One of the biggest advantages to small business owners in the state of Massachusetts is its ongoing economic growth. Many entrepreneurs noted that the state has recovered strongly from the 2008 financial crisis, and the environment is such that people and businesses are willing to spend money. Growth is commonplace, they said, and a rich startup culture, particularly surrounding the tech industry, is contributing to the healthy economic outlook.
“The state of the economy over here is pretty good … mostly because a lot of the companies here are in the tech sector, either traditional or biotech industries,” Tim Lynch, CEO of high-powered computer manufacturer Psychsoftpc, told Business News Daily. “The talent pool that we have is attracting a lot of business. Massachusetts is sort of on the rise as far as economic development is concerned.”
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Another strong indicator that confidence is back is that more and more companies, both established and startups, are planning to bring more employees on board in the near future. Warren Armes, a district manager at the Boston office of the human resources company Insperity, said most of the company’s clients have expressed plans to hire new employees in the coming year.
“I think the economy is good,” Armes said. “The unemployment rate is much better. And a lot of companies we work with, at least this year, are planning to hire more people. A few years back, there was reluctance to take that leap, but 50 to 60 percent of our prospects plan to hire more employees now.”