As the new year begins in greater Fall River, what is the outlook for local businesses?
Michael O’Sullivan, CEO of the One SouthCoast Chamber of Commerce, says even though the country did not enter a recession in 2023 as predicted, not all economic indicators point to a continuation of a growth economy that took place soon after the end of the pandemic.
Mr. O’Sullivan says since the influx of COVID-related funding ran dry, people did not spend as much this holiday season on big-ticket items. Restaurants continue to see a steady business with limited growth.
Real estate is not changing hands at the rate of a few years ago as buyers are waiting to upgrade until interest rates begin to fall. Mr. O’Sullivan says high-interest rates may not be as impactful for businesses looking for capital to expand.
Mr. O’Sullivan says there is concern that lower-than-anticipated tax collections in Massachusetts may further slow down the economy, but not to the point of widespread disruption.
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