Issue link: https://nebusinessmedia.uberflip.com/i/1488907
6 2023 Economic Forecast • Worcester Business Journal • www.wbjournal.com ECONOMIC FORECAST 2023 WBJ reader's survey In 2020, companies in Central Mass. and around the globe pledged to improve diversity, equity & inclusion in their organizations. Heading into next year, will your company prioritize DEI efforts? What's the biggest impediment to business growth in Massachusetts? 0 5% 10% 15% 20% 25% 30% 35% 2016 2017 2018 2019 2020 2021 High cost of living High taxes High healthcare costs Slow regulatory processes High energy costs Other 2022 Other answers: "Recruiting diverse talent", "Labor availability", "Not enough housing. Hard to buy a house", "Lack of large profit businesses, forcing more high-income, high-spending individuals into the Boston area", "Nonprofits shrinking available tax-paying pool" Yes, it remains a top priority for our organization. 24% Yes, although it is one priority among many. 31% No, we feel comfortable with the progress we made this year. 26% No, we didn't address DEI this year and don't plan to next year. 19% Inflation has been a major issue for businesses throughout 2022, although rising costs are showing some slight signs of slowing. What's your prediction for when the overall inflation rate will fall back into its typical 2% range? Yes, it remains a top priority for our organization. 25% Yes, although it is one priority among many. 30% No, we feel comfortable with the progress we made this year. 24% No, we didn't address DEI this year and don't plan to next year. 21% Do you anticipate having to make any significant cuts in expenses (such as layoffs, reducing your footprint, not pursuing projects) in 2023 as a direct result of inflation? By the middle of 2023. 13% In the first quarter of next year. 8% By the end of 2023. 33% Sometime after the end of next year. 46% Yes 37% No 63% Do you plan to hire additional staff next year? 2022 0 10 20 30 40 50 60 70 '20 '18 '16 '14 '12 44% 31% The coronavirus pandemic has expanded work-from-home options for many companies. Do you anticipate any change in your use of office space in the next year or when your lease expires? We plan an expansion of our office space. 9% We plan no changes in our office space needs. 48% We plan reducing our office space when our lease comes up. 16% We own our building, so it's not a variable for us. 27% 2022 responses 2021 responses