In an interview with Invest:, Tom O’Rourke, president and CEO of Neponset River Regional Chamber, discussed the growth in the medical office space and biotech sectors, what factors make Neponset River a strategic location for expansion and relocation, and the chamber’s initiatives to address labor constraints and skill gaps.
How have recent economic developments in the region impacted local businesses and the community?
While there have been some noticeable changes, the shift is not as dramatic as some might expect. With many people still working remotely, the gradual return to the office is underway. Additionally, a growing number of businesses are opting for suburban locations, citing ease of access for employees and lower costs compared to the city. This trend, I expect, will persist, and it will pose a challenge for Boston, but it will definitely benefit those outside the city. I also anticipate that this movement away from the urban core will continue to reshape the economic landscape, potentially leading to further growth and development in suburban areas as businesses seek out more affordable and accessible locations.
What unique aspects make the Neponset River region appealing for businesses and people to expand or relocate to?
The strategic location of the Neponset River region is a key factor in its appeal. Positioned equally between Boston and Providence, with easy access to the South Shore and Cape Cod, it offers unparalleled connectivity for businesses. The presence of a regional airport in Norwood further enhances accessibility, providing a convenient alternative to Boston, which is dealing with congestion. Moreover, the area boasts a highly educated workforce, adding to its attractiveness for employers seeking skilled talent. The business-friendly communities within the region actively support economic growth, offering enticing tax incentives to attract companies and making the region a compelling destination for businesses looking to thrive.
Given the economic climate, which sectors do you expect will post the most growth in the region, and how is the chamber supporting them?
The Neponset River region is witnessing notable growth, particularly in the medical office space and biotech sectors. With companies like Moderna establishing a presence here, the region has garnered attention as a favorable business environment. The influx of jobs and tax revenue from such companies not only benefits the area directly but also serves as a beacon for other businesses considering relocation.
Additionally, initiatives are underway to support startups and small businesses through collaborative efforts. For instance, the Norwood Space Center, housed in a renovated mill building, serves as a hub for various enterprises, from breweries to tech companies. The Chamber and the Space Center are working collaboratively to leverage partnerships with organizations like the Small Business Administration, Mass Development, and SCORE to create an incubator environment within the Norwood Space Center. This initiative consolidates resources and expertise, providing aspiring entrepreneurs with comprehensive support, from securing space to developing business strategies. While not all startups will remain within the center, the goal is to facilitate their growth and integration into the regional economy, fostering a thriving business ecosystem for the benefit of all stakeholders.
How are you addressing local labor constraints and skill gaps while developing partnerships to enhance employment opportunities in the region?
Labor constraints are particularly evident in industries like hospitality and trades, where restaurants, hotels, and skilled trades are facing shortages. To address these challenges, we have forged partnerships with local institutions, leveraging their expertise and resources to develop tailored solutions.
Our collaboration with our local tech high school and the School to Careers Partnership is instrumental in identifying skill gaps and implementing targeted training programs. By working closely with businesses, these initiatives aim to equip individuals with the necessary skills to meet industry demands.
Additionally, we are actively involved with the local workforce board, contributing insights and support to address labor shortages effectively. As a member of the board, I understand the importance of collaborative efforts in tackling workforce challenges head-on.
Furthermore, our engagement extends to local high schools, such as Norwood High School, where we support career pathway programs. Recently, the school received a grant to enhance its offerings, and we are facilitating connections with healthcare institutions to enrich these programs.
Amid inflation and high interest rates, what strategies have proven most effective for navigating the pressures faced by businesses?
The challenges facing businesses in Massachusetts are indeed significant, particularly the escalating costs associated with operations. With increasing government mandates, such as paid leave requirements and minimum wage hikes, coupled with rising healthcare expenses, the financial burden on businesses continues to mount.
To address these concerns, collaboration among chambers of commerce is essential. By uniting our voices, we can advocate collectively to the government, urging for a balanced approach that considers the economic realities faced by businesses. Through concerted efforts, we strive to mitigate the impact of these mandates and ensure the sustainability of our local business community.
It’s imperative that we engage in constructive dialogue with policymakers, emphasizing the need to strike a balance between regulatory requirements and the viability of businesses. By fostering collaboration and advocating for sensible policies, we aim to alleviate the pressures facing businesses and preserve the vitality of our state’s economy.
What advice do you offer individuals starting a business in the region, and how can the chamber support them in their entrepreneurial journey?
I wholeheartedly encourage aspiring entrepreneurs to pursue their business endeavors. From providing guidance on navigating the intricacies of starting a business to assisting with business planning and securing financing, we are dedicated to equipping entrepreneurs with the tools and resources they need to succeed. Our vision is to become the go-to and one-stop destination for business support, where individuals can access expert advice, valuable insights, and practical assistance in realizing their entrepreneurial dreams.
What is your outlook for the next two to three years and your top priorities within this time frame?
The outlook for our chamber is promising. Despite the challenges posed by the COVID-19 pandemic, we have demonstrated resilience and solidarity within our membership. By supporting struggling members during tough times, we have maintained a strong sense of community and solidarity.
As economic conditions improve, we anticipate continued growth and engagement within our chamber. The region’s recovery trajectory bodes well for our organization, as businesses rebound and seek opportunities for collaboration and growth.
Moreover, we are thrilled about the World Cup in 2026, which will bring global attention to our region. With Gillette Stadium serving as one of the host sites for several games, we anticipate significant economic benefits for our community.
The excitement surrounding this event underscores the potential for economic growth and tourism opportunities in our region. As we look ahead, we are optimistic about the positive impact that both the World Cup and our chamber’s continued growth will have on our community’s prosperity.
