Issue link: https://nebusinessmedia.uberflip.com/i/474766
4 2014 Economic Forecast www.wbjournal.com Worcester Business Journal Table Of Contents Economic Outlook Survey ........................... 5 10 Predictions for 2014 .............................. 9 A Look Back at Our 2013 Predictions ........ 10 Top 5 Business Stories of 2013 .................. 11 Manufacturing & Technology ................. 13 5 Things To Watch .........................................14 Stories That Made News in 2013 .....................15 Energy ....................................................... 17 5 Things To Watch .........................................18 Stories That Made News in 2013 ....................19 Real Estate ............................................... 21 5 Things To Watch ..........................................22 Stories That Made News in 2013 ....................23 Health Care ............................................... 25 5 Things To Watch ..........................................26 Stories That Made News in 2013 ....................27 Education .................................................. 29 5 Things To Watch ..........................................30 Stories That Made News in 2013 ....................31 Banking & Finance ................................... 33 5 Things To Watch ..........................................34 Stories That Made News in 2013 ....................35 A nyone can make a prediction and be seen as prescient if it comes true — or just another one of many people who offer forecasts that just don't pan out. Think about it: How many of us predicted last winter that the Red Sox would win the 2013 World Series? On the other hand, who among us predicted that Republicans and Democrats in Congress would not continue to act in such a way that the Hatfields and McCoys would be seen as bosom buddies by comparison? When it comes to the economy, though, trends matter more. And in 2013, the national economy picked up more traction with a drop in unem- ployment, to 7 percent in November, and — barring an unprecedented plunge over the final trading days of the year — a gain of at least 20 percent in the stock market. Meanwhile, Massachusetts lost jobs, though not a disas- trous amount, but both the residential and commercial real estate markets improved in Central Massachusetts. The prognosticators who said 2013 would be a year of slow growth were indeed correct. Judging from the results of our annual Economic Forecast survey, businesses appear ready to apply a little more pressure to the gas pedal. The online survey, conducted in November and early December, yielded more optimistic predictions about the year ahead, such as: • An increase in the number of employers who plan to add jobs; • More optimism about housing prices; and • More confidence about the direction of the economy in 2014 compared with 2013 (66 percent foresee improve- ment, compared with 57 percent from last year's survey). The next three pages feature the results from this year's survey, in which 222 people responded. You can compare the data with that of the last three years to get a sense of where things may be headed in Central Massachusetts in 2014. In addition, this annual Economic Forecast issue offers our list of 10 predictions for the year ahead, as well as a report card on our prognostications for 2013. And, in each of the six sections within this issue — Manufacturing & Technology, Energy, Real Estate, Health Care, Education and Banking & Finance — we offer "5 Things to Watch" in 2014, plus a list of three notable happenings in 2013. And, in just one more farewell to the year almost completed, read our story on the top five business stories of 2013 in Central Massachusetts, starting on Page 11. From all of us at the Worcester Business Journal, we hope you find the 2014 Economic Forecast issue a useful tool as you plan for the year ahead. Please let us know what you'd like to see in this issue in years to come by emailing us at editorial@wbjournal.com. Rick Saia, Editor In 2014, How Fast Can We Go? 2014 Editor, Rick Saia, rsaia@wbjournal.com Web Editor/Columnist Christina H. Davis, cdavis@wbjournal.com Staff Writers Emily Micucci, emicucci@wbjournal.com (Education, Health Care, Retail, Law, Hospitality) Michael Novinson, mnovinson@wbjournal.com (Banking & Finance, Real Estate, Manufacturing, Technology) Contributors Susan Shalhoub, sshalhoub@wbjournal.com Livia Gershon Jacquelyn Gutc Research Director, Roger Magnus rmagnus@nebusinessmedia.com Research Assistant, Heide Martin hmartin@wbjournal.com Art Director, Kira Beaudoin kbeaudoin@wbjournal.com Graphic Designer, Mitchell Hayes mhayes@wbjournal.com Manager of Video/Multimedia Services, Matthew Volpini mvolpini@nebusinessmedia.com Director, Major Accounts Bonnie Leroux, bleroux@wbjournal.com Marketing & Events Manager Kris Prosser, kprosser@wbjournal.com Custom Publishing Project Manager Christine Juetten, cjuetten@wbjournal.com Accounting Assistant, Linda Lambert llambert@nebusinessmedia.com Collections Manager, Raki Zwiebel rzwiebel@nebusinessmedia.com Human Resources, Debbie Amorelli damorelli@nebusinessmedia.com Publisher, CEO, Peter Stanton pstanton@nebusinessmedia.com Associate Publisher, Mark Murray mmurray@wbjournal.com Group Publisher, Joseph Zwiebel jzwiebel@nebusinessmedia.com Worcester Business Journal (ISSN#1063-6595) is published bi- weeky, 29x per year, including 4 special issues in July, September, October and December, by New Engand Business Media. 172 Shrewsbury St., Worcester, MA 01604. Periodicals postage paid at Worcester, MA. Copyright 2010. All rights reserved. Postmaster: Please send address changes to: Worcester Business Journal, PO Box 15088, Portland ME 04112. Subscriptions: Annual subscriptions are available for $49.95. For more information, please visit www.wbjournal.com or contact our circulation department at 877-335-8149. 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 unsolicited manuscripts or materials and in general does not return them to the sender. Worcester Business Journal 172 Shrewsbury Street Worcester, MA 01604 508-755-8004 tel. 508-755-8860 fax www.wbjournal.com