BUSINESS BRIEFS: DECA, Sil Valley Reaction, A Local Indicator, Etc.

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The chamber serves the communities of Bellingham, Franklin, Holliston, Hopedale, Hopkinton, Medway, Milford, Mendon, Millis, and Upton. More information is available at https://www.tricountychamberma.org

Above, from Friday, “Goooood morning from Back Bay! FHS DECA is off and running at SCDC. Good luck to all our competitors today, pictured are the quiz bowl boys locked in and ready to win. Below image tweeted over the weekend: “Kavya Deve, Zeina Alshawbkey, Hassini Sabbella are top 10 finishers in Finance Operations Research. Proud of these ladies.” Formerly Distributive Education Clubs of America, DECA is a 501(c)(3) not-for-profit career and technical student organization with more than 225,000 members in all 50 U.S. states, Washington, DC; Canada, China, Germany, Poland, Guam, Mexico, Puerto Rico and Spain. The United States Congress, the United States Department of Education and state, district and international departments of education authorize DECA's programs. DECA is organized into two unique student divisions each with programs designed to address the learning styles, interests, and focus of its members. The High School Division includes 215,000 members in 3,375 schools. The Collegiate Division includes over 15,000 members in 275 colleges.

Healey and Econ Dev Sec Work to Limit Sil Valley Fallout.

Massachusetts Governor Maura T. Healey and Economic Development Secretary Yvonne Hao today issued the following statements on the FDIC’s appointment as the receiver of Silicon Valley Bank: “We have been closely monitoring the situation with Silicon Valley Bank. I have spoken with federal regulators and the White House, and they understand the impact of the situation on Massachusetts. I have also spoken with members of the business and banking communities and our state and federal delegation.” Healey said her administration is actively working to support individuals and businesses affected by SVB’s closure and to find solutions to help them address immediate needs, including putting supports in place to ensure that small businesses and employees do not experience significant disruptions. “We will continue to be in dialogue with decision-makers and support all efforts to preserve the strength and stability of our markets and protect jobs, businesses, non-profits and our economy. We have confidence in the strength of our regional banks and banking operations,” she added. “My office has been working throughout the weekend to gather data on the impact of Silicon Valley Bank’s closure here in Massachusetts and to assess how sectors of our economy may be affected in the days ahead,” added Economic Development Secretary Yvonne Hao.

Local Indicator?

A popular local eatery has taken to closing early several recent weeknights due to lack of customers, something the restaurateur called “unprecedented.” Or maybe it’s the menu...

I-495/I-90 Improvements Get Underway

Improving safety and addressing traffic conditions at the interchange of I-495 and I-90 is going to take time. According to MassDOT, the primary activity for March is installing fiber conduits along I-90 westbound. Asked about progress, the 495/MetroWest Partnership Executive Director Jason Palitsch

responded that he is pleased that this critical regional infrastructure project is underway, after many years of advocacy. T”he project is still in the early stages of construction activities, but we are pleased with the responsiveness and communication from MassDOT as they go about their challenging work. Though commuters will start to notice equipment on site, as well as temporary structures being put in place, the most significant project work is still months away,” he noted.

Check-in Time at Milford Regional

As a follow-up to its well-attended spring 2022 Community Conversation, Milford Regional Medical Center will once again host a virtual Community Conversation on Monday, March 20 at noon. This year’s virtual event will feature remarks from new Board Chair Anthony Consigli, as well as an organizational update from President and Chief Executive Officer Edward J. Kelly.

Members of the medical center’s service area community are encouraged to pre-submit questions that will be answered by Kelly and other Milford Regional leaders during this online forum.

“We look forward to another engaging discussion on topics of interest and importance to our community, so we welcome area residents, community partners, and local businesses to submit their questions and join us for the event,” said Kelly. “As a leading employer, the medical center of choice, and an influence on the area’s health and economy, Milford Regional appreciates this opportunity to connect with the population we proudly serve.” Interested community members are required to pre-register to participate and are asked to submit questions in advance via email to foundation@milreg.org or call 508.422.2228

More Real Estate Shifts

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings for the month of February 2023 indicate a continued decrease in overall real estate activity, with significant drops in mortgage activity and the average property sale price as compared to the February 2022 numbers. In February, there were 6,702 documents recorded at the Norfolk County Registry of Deeds, a 35% decrease from February 2022 and a decrease of 10% from January 2023. Overall lending activity showed a continued downward trend for the month of February. A total of 909 mortgages were recorded this month, 53% less than a year ago at the same time and down 9% from last month.The number of deeds for February 2023, which reflect real estate sales and transfers, both commercial and residential, was 968, a decrease of 11% from February 2022 and a decrease of 6% from the previous month of January 2023. Sale prices for February appear to have dropped significantly compared to February 2022. The average sale price in February was $947,974, a 22% decrease from February 2022 and an 11% increase from January 2023. The total dollar volume of commercial and residential sales is down, decreasing 33% from one year ago and increasing 2% from last month.

Foreclosure Concerns

Register O’Donnell also commented on foreclosures in Norfolk County. In February 2023, there were 3 foreclosure deeds recorded as a result of mortgage foreclosures taking place in Norfolk County, whereas in February 2022, there were 8 recorded. However, in February 2023, there were 43 notices to foreclose, the first step in the foreclosure process, significantly more than the 27 recorded in February 2022.

"February 2023 saw notices to foreclose more than double the number in February 2022. The increasing number of these notices is troubling. It suggests that more of our neighbors may have financial difficulties adapting to a shifting economy," said O'Donnell. "We will continue to monitor these figures."

Franklin Downtown Partnership Upcoming Events

FDP Partnership General Meetings are coming up onApril 6, June 1, Sept. 7 and Nov. 2. And, FDP's After Hours Networking Event will on March 22 from 5 p.m. to 7 p.m. at Escape Into Fiction. LaCantina will be there with wine and beer. And everyone will have a chance to see the art gallery and see the new book selection.

Tri-County Regional Chamber of Commerce Member Testimonials

Mirick O’Connell is proud to support the Tri-County Regional Chamber. Our attorneys have been actively involved with the Chamber, having served as Board and committee members. The Chamber is an excellent partner and resource for the community and the businesses it serves. – Ashley Coffey, Mirick O'Connell

I have had the honor of getting to know Laura over the past few years and her passion for the Chamber and Small Businesses is inspirational! I consider it a privilege to serve on the Tri-County Regional Chamber board of Directors and work alongside Laura and other dedicated members of the community. The Chamber community continually impressed with its experience and opportunities. I am thrilled to be a member and can’t wait to continue to take advantage of all the networking events! ~ Rose Buckley, Rockland Trust