FALL EDUCATION IS NOW LIVE

We are pleased to announce registration for BTEA's 2024 Fall & Winter Education Session is now live online. Programming has been developed with the support of our Education Advisory Board and member feedback. Topics range from leadership to AI and cybersecurity to employment law and much more. Seminars are filling up each semester so we do encourage you to register early and save your seat!

UPCOMING EVENTS

September 17 | 4:30 PM

Women's Group: 3rd Annual Golf Clinic

Granite Links

October 21 | 5:30 PM

Future Leaders: Driving Growth & Creating Allies

Dorchester Brewing Company

MEMBER NEWS

BTEA's 2nd Annual Golf Tournament to benefit the Thomas J. Gunning Fund

On Monday, July 29, we hosted our 2nd Annual BTEA Golf Tournament to benefit the TJG Fund. Thanks to our generous sponsors, supporters and participants, we were able to raise a tremendous amount of money for the TJG Fund! We remain humbled by this support and grateful to be able to carry on Tom's commitment to philanthropy.

As part of the event, we announced mentorship as the first cornerstone of the TJG Fund mission. In T2's passing, we were blown away by the impact Tom had as a mentor, both in work and through his coaching days. Many shared stories of not only his great career advice but his focus on sportsmanship and character as part of his coaching, most notably through Milton Youth Baseball. This year, in addition to our many donations, we will be focused on working with Milton Youth Baseball to build a dugout in T2's honor and provide resources to mentorship programs within our industry and throughout Boston. In our opinion, everyone deserves a great mentor in their life and so many of us were blessed with T2. His legacy lives on through the countless individuals he mentored.

Check out photos here.

SMACNA Boston Chapter Hosts Annual Golf Outing

On Thursday, July 25, the SMACNA Boston Chapter hosted its annual golf outing to benefit the Thomas S. Gunning Scholarship Fund. Check out photos from the day here.

Unique Metal Works Hosts Heavy Metal Summer Experience

Led by Norman Brothers, President, and Susan Avakyan, Controller, UMW hosted a free 30-hour program for high school students to expose them to the sheet metal, piping, and plumbing trades as a work-based college alternative. At the end of the three-week program, a graduation was held featuring Robert Bolton, CEO of Arden Building Companies, Donald R. Grebien, Mayor of Pawtucket, and HMSE representatives Mike and Jennifer Zoll in support of such an outstanding initiative.

NEWS

Construction Project Abandonments Surge

Project abandonments surged 10.7% over the past month, according to ConstructConnect’s Project Stress Index, a measure of construction projects that have been paused, abandoned or have a delayed bid date. Most of this has been driven by the private side, in certain spaces, most notably life science and office work. Read More

Rent Inflation Remains a Pressure Point for Small Businesses

Rent inflation is a pressure point for small businesses, according to new data from the Bank of America Institute. The average monthly share of rent in total payments through May is 9.1 percent nation-wide, up significantly from the 2019 average of 5.9 percent.   Read More

Boston Leads Major Cities in Return to Office Growth

Boston leads the country in YOY office return growth, according to new data from Placer.ai. Boston’s office-visit rate jumped 10.3% in the year ending in June, compared to a 5.3% national average.  Read More

Proposals & Projects We're Watching

BPDA Approves $300M Fenway Development, Stadium Makeover: The BPDA BODs approved a $300 million project along with plans for a public-private partnership to redevelop Roxbury’s White Stadium as the future home of a NWSL team. Scape also received approval for its third project in Boston’s Fenway neighborhood, creating 400 furnished apartments in a 299K SF building at 2 Charlesgate West.  Read More

Cape Cod Bridge Replacement Program Receives $1B FWHA Grant: MA is set to receive nearly $1 billion from the U.S. Dept. of Transportation for the Cape Cod Bridge Program. The program plans to replace the two bridges at an estimated cost of $4.5 billion. Read More

Healey Administration Puts Hurley Complex out for Redevelopment - Again: Governor Healey’s administration is going back to the drawing board to redevelop a prominent government complex that spans some 5.5 acres where Beacon Hill meets the West End. The Division of Capital Asset Management and Maintenance will oversee the bidding process and said it will emphasize historic preservation in the new round of bids. That suggests the two distinctive concrete buildings on the site, with roughly 567,000 SF between them, would largely stay intact. Read More

LEGISLATION

Spilka all but Declares Property Tax Proposal Dead on Beacon Hill

After Mayor Wu pressured the state Senate to pass her property tax classification home rule petition, Senate President Karen Spilka fired back indicating the measure may be dead in the water. The measure would give the city authority to temporarily shift the property tax burden on CR in order to avoid a dramatic spike in residential property tax bills next year should commercial property values drop. Read More

Healey Inks $5.16B Housing Bill

Governor Healey inked a $5.16 billion bond bill designed to rein in MA’s housing costs through increased funding for public and private developers. Potentially the most notable legislation enacted in the past legislative session, the Affordable Homes Act legalizes accessory dwelling units statewide, encourages office to housing conversions and earmarks $2 billion for public housing construction and renovations.  Read More

Healey Signs $58B State Budget

Governor Healey slashed $317 million from the state’s $58 billion budget, before signing it nearly a month after the fiscal year started. Her cuts hit an array of programs, including money set aside for substance addiction treatment and after-school activities. Healey also chopped $2.5 million reserved for workforce development grants, adding that her administration “will work towards” using money from a separate trust fund. Read More

MA Lawmakers Fail to Pass Bill Connected to Revolution's Stadium Bid

As part of a 23-hour marathon effort to close out the MA legislature’s formal session, state lawmakers were unable to come to agreement on a plethora of issues, including passage of a massive economic development bill. Had the Designated Port Area been removed, it would have cleared a path for the Kraft Group-owned soccer team to begin pursuing the possible building of a 25,000-seater stadium along the waterfront. Read More

FAST FACTS

• GDP, adjusted for inflation, increased at a 2.8% annual rate in the second quarter. That was faster than the 1.4% rate recorded in the first quarter, but down from the unexpectedly strong growth in the second half of last year.
• A recent report forecast that US economic growth would increase to 2.6% in 2024 from 2.5% in 2023, a slight downgrade from its previous projection of 2.7%.
• The 65+ population grew in all of America's biggest cities from 2020 to 2023 — by close to 20% in some cases, according to the Census Bureau's latest population estimates. That includes metro Boston, where the 65+ crowd increased 9.6%.
• Office leasing in the Routes 128 and 495 submarkets comprised nearly 59% of all Greater Boston transactions in the second quarter. Boston and Cambridge’s share of leasing totaled 41.2%, down from nearly 50% in the previous quarter.

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