (43:45):
It's so much fun when I'm joving with you everywhere,
with God, everything that we do. Yeah, it's fun when
I'm joving with you.
Speaker 9 (43:56):
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Speaker 10 (44:46):
Are you a brother or a sister of one? A
gread of Boston's local trade unions and finally thinking about
getting ready to hang up your tools after thirty five
years of working your tail off. Congratulations, you worked hard
to build your retirement nest egg. But now 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,
(45:08):
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
(45:31):
two ten thirty. Well check us out online at Marshalwealth
dot Com, Marshall with two els, Marshallwealth dot Com.
Speaker 11 (45:39):
Advisory services offered through 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.
Speaker 2 (45:52):
Hi, everybody, I'm Kim Kerrigan.
Speaker 3 (45:54):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are are still available.
Speaker 2 (46:01):
You can email us at any Business Radio at gmail
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Speaker 3 (46:06):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 1 (46:21):
The New England Business Report on WRKO is brought to
you in part by SUPERO of New England SUPERU of
New England dot com.
Speaker 3 (46:31):
All right, welcome back to the New England Business Report
on this Sunday morning, that would be September twenty eighth.
Thinking about getting away at golf, outing, maybe skiing, getting
a massage, all of the above. Well, yeah, we have
something for you. Let's bring in the executive editor of
Boston Magazine, Britney Jasnoff. Now she's been on this program
(46:55):
before and they are out with their top thirty New
England Travel Awards. And these awards come about as a
result of their readership, their listeners or whatever. Folks tell them, Hey,
you know what, we really love this place. Brittany, welcome
to the program. Tell us about this, the New England
Travel Awards. What are they and how do they come about?
Speaker 5 (47:17):
Yeah, thank you so much for having me. So, yeah,
we're really excited about our New England Travel Awards. This
is our second year doing this. We started it in
twenty twenty four and it's a really exciting process. You know,
we survey our readers in about thirty different hospitality categories,
so we're looking at luxury resorts, destination restaurants, the mountains, festivals,
(47:39):
you name it, in all six New England states. So
our readers vote on their favorites and then we actually
canvene a panel of hospitality experts to choose the winners
from that list.
Speaker 2 (47:51):
And what is the criteria when those experts get together.
Speaker 5 (47:56):
Oh that's a great question. So I think it's a
little different depending on you know, what are looking at, right,
So you know, it really is all about what the
category is. You know, we have different categories like hotel Design,
which blind Tiger and Portland Main One for that really
really cool hotel design, you know, for Wellness Retreat which
(48:17):
the winner was Kenyon, Ranch and Lenox. We were obviously
looking at different criteria, you know, things like you know,
the amount of the SPA service, the overall SPA services,
the overall experience kind of because this is a wellness
retreat not just you know, you know, just about the spa,
but about the whole holistic experience. So it really depended
on the category.
Speaker 3 (48:38):
Sure does cost come into play here, because I mean,
as I read through your list, there are some very
nice locations here, I mean, but does that matter how
much a cost or whether it's a bargain or not.
Speaker 10 (48:50):
Yeah, we're not.
Speaker 5 (48:51):
We're looking more just at the overall experience of the
of the hotels, so not so much, you know, we're
looking you know, we want our readers to be able
to kind of go and have an amazing experience. So
that's sort of what the most important criteria was for us.
Speaker 3 (49:06):
All right, Okay, well let's uh, my daughter works at
the Encore Boston Harbor Casino, so I'll get that disclosure
right out of the way here. But on Encore major list,
how come absolutely well.
Speaker 5 (49:18):
You know it was it was an easy choice for casino,
you know, because we just what we love is that
it's not just about you know, the table games and
the slot machines there. It's also about the spa. The
restaurants are amazing, so it's really a whole experience you
don't even have to you know, enjoy gambling to have
a really fun night there. The hotel is also fantastic,
(49:39):
So it's the great vacation location.
Speaker 2 (49:41):
Yeah, sure is, Brittany. You said, this is the second
year for this list and for these awards. Who's some repeat.
Speaker 5 (49:50):
Oh that's a good question. Let's see. I believe that Algonquit,
Maine won two years in a row for best Beach Town.
I personally love Algunquit. Uh. It's a great, you know combination.
I'm the beach is gorgeous, The town itself is bustling
and so much fun just to walk around. Great dining
(50:13):
so you know, and great lodging options as well. And
it's not too far obviously, you know, it's just just
a short, relatively short drive from Boston, you know, not
too bad each other means. So you know that was
a repeat winner for us.
Speaker 3 (50:30):
Well, I'm a Cape Cod snob, Brittany, so you know,
I always think Cape Cod should win. But but nonetheless, Hey,
let's go.
Speaker 5 (50:38):
To Western Cape Cod too.
Speaker 3 (50:41):
You know, I know you did, I know you did?
I see them on the list here, let's go out
to western Massachusetts. Was this hotel called Prospect Lake. It
looked a little different.
Speaker 5 (50:53):
Are you talking about the prospect Berkshire's U but for
best new hotels, yeah or yeah, yeah, the one prosper
like exactly. Yeah, so that we were our panels were
super excited about this. This is a fairly new hotel.
It just opened this past spring and it was like
a campground that had kind of fallen into just a
(51:14):
fit pair and the new owners, you know, took it
over and they completely renovated it and redid it. And
so now there are forty nine gorgeous cabins throughout the grounds,
a great restaurant, and say seasonal saltwater pool and you know,
if you're going in the winter, you know there's some
ice skating and snow showing that you can enjoy. Sauna
(51:35):
is so good for cold and warm weather, I think,
which is you know, kind of what the Berkshires is
all about all seasons.
Speaker 2 (51:42):
And it's not just about hotels, but it's about great
activity locations. So you talk about the best ski mountain,
which in this case is Stove Mountain, and you also
talk about the best golf course in the area, which
is down there in Brewster, the Ocean Edge Resort, Go
Cape Cod exactly.
Speaker 5 (52:03):
God.
Speaker 2 (52:03):
Yeah, so so those have got to be tough ones
to try to choose, you know, with the best activity
location might be, because we've got some great ones all
over New England.
Speaker 5 (52:14):
Absolutely absolutely, I know it is. It is a really
tough call year, right, but you know those those are
the two, you know, specifically with Dolph and Resorts that
really stood out to our panelists.
Speaker 3 (52:27):
Yeah, Brittany Jasnov's are our guests us the executive editor
of the Boston magazine and they're out with their New
England Travel Awards. Okay, you know, Kim and I love
talking about lobster roles. Now do you have two winners here? Look,
because I saw one was the Fenway area that that
that struck me as news.
Speaker 5 (52:46):
Oh so it's actually even Tide and so Even Tide
has a location in Portland, Maine. And then they also
have the location of Fenway, you know, near the Wall Park.
So we kind of we said, you know, if you
if you're not you know, if you're travel and you're
in Maine, it's great there. It's also great if you
are sticking around Boston you can actually try it, which
is pretty cool. But we love, we love their lobster role.
(53:10):
You know, they have that that fluffy you know, steamed bun,
Vow style steamed bun and just you know, it's just absolutely.
Speaker 2 (53:17):
Delicious and just lots of lobster, a lot of lobster
brown butter, like anything shows brown butter. So tell us, Brittany,
what the feedback is from these thirty locations or these
festivals or you know, whatever it might be. What does
it mean for them to win something like this.
Speaker 5 (53:36):
I think it's very exciting. You know, the places are
very you know, uh deserving of these recognitions, and I
think that they are, you know, are are excited to
kind of be to be recognized and to have this
you know, you know, we're we're showcasing you know, the
best of the best year in hospitality. So it's it's
(53:58):
an exciting honor for sure.
Speaker 3 (54:00):
And yeah, okay, getting back to Joe and Cape Cod.
Now you have a family friendly resort, I see, and
then you have just a resort to take us through
those two winners.
Speaker 5 (54:12):
Yeah, so the family friendly one is Red Jacket Beach
Resort and they actually just went through I believe a
big renovation and they have some really great family friendly
accommodations there. So it's right on private beach. You know,
they have a lot of kind of fun programming for kids,
which you know, parents know it's great to have things,
(54:32):
you know, besides beach to keep their kids busy. You know,
their's science workshops, magic shows, baseball clinics, super fun place.
And then with Closet sort of felt like the panel
just felt like this year, you know, best Hotel massachusets
kind I had to go to a closet. It just
celebrated one hundredth year anniversary, which is amazing, and it's
fresh off a multimillion dollar renovation itself, so it's it's
(54:55):
a really beautiful luxury resort right on pleasant day and
you can take a complimary boat ride if you're a
guest there out to Outer Beach, which is a really
cool feature as well.
Speaker 2 (55:08):
So, Brittany, I keep going back to just how this
whole list is put together and what the in the
end the list means. So obviously you're your readers are
the ones who put this forth? Are you seeing just
as a trend? You know, is there a lot of
enthusiasm about travel from your readers? They obviously want to
see these kinds of things. I'm wondering, you know what
(55:30):
the response was when you ask people, uh to nominate
and then and has that changed? Have you seen that change?
You know for local travel?
Speaker 5 (55:40):
Yeah, I mean I think that there's we got a
great response from our readers from the survey. I think
there's a lot of enthusiasm both for local travel and
you know, national international travel frankly you know throughout you know,
the country. But I but yeah, I think that our
readers are very enthusiastic about travel overall. And it's a
(56:02):
big you know, part of what we do is sort
of you know, exploring not just Boston but all the
kind of crannies of our area that are worth driving to.
Speaker 8 (56:13):
Yeah.
Speaker 4 (56:14):
Absolutely all right.
Speaker 3 (56:15):
That she's Britney Jasnoff and she's the executive editor of
Boston Magazine and she joins us every now and then,
and we want to thank her for joining us on
the New England Business Report.
Speaker 2 (56:29):
Well, Joe, that's going to do it for this edition
of the New England Business Report. Let's look ahead to
next week. You know, we've got a lot of things
happening in the world of sports, the business of sports.
We love to talk about it, Joe, and we love
to talk about it with Skip perm. Obviously, we've got
our winter sports right on the horizon. We've got some
fall sports that are going on right now, and we've
(56:51):
got some well, we hope we've got some continued baseball
to talk about as well. So Skip Perm will be
our guest. That's coming up next week at eight am
on the Voice of Boston w r k O six
eighty am.
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