🚨 Addressing Massachusetts’ Housing Crisis: A Call to Action for Business Leaders and Startups 🚨
Massachusetts has long been celebrated for its world-class education, technological innovation, and vibrant business community. However, the 2024 Massachusetts Talent and Competitiveness Survey from the MA Business Roudntable reveals a growing concern that threatens that competitive edge: the soaring cost of living, with housing at the forefront.
🔑 Key Insights from the Survey:
• Housing Costs: An overwhelming 83% of companies cite the cost of living, particularly housing, as critical to their decision to remain in Massachusetts. This is a 2.5x increase since 2022.
• Recruitment Challenges: Over 50% of organizations report that candidates are unwilling to move to Massachusetts due to high housing costs, making talent acquisition increasingly difficult.
• Economic Impact: 73% of respondents rate economic risks, magnified by housing costs, as their top worry impacting business operations.
I believe that investing in housing production is paramount to maintaining Massachusetts’ status as a hub for talent and innovation. 91% of respondents agree that such investments will significantly boost our state’s competitiveness.
🏡 Our Call to Action:
1. Accelerate Housing Initiatives: The Senate just approved the Housing Bond Bill, which will streamline permitting processes, and make investments in housing innovation, access and affordability initiatives.
2. Collaborate with Government: Advocate for state-level policies promoting housing supply and incentivize businesses and investors to invest in local housing projects.
3. Innovate and Invest: Embrace innovative solutions and encourage support and investment in the housing ecosystem.
Massachusetts has the potential to lead by example, demonstrating how a robust housing strategy can sustain economic growth and attract top talent.
#HousingCrisis #Massachusetts #TalentRetention #Innovation #BusinessLeadership #ADU #ModularConstruction
ICYMI - The Massachusetts Business Roundtable released its 4th Annual Talent and Competitiveness Survey last month, in collaboration with McKinsey & Company
The survey found that Massachusetts continues to be a hub for education and technological innovation. However, macroeconomic headwinds outweigh tailwinds as factors influencing where employers are growing their workforce and footprint. The rising cost of living, led by the cost of housing, is the dominant factor influencing organizations’ decisions to remain in Massachusetts. This is impacting hiring, as it is becoming increasingly difficult to recruit talent to Massachusetts and more employers are planning to grow their presence outside of the state. The survey also includes solutions to address the state’s challenges and positively impact its position as a global leader, including focusing on housing production, workforce development partnership, and incorporating artificial intelligence.
As we highlight in the CommonWealth Beacon op-ed below, "Now is the time to bet on Massachusetts."
Check out media coverage:
Boston Globe: https://lnkd.in/ep3u3fMv
Boston Business Journal: https://lnkd.in/esuZJJFm
CommonWealth Beacon: https://lnkd.in/ewVjwGDQ
Boston Business Journal Greg Ryan Boston Globe Media Jon Chesto CommonWealth Beacon CommonWealth Beacon Michael Jonas bruce mohl Lucy Perez Alec Wescott
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