After a year of strong economic growth in Boston, local business leaders tell the Herald they predict booming startups, cheap gas and steady development in 2015. Here are their forecasts:
Robby Bitting, marketing director at MassChallenge, on Boston startups: "We're super optimistic on 2015. There's a lot of momentum and success. On one hand, you see the big IPOs from this year with Wayfair and HubSpot that have generated a lot of excitement and ... attention for the startup community in Boston. But, on another level, what's really important is there's a lot of activity for earlier-stage entrepreneurs. Not only do you see it in the consumer web and enterprise software, but you also see that in healthcare, biotech and energy, and even in social enterprises."
Oil expert Andrew Reed, principal of ESAI Energy: "The price decreases (for heating oil and gasoline at the pump) we saw in the last few months put us at a new level where we should be staying — not just this winter, but for the next several years. OPEC ... had a decision coming for some time: Either you cut production (of crude oil) to defend the price or you keep producing to protect your market share. They've chosen the latter, which means there's a lot of crude oil out there."
Ernie Boch Jr., CEO of Boch Enterprises: "2014 was a great year for the automotive industry. 2015 looks like a better year, as long as the domestic (automakers) keep their production in line. In 2014, there was a great balance of supply and demand, but there were signs that the domestics were starting to over-produce, which could be dangerous."
Pat Moscaritolo, CEO of the Greater Boston Convention & Visitors Bureau: "We've had three consecutive years of strong growth and are hitting new highs in visitors and hotel activity and tax revenue generated." International visitors have been the strongest market segment. "That's been fueled by the aggressive marketing that we've been doing internationally for Boston and Cambridge, but also the success of Massport's new international air service activity."
John B. Hynes III, CEO of Boston Global Investors, on real estate development: "I think you're going to see an average development year, with another 4 or 5 million square feet put under construction citywide. I would like to think it will be good for another million square feet of starts in Seaport Square, having started a million feet this year."
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