WBJ's 2024 Economic Forecast survey

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

Every year, Worcester Business Journal surveys its readership to gauge the region's outlook on the performance of the Central Massachusetts economy in the coming year. Everyone who fill outs the survey entirely by Dec. 12 will be eligible to win one of the three $50 gift cards to a local restaurant. Separately, if you fill out the five Economist of the Year contest questions at the bottom of the survey, you will be eligible to win a separate prize package at WBJ's 2025 Economic Forecast event.

How will the regional economy fare in 2024 compared to 2023?

Improve significantly

Improve slightly

Remain the same

Decline slightly

Decline significantly

Clear selection

Do you think the Central Massachusetts economy is in better or worse condition than when it was at this time last year?

Much better

Better

Worse

Much worse

Not sure

Clear selection

What do you expect housing prices to do next year?

Increase significantly

Increase slightly

Remain flat

Decrease slightly

Decrease significantly

Clear selection

What is the biggest impediment to business growth in Central Massachusetts?

Lack of available workforce

Lack of affordable housing

High taxes

High cost of operating in the state

Overly aggressive or slow regulation

Other:

Clear selection

Do you have more or fewer employees than you had at the start of 2023?

More employees

The same

Fewer employees

Clear selection

Do you plan to hire additional staff next year?

Yes

Clear selection

How concerned are you that you’ll be able to find people with the right skills for when you hire for any job openings?

Very concerned

Mildly concerned

Not at all concerned

Clear selection

Do you plan to make a major investment in property or equipment in 2024?

Yes

Too soon to tell

Clear selection

For the last few years, a number of companies have given greater attention to their diversity, equity, and inclusion initiatives. If your company does have DEI goals, how much progress do you anticipate in making toward those goals in 2024?

We made significant progress in 2023 and expect more in 2024.

We had a slowdown in 2023 and expect to improve in 2024.

We expect 2024 to be on par with 2023's progress.

Our DEI efforts regressed in 2023, and we don't expect them to rebound.

We never established any significant DEI initiatives.

Clear selection

How are you budgeting for your company’s bottom-line profit performance for 2024 in comparison to 2023?

Increase more than 20%

Increase between 11-20%

Increase 1-10%

No change

Decrease 1-10%

Decrease between 11-20%

Decrease more than 20%

Clear selection

How are you budgeting for your company’s 2024 revenue in comparison to 2023?

Increase more than 20%

Increase between 11-20%

Increase 1-10%

No change

Decrease 1-10%

Decrease between 11-20%

Decrease more than 20%

Clear selection

The Federal Reserve raised interest rates significantly over the last year in order to bring down rising inflation. While inflation has come down, the Fed has pledged to keep interest rates higher until inflation is closer the Fed's 2% target. The higher interest rates have impacted a number of industries, such as banking and real estate.

Is your business negatively impacted by current interest rates?

Yes, significantly

Yes, somewhat

No, higher interest rates have been a positive for us.

Clear selection

Do you anticipate having to make any significant cuts in expenses (such as layoffs, reducing your footprint, not pursuing new projects) as a result of a slowdown in your business in 2024?

Yes

Clear selection

If you have employees working from home, what % of your workforce is working from home any given day?

Less than 10%

11% to 25%

26% to 50%

51% to 75%

76% to 99%

We’re still remote.

We don't have anyone working from home.

Clear selection

The COVID pandemic caused a number of companies to rethink their office space needs, as remote work became more prevalent. What do you plan to do with your office space when your current lease expires?

We plan an expansion of our office space.

We plan no changes in our office space needs.

We plan reducing our office space when our lease comes up.

We own our building, so it's not a factor for us.

Clear selection

What do you expect your per-employee healthcare costs to do in 2023?

Decrease

Remain flat

Increase 1 to 5%

Increase 6 to 10%

Increase more than 10%

Increase more than 15%

Clear selection

New federal and state government incentives allow for businesses to improve their clean energy footprint with significant subsidies for installing solar panels, heat pumps, etc. Does your company plan to convert to cleaner energy uses in 2024?

Yes

Clear selection

Are you considering purchasing an electric vehicle for either business or personal use in 2024?

Yes

Clear selection

The next five questions are part of WBJ's Economist of the Year contest, to gauge readers' ability to correctly predict the future of the Central Mass. and global economies. Those who guess the answer closest to the economic reality at the end of 2024 will be awarded prizes at WBJ's 2025 Economic Forecast event.

What will the Dow Jones Industrial Average be at the end of 2024? (The DJIA was 35,333 on Nov. 27, 2023).

What will the U.S. inflation rate be for 2024? (As of October 2023, the annualized rate was 3.3%)

What will the national unemployment rate be at the end of 2024? (As of October 2023, it was 3.9%)

What will the unemployment rate in Massachusetts be at the end of 2024? (As of October 2023, it was 2.8%)

What will the prime interest rate in the U.S. be on Dec. 31, 2024? (As of Nov. 1, 2023, it was 8.5%)

Are you a regular reader of the Worcester Business Journal?

Yes, primarily in print

Yes, primarily online

Yes, both online and in print

No, I only read it occasionally.

No, I don’t read it at all.

Clear selection

In order to be eligible for the $50 restaurant gift card drawing, please provide your full name and email address below.

Submit

Clear form

Never submit passwords through Google Forms.

Forms

This form was created inside of New England Business Media, LLC.