Massachusetts
The US economy is wonky right now. How about Massachusetts? – The Boston Globe
With that in mind, here are four graphs that capture the state of markets, jobs, industry, and cost-of-living in the US, Massachusetts, and Greater Boston.
Stocks
First things first: Wall Street’s mini-meltdown on Aug. 5 hit the Nasdaq Composite — a collection of tech-focused companies — particularly hard, with the index slipping 3.4 percent from the previous business day. This is likely due to existing anxieties about whether stocks in this sector have been bullishly overvalued by the AI boom.
The Dow Jones industrial average and the Standard & Poor’s 500 indexes also experienced routs, though less dramatic (2.6 percent and 3 percent, respectively).
The Massachusetts economy — while relatively strong — is heavy on tech and biotech, so it landed somewhere in the middle. On Monday, the closing price of the Boston Globe’s index, which tracks 25 publicly traded companies in the Bay State, sank 2.9 percent.
But, like, the other indexes, it was back in recovery mode by Tuesday, a rally that continued — with some stops and starts — through the week.
Employment
A big concern right now among investors is the job market, considered one of the strongest indicators of an impending recession.
The US added a relatively meager 114,000 jobs in July. State-specific payroll data for July won’t be released until later this month. But by the latest measures, Massachusetts companies are very much in hiring mode.
After stumbling earlier this year, Massachusetts employers added 19,000 jobs in June, according to the Bureau of Labor Statistics — an uptick of 0.51 percent from May. By comparison, the US’s bump from May to June was just 0.11 percent.
GDP
Growth in Massachusetts’ gross domestic product — the total value of all produced goods and services — outran that of the US in the second quarter of 2024, ticking up by an annualized rate of 3.3 percent from the first quarter, according to MassBenchmarks, an economic group that analyzes the state. The last time that happened was a year ago, in the second quarter of 2023.
MassBenchmarks has some theories for why that is. “In Massachusetts, this increase in growth was supported by moderate payroll employment growth, high withholding and sales taxes — which imply high wage and salary income and spending growth, low unemployment rates, and a growing labor force,” the group said in a report.
Inflation/cost-of-living
If there’s one area where Boston reliably outpaces the rest of the country, it’s the cost of living. Recent data show that’s not changing.
After months of year-over-year inflation growth in the Boston metro area staying in the 2 percent range, it began to edge up again earlier this year. The last reported measure showed prices 4 percent higher in May 2024 than they were in May 2023, compared to 3.3 percent higher for the US. The increase in Boston was primarily driven — no surprise — by exorbitant shelter costs.
It remains to be seen whether prices in Boston have abated at all over the summer; the next Consumer Price Index for the metro area is due to be released later this month.
Dana Gerber can be reached at dana.gerber@globe.com. Follow her @danagerber6.
Massachusetts
Circle Furniture closes all stores in Massachusetts and New Hampshire
Circle Furniture, which has eight locations in Massachusetts and New Hampshire, appears to have suddenly closed all of its stores right before Christmas.
“All Circle Furniture Locations are CLOSED Till Further Notice,” a message on the company website states.
Circle Furniture has stores in Boston’s Seaport neighborhood, Acton, Cambridge, Framingham, Hyannis, Middleton, Pembroke and Portsmouth, New Hampshire, as well as a warehouse and outlet store in Acton. The Hyannis location had just opened in May.
The Boston Globe reported that employees found out about the closures on Friday via email.
“With a heavy heart, circumstance [sic] have gone against the business and we can no longer afford to continue operations, therefore all employees are being let go including your position effective Dec. 23,” the email reportedly stated.
The newspaper said the Acton-based furniture seller had about 65 employees. Companies with more than 50 employees are supposed to give 60 days notice before a mass layoff, but no Worker Adjustment and Retraining Notification Act (WARN) filing from Circle Furniture had appeared on the state website as of Tuesday.
Circle Furniture on its website describes itself as “a family run business that has been around for almost 70 years.”
“We are dedicated to providing a wide selection of unique, quality furniture with a team of talented designers to help you every step of the way,” the company says. “Besides sourcing expertly crafted and beautiful furniture, we take strides to be an important part of the local community-both by working with local factories and supporting local charities.”
WBZ-TV has reached out to Circle Furniture for comment.
Massachusetts
The challenges and joys of being a Christmas tree farmer in Massachusetts
Local News
Christmas tree season is short, intense, and years in the making.
Christmas tree farmers across Massachusetts had their own kind of Black Friday this year. On Nov. 28, Governor Maura Healey dubbed the day “Green Friday,” a push to kick off the holiday season while spotlighting the state’s Christmas tree and nursery industries.
While shoppers elsewhere woke before dawn to map out traffic-free routes, scour deals, and stack lawn chairs in car trunks to claim a place in line, farmers were already in the thick of a different kind of rush — one that had been years in the making.
The Christmas tree season, after all, begins long before the holidays arrive. For Meagan MacNeill, the new co-owner of River Wind Tree Farm in Lancaster, this year marked her very first season in the business. And as it turned out, she was unprepared, she said.
Customers began gathering at 9 a.m., an hour before opening, eager to flood the fields and begin their search for the perfect tree. It was all-hands on deck for the MacNeills; Meagan assembled both her immediate and extended family to help out.
The season began and closed in a flash. They sold out of cut-your-own trees the very next day, on Saturday, Nov. 29, and of pre-cut trees two weekends later.
The one word Meagan used to describe the season? “Insanity,” she said without missing a beat.
“I think it’s a new Olympic sport, getting the biggest and best Christmas tree,” she added with a laugh.
The challenges
The MacNeills are one of 459 Christmas tree farms across the state, which operate on nearly 3,000 acres of land and contribute more than $4.5 million to the local economy every year.
Like MacNeill, many farmers sold out of trees quicker this year than in years past (particularly since before the pandemic), according to David Morin, the communications liaison and former president of the Massachusetts Christmas Tree Association. He also owns Arrowhead Acres in Uxbridge, a Christmas tree farm and wedding venue.
Pre-pandemic, he was open for four weekends: Thanksgiving weekend, plus the three following it. He doubled his sales in 2020 during the pandemic. Now, he’s struggling to meet demand with a lower inventory.
“I was lucky to make it through two weekends. I actually shut down early on the second weekend because I didn’t have enough trees,” he said.
It’s not just that individual farms are struggling to meet demand, but that the number of farms nationally are dwindling. Between 2002 and 2022, the number of farms growing Christmas trees fell by nearly 30%, down from more than 13,600 to about 10,000, according to the American Farm Bureau Federation, an agricultural organization.
Why are there fewer farms? Illan Kessler, who operates North Pole Xmas Trees, a wholesale grower in Colebrook, New Hampshire and choose-and-cut Noel’s Tree Farm in Litchfield, attributed the decline to farmers aging out of the industry. This, coupled with a lack of interest from the next generation to continue the business, means fewer farms.
“They get older, and then no one takes over, so there’s less and less tree farms,” he said.
It takes between seven and 10 years to grow a Christmas tree. Farmers are competing not just with national chains like Home Depot or Walmart — which “are super-influencers when it comes to price,” Kessler said — but also with artificial Christmas tree suppliers.
“The artificial Christmas tree companies make so much revenue that they have a marketing budget that eclipses — at a magnitude of thousands-to-one — what real Christmas tree growers have to promote and market their own products,” Kessler added.
Prices of trees have gone up this year compared to last too, driven by inflation and tariffs along with a dwindling labor force and increasing costs of seedlings and machinery, Kessler and Morin said.
Morin likened being a Christmas tree farmer to a “love-hate” relationship.
“The week after you’ve sold the trees, you’re in love with them. But for the other 11 months of the year, if it isn’t gypsy moths or caterpillars or one kind of a bug or another, or lack of rain or too much rain, it’s a constant hassle,” he said.
But despite it all, they wouldn’t give it up for the world.
“It’s like a Hallmark movie,” said Kessler. “We love selling Christmas trees, and we are super grateful to be in this business. I feel so blessed. I love what I do,” he added.
Joy to the world
Meagan and Steven MacNeill had dreamed of owning a Christmas tree farm in Vermont when they were newlyweds, but life got in the way. Before becoming farmers, Meagan worked as a school counselor, and Steven worked as a pharmacist — a job he still holds full time, she said.
“I knew, for me in particular, the traditional kind of 9-to-5 job didn’t feel right,” she said. She started working at a garden center and volunteering at an alpaca farm in Harvard on Sundays to satisfy the itch to be outdoors working in nature. Her husband later joined her at the alpaca farm, and it became their Sunday morning tradition for almost two years.
The couple bought River Wind Tree Farm in June from the Wareck family, fulfilling their two-decades-old dream to be Christmas tree farmers.
But it wasn’t the fairy tale they had dreamed it to be. From learning to identify the farm’s many tree varieties — including exotic Christmas trees such as Nordmann fir, Korean balsam, and noble fir — to navigating drought and pest pressures, the experience was as much a challenge as it was a labor of love for the MacNeill family.
“The way the season looked was kind of a crapshoot because we had no idea what we were doing,” Meagan laughed. “It’s been a big learning curve for us. We still have a ton to learn.”
The MacNeills plan on adding alpacas to the farm next year, and are getting creative on keeping revenue flowing outside of the Christmas tree season by holding photoshoots at the farm.
Despite the arduous work, whirlwind season, years of preparation, and fierce competition, Meagan is grateful to be in the industry — and she’s not looking back.
For many Christmas tree farmers, herself included, the pull is hard to define. It’s rooted in community, tradition, and the simple joy of bringing people together for the holidays.
“It’s the joy of people coming to pick out their Christmas tree, and even having my family be a part of it,” Meagan said. “People coming out and just connecting to the land for a little while, or being with their family, and having these traditions that are not centered around electronics, but just being present. It’s so special.”
The Queue: holiday streaming edition
Massachusetts
Driver charged in Plymouth hit-and-run
Authorities said a driver is facing charges after a hit-and-run crash left a pedestrian badly hurt this weekend in Plymouth, Massachusetts.
The crash happened around 6:30 p.m. Saturday on Court Street. Police said the driver briefly stopped before fleeing the scene.
The victim was airlifted to a Boston hospital with critical injuries. Plymouth police said Monday that the patient is in stable condition and faces a long road to recovery.
The driver, identified as Francis Kelly of Plymouth, is charged with negligent operation and leaving the scene of a crash causing personal injury.
“We would like to sincerely thank the public for the tips provided and for sharing surveillance footage that proved critical to this investigation,” Plymouth Police Capt. Marc Higgins said in a statement. “Incidents like this underscore the strength of community cooperation in supporting victims and ensuring accountability.”
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