Worcester Business Journal

6 2 018 Economic Forecast • Worcester Business Journal • www.wbjournal.com Knowledge + Experience + Trusted Advice. It all adds up. Large enough to serve the needs of most businesses and individuals; small enough to offer the personal attention you expect and deserve. Greenberg, Rosenblatt, Kull & Bitsoli, PC Certified Public Accountants 306 Main Street, Suite 400 • Worcester, MA 01608 508.791.0901 • www.grkb.com Business environment Concerns about taxes, cost of living and health care, and an educated workforce abound in the region, but when it boils down to company performance, Central Mass. business leaders remain bullish How concerned are you that you'll be able to find people with the right skills to do the job? What's the biggest impediment to business growth in Massachusetts? What is your estimate for your company's bottom line (net income/profit) performance for 2018 compared to 2017? ECONOMIC FORECAST 2018 While 40 percent of WBJ readers who took the survey said they planned on hir- ing new staff in 2018, those respondents were largely very concerned they could find the right people for the job. 38% ..............................................................High cost of living 16% ...................................................................................... High taxes 13% .................................................................... High healthcare costs 10% ................................................................ Slow regulatory process 5% ............................................................................ High energy costs 18% .............................................................................................. Other Other responses: • "Probable increases in the minimum wage" • "Dual tax rate for Worcester" • "Finding skilled workforce" • "Low unemployment; difficulty recruiting" Despite their concerns about state regulation and the workforce, WBJ readers still have a largely positive outlook for their companies next year. 3% ............................................................................ Decrease more than 20% 0% .................................................................................... Decrease 11 to 20% 6% ...................................................................................... Decrease 1 to 10% 18% ...................................................................................................No growth 52% ..............................................................Increase 1 to 10% 16% .................................................................................... Increase 11 to 20% 6% .............................................................................. Increase more than 20% One of the main concerns for the manufacturing industry is finding potential employees with the right skills to match companies' needs for production, but despite these industry-wide concerns, Worcester medical device manufacturer Cogmedix rode a 60 percent increase in revenues into 2017 and foresaw even more growth by the end of the year. Very concerned 50% Mildly concerned 37% Not concerned 13%

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