As we hit the midpoint of 2024 and near the end of the two-year legislative session, the Roundtable remains laser focused on addressing the state’s high cost of living and doing business. In our most recent survey of Roundtable members, conducted with McKinsey & Co., 83% cited the cost of living as critical to their decision to remain in Massachusetts and 75% identified the cost of doing business, up 2.5x from just two years ago. This has resulted in 40% of employers planning to grow their workforce outside of the state, doubling since 2023 and almost 6x from 2022. More than 20% of Roundtable members also reported being recruited to move to or expand in other U.S. states. See below for the final survey results and an OpEd in CommonWealth Beacon highlighting the survey results and our reasons for optimism in spite of this data.

With the guidance of the Roundtable membership, we have been supporting solutions to address these trends, such as increasing housing production, investing in industries like life sciences and climatetech, and prioritizing the state’s focus on workforce development, including integrating foreign-educated immigrants into the workforce and child care. We are not only identifying economic headwinds, but thanks to the engagement of Roundtable members, we are supporting solutions to address them.

Although the summer has just begun, we are gearing up for a fall full of opportunities for Roundtable members to connect, conduct business, and meet with public and private leaders to discuss issues of importance to our member companies and the state’s economy. In the meantime, we look forward to connecting with Roundtable members individually this summer!

Thank you for your continued support of the Roundtable!

JD, Tonja and Lauren

Bet on Massachusetts

Building on the Future of Work Surveys in 2021 and 2022, and the 2023 Talent and Competitiveness Survey, the Roundtable, in collaboration with McKinsey & Co., released the results from its 4^th Annual Talent and Competitiveness Survey in June.

The survey found that Massachusetts continues to be a hub for education and technological innovation. However, the rising costs of living and doing business are the dominant factors influencing organizations’ decisions to remain in Massachusetts. This is impacting hiring, as it is becoming increasingly difficult to recruit talent to Massachusetts and more employers are planning to grow their presence outside of the state. The survey also highlights solutions to address the state’s challenges and positively impact its position as a global leader. As stated in a recent OpEd by Roundtable President & CEO JD Chesloff:

“This year’s survey of Roundtable members shows that macroeconomic headwinds are outweighing tailwinds as factors influencing where employers are growing their workforce and footprint, and that the impacts of the cost of living and doing business on the state’s competitiveness have accelerated over the past few years.

It also confirms that there are solutions requiring immediate action. Investments in housing production and economic development, increased use of innovative workforce development practices, and the continued integration of AI all would have positive impacts on the state’s talent challenges and our short- and long-term competitiveness. Now is the time to bet on Massachusetts, and we are all in.”

Read the press release and the full report. You can also read coverage in The Boston Globe; Boston Business Journal; and the CommonWealth Beacon OpEd.

Jon Donenberg from the National Economic Council Discusses Economic Policy with Members

On June 18, the Roundtable hosted a quarterly meeting of the Board of Directors. We were joined by by Jon Donenberg, Deputy Assistant to the President and Deputy Director of the National Economic Council, who touched on federal economic and policy issues impacting the country and state’s competitiveness. We also were joined by Roundtable member Lucy Pérez, Senior Partner at McKinsey & Co., who presented and discussed the results of the Roundtable’s 4^th Annual Talent & Competitiveness Survey. With nearly 40 members in attendance, it was a fantastic virtual meeting where members discussed issues around the economy, housing, immigration, and more, all of which are impacting the state’s future growth.

Welcome to the Roundtable

Going Around the Table

Sharing a few highlights from member companies!

Brandeis International Business School and Fidelity Partnership: Through field projects with employers, Roundtable member organization Brandeis International Business School helps students gain hands-on experience working on emerging tech trends. Read more about their partnership with the Fidelity Center for Applied Technology (FCAT). Interested in learning more about becoming a Project Partner for field projects at Brandeis International Business School? Contact Frank Fessenden, Executive Director of Corporate Relations, at ffessenden@brandeis.edu.

State Street Foundation Receives Jack Rennie Award for Business Impact in Education: Congratulations to Roundtable member Joan Christel of State Street Foundation who received the first annual Jack Rennie Award for Business Impact in Education from the Massachusetts Business Alliance for Education (MBAE). State Street was recognized for its significant contributions to student opportunity and success, including the integral role they have played in the development of the Early College movement in Massachusetts. The Roundtable is a proud partner of MBAE with JD Chesloff serving on the Board of Directors and the Roundtable playing a key strategic role in their Student Pathways Coalition. Congratulations to Joan and her team on this well deserved recognition!

Vineyard Wind Success: Congratulations to Roundtable member organization Vineyard Offshore for their project, Vineyard Wind 1, which is now the largest operating offshore wind project in the United States. With 10 turbines in operation, the project is currently sending 136 megawatts of clean energy to the Massachusetts grid. Once complete, the 62-turbine project will be the largest renewable energy facility in New England and power more than 400,000 homes. Learn more about the project here.

Takeda Announces Expanded Partnership with Partners in Health: Roundtable member organization Takeda has announced an exciting new partnership expansion with Partners in Health to extend a community-centered health equity initiative across Massachusetts. This will build upon an existing global partnership that Takeda has with Partners in Health, focused on strengthening the capacity of communities globally to identify and address health inequities sustainably. The new partnership aims to create sustainable solutions that improve overall health outcomes across the Commonwealth. Read more about this new partnership.

Amazon Opens Robotic Warehouse: Earlier this spring, Roundtable member organization Amazon celebrated the opening of a $400M robotic warehouse in North Andover. This facility will employ 1,500 workers and is Amazon’s first highly automated warehouse in Massachusetts. In addition, all the robots in the facility are designed in-house and manufactured in Massachusetts. Read more about the facility in a Globe article highlighting the opening.

Berkshire Health Systems Reopens North Adams Regional Hospital: This spring, Roundtable member organization Berkshire Health Systems successfully completed a 10-year project to reopen the North Adams Regional Hospital. As stated by Darlene Rodowicz, President & CEO: “The reopening of North Adams Regional Hospital is a historic opportunity to advance the health and wellness of the Northern Berkshire community. Expanding access to care for North Berkshire through a Critical Access Hospital (CAH) is a key part of our strategic plan; we are thankful to Congressman Neal and his Massachusetts colleagues in the House and Senate, our Berkshire state legislative delegation, the municipal leaders across North Berkshire and the many people in the community who have steadfastly supported our plans to reopen NARH to provide the highest standard of care that the North Berkshire community expects and deserves.” You can read the press release here.

America’s Climate Leaders for 2024 list by USA TODAY: Congratulations to the many Roundtable member companies that were named on the America’s Climate Leaders for 2024 list by USA TODAY. The USA TODAY list of America’s Climate Leaders recognizes the top 450 companies across the U.S. that have achieved the greatest reduction in their operational emissions intensity between 2020 and 2022. This year’s list includes the following Roundtable member organizations: Eversource; American Tower; Autodesk; Avangrid; Chubb; Dell; McKinsey & Co.; State Street; and Vertex.

Expanding the Table

Roundtable member companies promoting diversity, equity, and inclusion in the workplace

Advancing Health Equity in the Commonwealth: The Health Equity Compact convened its 2^nd annual Health Equity Trends Summit at UMass Boston on June 6. This year’s theme was “Health Equity in Action,” highlighting the progress that has been made since last year’s summit and discussing future opportunities for collaboration. The summit afforded the Roundtable team the opportunity to network and engage in timely conversations with peers and hear from a variety of incredible speakers who shared strategies and best practices to address equity disparities in the Commonwealth. In addition, Roundtable Director of Operations, Lauren Nwagboli, was a member of the Summit Planning Committee and played a role in the event’s success! Learn more about the event and read the materials and presentations.

Roundtable Receives Community Champion Award: In June, the Massachusetts Immigrant & Refugee Advocacy Coalition (MIRA) held its 28^th Annual Celebration, Give Liberty a Hand Event. The Roundtable was honored to receive a Community Champion Award for the impact we have made in advancing policies and research to support immigrants and refugees in civic, social, and community life. It was an amazing event and the entire Roundtable team, past and present, joined together to celebrate JD! Thank you to the Roundtable member organizations who sponsored the event including Eastern Bank; Bentley University; Verizon; Beth Israel Lahey Health; Point32Health; MITRE, and Rockland Trust.