Hiring jump planned for Boston jobs

Posted on March 24, 2017

A number of employers are planning a hiring spree for Boston jobs, according to a recent Bank of America small business report.

Thirty-six percent of Boston small business owners plan to hire more employees in the year ahead, compared with only 23 percent who said they planned to hire in the spring.

Boston entrepreneurs’ confidence in the economy is also on the rise, as 40 percent believe the national economy will improve in the next year – an increase from 33 percent who thought so in the spring. Optimism in the local economy has remained steady, with 47 percent expecting it to improve over the next 12 months, in line with the spring.

“The fact that most are expecting to end the year either meeting or beating their revenue goals shows some real momentum for Boston small businesses heading into 2017,” said Seth Felix, Boston small business banking manager at Bank of America. “That, in addition to the 50 percent increase of those saying they’ll hire in the year ahead, is certainly encouraging to see from a growth perspective.”

While Boston entrepreneurs are more optimistic about key areas of their business, they remain concerned about certain economic factors, with the rising cost of health care topping the list as a worry for 75 percent of respondents. Notably, Boston small business owners are significantly more concerned about the following than the rest of the country:

• Commodities prices (62 percent vs. 47 percent nationwide).
• Consumer spending (61 percent vs. 51 percent nationwide).
• Interest rates (57 percent vs. 46 percent nationwide).

Other topics that are causing greater concern for Boston small business owners include:

• Social crises and violence in the U.S. and abroad (36 percent), an 11 percentage-point jump since spring 2016.
• Financial crises in countries abroad (33 percent), an 8 percentage-point jump in six months.