www.wbjournal.com • Worcester Business Journal • 2 023 Economic Forecast 5
ECONOMIC FORECAST 2023
WBJ reader's survey
2022 2021 2020
Better
Worse
Not sure
46%
42%
12%
76%
19%
5%
6%
89%
5%
M
ore than a third of WBJ readers believe the
Central Massachusetts economy will decline in
2023.
In WBJ's annual Economic Forecast survey of its
readers about their thoughts and plans for next year, the portion
of respondents who said the economy will decline slightly or
significantly (37%) is at the highest level its been since at least
2016. Only in one other year over that time period (2018) were
readers this pessimistic about the future economy, and it's more
than double the pessimistic portion from last year's survey (16%).
It's not all bad, though. While most readers believe inflation
will be a problem well into late 2023 and high cost of living
remains the largest impediment to economic growth in Central
Massachusetts, nearly two-thirds of readers (63%) said the
rising costs of inflation won't have significant impacts on their
businesses in 2023.
e future is difficult to predict, as significant events like the
coronavirus pandemic lead to unexpected disruptions. Yet, based
on all their experience and everything they know today, WBJ
readers aren't hyped about next year.
– Brad Kane, editor
Not looking great
Do you think the Central Massachusetts economy is in
better or worse condition today than it was at this time
last year?
How concerned are you that you'll be able to find
people with the right skills for when you hire for any
job openings?
Very Mildly Not at
concerned concerned all concerned
2016
2017
2018
2019
35% 12% 43%
50% 37% 13%
72% 27% 1%
38% 47% 15%
33% 37% 30%
2020
2021
57% 29% 14%
2022
46% 44% 10%
2017
How will the economy fare next year compared to this year?
Improve significantly Improve slightly Remain the same
Decline slightly Decline significantly
2020
2019
2018
2016
12%
15%
3%
4%
26%
56%
50%
32%
46%
19% 9% 4%
19% 16%
29% 30%
6%
0%
30% 15% 1%
11% 11% 6%
8% 53% 23% 11% 5%
2021
4% 38% 21% 29% 8%
2022
50%
