SPRINGFIELD, Mass. (WWLP) – One of the downfalls of doing business in Massachusetts is the high cost of living. In fact, several surveys, including a CNBC survey, have ranked Massachusetts one of the top ten most expensive states to do business in. It’s one of several issues that business owners discussed at the Springfield Regional Chamber’s 2017 Outlook event on Monday.
According to Forbes, the cost of doing business in Massachusetts is about 19% more expensive than the national average, but Attorney Scott Foster of Bulkley Richardson told 22News, there are also several benefits to owning a business here that help make up for that cost. “It’s a small incremental cost more to do business here, but to get the quality of the talent of people and the access to resources and the proximity to cities and Bradley Airport, more than makes up for the small additional costs,” he said.
According to the Ames Business Confidence Index, Massachusetts business in March was the highest it has been in a decade.
John Regan of the Associated Industries of Massachusetts told 22News, that means despite the high price, doing business in Massachusetts may pay off in the long run. “Successful businesses find ways to deal with those costs, but they are a competitive headwind that makes being successful that much more challenging,” he said.
The Ames Business Index for March also found that businesses in western Massachusetts, are thriving even more than the eastern part of the state.