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How employers are feeling (and what keeps them up at night)

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These past few years have been brutal for our businesses, right?
 
Between lockdowns, quarantines, labor shortages, supply chain issues, inflation, and on and on and on -- it would be easy to understand if employers felt defeated.
 
They’re not.
 
At least that’s not what our most recent online poll suggests.
 
We surveyed our members over a seven-day period ending last Thursday. We asked: how optimistic are you about your business’ or nonprofit’s financial prospects for the remainder of 2022.
 
Sixty-two percent of 528 respondents said they were feeling “somewhat optimistic” or “very optimistic.”
 
Only 13% were feeling “pessimistic” or “somewhat pessimistic” (and certainly we should be concerned for those companies).
 
And 25% just weren't sure -- a number I would have predicted would have been much higher -- given all our economic and political uncertainty.
 
 
That's not to say that there's not many things keeping employers up at night
 
As part of that same survey we asked members to rank the issues standing between them and business success.
 
It’s a question we’ve been asking annually for several years. Even before the pandemic, our west inner suburban employers have repeatedly listed hiring and retaining workers as their No. 1 concern, including when we asked this question this past April.
 
Sure enough, attracting and retaining workers is still a big problem for 69% of respondents in our August survey, although it's down from 81% in April.
 
And staffing remains the No. 1 worry at companies with 100-plus workers, where a stunning 92% of respondents said workforce was holding them back.
 
Think about that, virtually all of our large employers don't have the staffing they want. (A BBJ report on headcount drops and a Mass Taxpayers Foundation report, both out today, explores why we should be worried.)
 
But overall inflation was the biggest problem for three out of four of all our member businesses and nonprofits and the No. 1 business concern overall.
 
Other top impediments to success among all respondents included: wages, the impact of COVID on health and mental health, utility costs and health insurance.
 
 
 
Note: We did not ask about interest rates in April. Survey conducted July 28-Aug. 4 2022
 
And since we’re talking about inflation
 
This graph and this column by Paul Krugman in the New York Times explores what July’s zero inflation report may mean. 
 
“This is not the end of inflation,” Krugman writes. “It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”
 
Newton inches closer to being allowed to ban fossil fuels in new construction and renovations
 
Gov. Charlie Baker signed a sweeping climate change bill that would -- among many significant provisions -- allow Newton and nine other municipalities to ban fossil fuel hookups in new commercial and residential buildings and major renovations.
 
Life science and health care facilities would be exempt. And the 10 communities would also be required to meet state affordable housing requirements -- something Newton has never been able to achieve in the more than half century since 40B became state law. 
 
Baker said he decided to sign the bill despite his misgivings that the provision could threaten participating towns’ ability to keep housing affordable.
 
New rules mandate more multi-family zoning
 
The Baker administration also released final guidelines this week for the state’s new MBTA Communities Law
 
The new law doesn’t mandate new housing. It mandates changing zoning codes to allow property owners to build small multi-unit homes. Under the guidelines,
175 cities and towns – including our four chamber communities -- are subject to the new multifamily zoning requirements and must submit action plans by Jan. 31, 2023. (There were some changes primarily directed towards more rural communities).
 
Newton is one of 12 communities required have new zoning in place by the end of 2023 (and doing so would also allow the city to impose the fossil fuel bans noted in the item above).
 
Needham, Wellesley and Watertown need to be in compliance the end of 2024. 
 
Failure to do so would make a community ineligible for certain state funds.
 
The administration will host a webinar Sept. 8 to explain the new guidelines.
 
 
Other Need to Knows
   
  • Congressman Jake Auchincloss is hosting a series of “Coffee with Your Congressman” gatherings at local cafes and restaurants in his district, including in Wellesley Tuesday (Aug. 16) at 10 a.m. Details.
 
  • MassDOT will hold a virtual public hearing Thursday (Aug. 18) at 6 p.m. to discuss plans to replace five bridges at the at the interchange of the Massachusetts Turnpike and Route. Register.
 
  • Watertown’s Perkins School for the Blind is partnering with the Boston-based Clear Ballot, to test its new ClearMark voting machines, which let disabled voters cast and review ballots without assistance. (Axios Boston)
 
 
Tax free weekend plans? Take a Trip Up The Charles
 
Sticking close to home this tax free weekend? A reminder that our Take a Trip Up The Charles website lists close to two hundred retailers that would really appreciate your business.
 
After you've completed your shopping, here's our list of nearly 300 restaurants, inside our four chamber communities.
 
Enjoy this week's video spotlight highlighting some of the many sights and stops in Newton.
 
We also have day trip ideas in Needham, Watertown and Wellesley.
 
 
That’s Need to Knows for today – Vinyl Records Day (go visit these guys!) – unless you need to know that there will be no Need to Knows next week.
 
Be back in your inbox Aug. 23!
 
Greg Reibman (he, him)
President
Charles River Regional Chamber
617.244.1688

 

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