BUSINESS BRIEFS: Raillery Event, Inc. 5000, Apprenticeship Leader, Labor Woes, etc.

SPONSOR OF Business Briefs in the Franklin Observer

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

BUSINESS AFTER HOURS!

It's time to welcome the New Year with an exciting networking event, Wednesday, Jan. 24 from 5-7 at the Raillery
in Franklin! Join the chamber at "Business After Hours" hosted at the Raillery Public House. Mingle with fellow members, make new friends, and reconnect with old ones.

What to Expect:
- Networking Galore: Meet professionals from various fields. A perfect opportunity to expand your network.
- Delicious Appetizers: Enjoy a spread of mouth-watering appetizers to keep the conversations flowing.
- Relaxed Atmosphere: The Raillery offers a cozy and inviting space, ideal for informal chats and building connections.

Don't Forget:
- Bring Your Business Cards: Make sure to have your business cards handy for all the great people you'll meet.

Whether you're looking to forge new partnerships, seek fresh ideas, or simply unwind with like-minded individuals, this event is for you. Let's raise a glass to new beginnings and fruitful collaborations!

Mark Your Calendar!
This is an evening you won't want to miss. Let's make the first steps into the New Year memorable and productive.

See you at The Raillery Public House, 280 Franklin Village Dr, Franklin

RSVP and More Info: https://bit.ly/BAHKickstart

Three Area Firms Added to Inc. 5000

The Inc. 5000 list is a hallmark of entrepreneurial success and recognizes the fastest-growing private firms in America. Three area companies made the cut, including Franklin’s Barret Distribution, reported on last week. Also honored were Hopkinton’s Source Consulting, which provides IT services related to life sciences, software development and testing services at #4401, and Trident Environmental Services of Norfolk at #4,438.

New Undersecretary of Apprenticeship Appointed by State

The Healey-Driscoll Administration announced today the appointment of Josh Cutler, State Representative and House Chair of the Labor and Workforce Development Committee, as Undersecretary of Apprenticeship, Work-Based Learning, and Policy for the Executive Office of Labor and Workforce Development (EOLWD). “Representative Cutler has been a tremendous partner in advancing workforce development, and we are excited that he will continue his leadership in our administration as we work to grow important programs like registered apprenticeship,” said Governor Maura Healey. “I’m confident that Representative Cutler will continue to support Massachusetts residents and businesses in this role and add great value to the team.” “I look forward to working with Representative Cutler in this new capacity,” said Lieutenant Governor Kim Driscoll. “Representative Cutler will be able to hit the ground running as we continue to advance workforce development programming, policy, and planning that will unlock more pathways and partnerships in regions across Massachusetts.”

NFIB Cites Labor Quality Challenges

The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 20%, according to NFIB’s monthly jobs report. Labor costs reported as the single most important problem for business owners increased one point to 9%, four points below the highest reading of 13% reached in December 2021. "With the tight labor market topping small business owners’ list of concerns, state lawmakers should put a pause on new time-off mandate proposals that will only add to employers’ worker shortage woes," said NFIB Massachusetts State Director Christopher Carlozzi. "It’s like trying to swim upstream when employers are raising compensation and doing everything possible to staff their operations, yet elected officials are hastily passing new mandates such as paid time to vote."

State Provides $900K in Innovation Grants

The Healey-Driscoll Administration announced two new grants from the state’s Massachusetts Manufacturing Innovation Initiative (M2I2) to AeroShield of Hyde Park and Gencores of Somerville. These grants will invest in new R&D infrastructure to boost the manufacturing of advanced materials in the state. The state has invested over $86 million in business expansion and R&D centers in Massachusetts through M2I2, helping to promote innovation and job growth statewide. AeroShield will receive a $610,000 grant to support the manufacturing of cutting-edge insulating transparent inserts for windows. Gencores will receive a $319,002 grant to support the construction of a custom facility that will develop novel foam metamaterials for cost-and weight-sensitive industries, such as automotive and wind energy. “We are thrilled to support businesses that drive innovation and job creation,” said Economic Development Secretary Yvonne Hao. “The Massachusetts Manufacturing Innovation Initiative (M2I2) bridges the gap between innovation and commercialization across all sectors. These grants will further support manufacturers in creating cutting-edge eco-conscious materials, propelling our state’s economy forward.” “These M2I2 grants highlight the state’s global leadership in advanced materials, with innovative companies located across the state,” said Christine Nolan, Director of the Center for Advanced Manufacturing at MassTech (CAM), which manages the M2I2 program. “Both AeroShield and Gencores bring a strong network of organizations that have backed their proposals, developing a collaborative ecosystem to help support their growth over the coming years. Investing in this R&D infrastructure will not only help drive job growth in Greater Boston, but also support companies focused on the clean tech space.”

AIM Confidence Index on More Positive Path

The Associated Industries of Massachusetts Business Confidence Index (BCI) gained 1.6 points to 52.6 in December, hitting a nine-month high that left it in optimistic territory at year-end. The Index was 1.4 points lower than the same time last year. The strengthening of business confidence came amid strong signals that inflation continues to moderate at a 3.1 percent annual rate. Federal Reserve Chair Jerome Powell said on December 13 that interest-rate increases appear to be over for now and that there may be three reductions in interest rates during 2024. “The good news is that the pace of inflation has slowed noticeably since mid-2022. This should give the Fed some confidence that tighter monetary policy is working. Thus far, it has done so without widespread job losses,” said Sara Johnson, Chair of the AIM Board of Economic Advisors. Participants in the Business Confidence Index Survey confirmed that the economy is assuming a more deliberate pace.