Issue link: https://nebusinessmedia.uberflip.com/i/763581
Worcester Business Journal • www.wbjournal.com • 2 017 Economic Forecast 9 Locally owned companies will open more out-of-state offices. As firms want to grow their market share and increase revenues, they will increasingly look beyond the limitations of Massachusetts. } The Central Massachusetts housing market will slow down. With interest rates set to spike significantly for the first time in more than a decade, demand will drop and sale prices will level off. } The predicted biomedical boom will be realized. With new specially zoned sites in Worcester, Devens and throughout Central Massachusetts, the region will finally see a significant influx of biotechnology companies looking to manufacture here. } Recreational marijuana won't be widely implemented in 2017. } With the state legislature looking to delay the measures implemented by this year's ballot measure and the perceived threats of a federal crackdown on legalized marijuana, the industry won't move beyond its fledgling state in the next 12 months. Steward Health Care will make a major acquisition of a Central Massachusetts hospital. Armed with $1.25 billion and a mission to acquire competitors, Boston-based Steward will expand on its partnerships and buy at least one healthcare facility in the region. } Central Massachusetts exports will decrease. Following the eight-year push by the Obama Administration to double exports throughout the country, the efforts by the Trump Administration to increase trade barriers will have a cooling effect on the region's exports. } The Heart-to-Hub express train from Worcester to Boston will stop. Due to its off-hour schedule, the MBTA non-stop train from Worcester's Union Station to stations in Boston will lose ridership and ultimately fall by the wayside. } College articulation agreements will become more complex and cross state lines. With the college-age population stagnating and the existing articulation agreements between Central Massachusetts community colleges and universities still mostly focusing on the same population, the institutions will look outside the market to increase their student bases. } Main Street will usurp Shrewsbury Street as Worcester's dining hub. With more housing, business and hotel development downtown, the push for more higher-end eateries like Armsby Abbey and deadhorse hill will increase, creating more spots along the Main Street corridor than Worcester's traditional dining strip. } The number and total dollar amount of loans from the U.S. Small Business Administration will decrease. Due to eligibility rule changes, lending in Central Massachusetts will go down aer increasing more than 33 percent in 2016. } ...and why it will happen Our prediction... 2017 Predictions