BUSINESS BRIEFS: Tobacco Regs, Harvest fest, (Mostly) Good Economic News, Industrial Defender

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Franklin Board of Health Poised to Implement Tobacco Regs

Following a series of hearings, culminating last week, the Franklin Board of Health is poised for a final vote at its October meeting to implement complex and more restrictive tobacco regulations. The regulations can be viewed here.

Harvest Festival Coming

Registration for booths at the Sept. 30 Harvest Festival is still open. Register soon with Franklin Downtown Partnership as spaces are expected to sell out

Fed Sees Lots of Good News

An article by By Bo Zhao, posted by the Federal Reserve Bank of Boston on September 7, sees positive news in the economy, including:

• Nonfarm payroll employment in New England has fully recovered from the COVID-19 pandemic, with its July figure 0.3 percent higher than the February 2020 figure. However, the job recovery has been uneven across states and sectors. However, the leisure and hospitality sector has faced a serious labor shortage and remains 6.6 percent below its pre-pandemic level.
• At 2.7 percent, the unemployment rate in New England for July 2023 was lower than both the national rate and its own pre-pandemic level. With rates under 2 percent, New Hampshire and Vermont boast the two lowest jobless rates in the nation. However, the low unemployment rate is partly driven by the weak recovery of labor force participation amid population aging in the region.
• The Boston area has experienced a steady decline in overall inflation since last fall. The year-over-year change in the Consumer Price Index for Boston in July 2023 was 2.8 percent, which was 0.4 percentage point lower than the national inflation rate.
• The residential real estate market in the region continued to experience positive annual price appreciation. Maine, Connecticut, and New Hampshire had the largest house-price-growth rates nationwide from the second quarter of 2022 to the second quarter of 2023. However, with a rising vacancy rate and modest annual rent increase, the office market in the Boston area faces challenges.

And Speaking or Real Estate....Norfolk Register Weighs in

Norfolk County Register of Deeds William P. O’Donnell reported that Norfolk County recordings indicate average property sales prices rose to a record high for the month of August as compared to previous years. This increase can likely be attributed to a limited inventory of new housing up for sale and a lack of existing houses on the market.

“Average property prices in August are up significantly this year compared to the same month in previous years,” stated Register of Deeds William P. O'Donnell. “Seasoned homebuyers and those looking to purchase their first home are faced with the challenge of property values that are 19% higher than 2022 prices, 34% higher than 2021 prices, and 37% higher than 2020 prices, in addition to a mortgage interest rate that for some exceeds 7%.”

But AIM Says Confidence Weak

The Associated Industries of Massachusetts Business Confidence Index (BCI) was essentially flat last month, losing 0.1 of a point to 52.4. The Index has spent most of 2023 moving in a narrow range around the 50 mark that separates optimistic from pessimistic outlooks. Confidence ended the month 2.9 points lower than a year earlier. The confidence results came as the United States and Massachusetts economies continued to grow in the face of 11 interest-rate increases by the Federal Reserve in its campaign to moderate inflation. The unemployment rate in Massachusetts sits at an historic low of 2.5 percent while the commonwealth’s economy grew at an annualized rate of 4 percent during the second quarter.

Industrial Defender

Industrial Defender, Foxborough, the leading provider of OT asset data and cybersecurity solutions for industrial organizations, has appointed renowned power industry leader Joy Ditto as a strategic advisor to the company. As a strategic advisor, Ditto will support Industrial Defender in accelerating growth and meeting industry needs, building upon three consecutive record-breaking quarters.