wbjournal.com | October 14, 2024 | Worcester Business Journal 3
get rates down to pre-2022 levels for years,
if not decades.
Still, it is a step in the right direction.
– Brad Kane, editor
L
et's face it, the economy has
been funky for the last four
years.
Aer the U.S. and Central
Massachusetts got through the
initial phases of the COVID pandemic,
the economy was largely strong by tra-
ditional standards, with low unemploy-
ment and GDP growth.
Yet, due to rapid inflation and the
lingering effects of the COVID pandem-
ic, the economy just wasn't working for
everybody.
In order to address the most pressing
problem – inflation – the Federal Reserve
began rapidly raising interest rates in
March 2022.
By raising rates, the Fed essentially was
trying to slow the economy down and
dampen business growth. Such a move
typically throws the economy into a
recession, but the Fed appears very close
to pulling off a rare so landing: slowing
inflation without a recession.
Still, even as price hikes slowed, the
economy still felt off.
Unemployment was ticking upward,
and the dynamism of the country's slow
but steady growth that characterized 2009-
2019 was gone.
Feeling inflation is close to under con-
trol, the Fed on Sept. 18 began lowering
interest rates. is might be the turning
point in the post-COVID economy.
As Staff Writer Eric Casey details in his
cover story "Falling interest rates" on page
12 in the Focus on Banking & Finance, the
full impact of the Fed's decision is a boost
for businesses, even if it won't be felt for
some time.
Business borrowing will tick up, and
mortgages will be slightly cheaper; but this
won't be an immediate switch to a thriving
economy that works for everybody (if
such a thing even exists).
e switch being thrown, though, is a
shi in mentality. Instead of trying to slow
the economy, the Fed is trying to grow
it. is will have trickle-down effects in
Central Massachusetts.
Businesses have better opportunities
to grow. Buyers, clients, and suppliers
eventually will have more money to spend.
is isn't a cure-all, and the Fed might not
e start of something new
Member FDIC
The financing from
Rockland Trust allows us to
continue to build the capital
stack of resources necessary
to revitalize this large track of
underutilized property at the
former Saint-Gobain
Abrasives property.
For more information, contact:
Eric Goodwine
VP, Commercial Banking
508.361.3865
Eric.Goodwine@RocklandTrust.com
Craig L. Blais, President
Worcester Business
Development Corporation
T A B L E O F C O N T E N T S
4 Central Mass. In Brief
12 Focus on Banking & Finance
18 List: Notable venture capital deals
19 Know How
20 Movers & Shakers
21 Opinion
22 Shop Talk: Brozzian Spices
8 Cannabis Wonderland
The St. Onge family has opened an 'Alice's
Adventures in Wonderland'-themed
marijuana dispensary in Millbury.
19 Business sayings to live by
Know How advice columnist
Jeff Walker, CEO and principal of Walker
Development & Construction Management
in Southborough, offers his favorite
business quotes, which help drive the
culture at his company.
W
Worcester Business Journal (ISSN#1063-6595) is published bi-
weekly, 24x per year, including 4 special issues in May, September,
October, and December by New England Business Media. 172
Shrewsbury St., Worcester, MA 01604. Periodicals postage paid
at Worcester, MA. Copyright 2024. All rights reserved. Postmaster:
Please send address changes to: Worcester Business Journal,
PO Box 330, Congers, NY 10920-9894.
Subscriptions: Annual subscriptions are available for $84.00. For
more information, please email circulation@wbjournal.com or
contact our circulation department at 845-267-3008.
Advertising: For advertising information, please call Mark Murray
at 508-755-8004 ext. 227. Fax: 508-755-8860.
Worcester Business Journal accepts no responsibility for
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them to the sender.
Worcester Business Journal
172 Shrewsbury Street, Worcester, MA 01604
508-755-8004 tel.
• 508-755-8860 fax
www.wbjournal.com
Worcester Business Journal
WBJ
A division of:
Editor, Brad Kane,
bkane@wbjournal.com
Staff Writers
Eric Casey, ecasey@wbjournal.com
(real estate, manufacturing)
Mica Kanner-Mascolo,
mkannermascolo@wbjournal.com
(health care, diversity & inclusion)
Contributors
Sloane M. Perron, Giselle Rivera-
Flores, Emily Micucci, Livia Gershon
Photographers
Matt Wright, Edd Cote, Christine
Peterson
Research Director,
Stephanie Meagher,
smeagher@nebusinessmedia.com
Research Assistant, Heide Martin,
hmartin@nebusinessmedia.com
Production Director, Kira Beaudoin,
kbeaudoin@wbjournal.com
Art Director, Mitchell Hayes,
mhayes@wbjournal.com
General Manager
Kris Prosser, kprosser@wbjournal.com
Senior Accounts Manager
Christine Juetten,
cjuetten@wbjournal.com
Accounts Manager
Timothy Doyle
tdoyle@wbjournal.com
Human Resources Manager,
Tracy Rodwill,
trodwill@nebusinessmedia.com
Director of Finance, Sara Ward,
sward@nebusinessmedia.com
Accounting Clerk, Rae Rogers,
rrogers@nebusinessmedia.com
Event Coordinator,
Patty Harris,
pattyh@wbjournal.com
Director of Audience Development
and Operations, Leah Allen,
lallen@nebusinessmedia.com
Business Office Assistant,
Nicole Dunn,
ndunn@nebusinessmedia.com
Publisher, CEO, Peter Stanton
pstanton@nebusinessmedia.com
Associate Publisher, Mark Murray
mmurray@wbjournal.com
President, Tom Curtin
tcurtin@hartfordbusinessjournal.com
CORRECTION: A story in the Sept. 30 edition
of WBJ entitled "Curtis has transformed the
engineering industry" incorrectly said David Hayes
is the current chairman of BSC Group's board of
directors. He retired from that role in late summer.
