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Business Business Profile Since the downturn of the early 1990s, Boston’s economy has been growing steadily and strongly. Unemployment has remained low (3.2% in 2001), compared to the national average of 4.8%. Other economic indicators reinforce this picture of developing economic strength and quality of life – including record low crime figures and things like an office vacancy rate that is less than 2%. There is a strong trend of overall sales in real estate with general prices being stable. Before September 11th 2001, hotels were reporting high occupancy rates, however, these were down 13% in 2001 and remain lower in 2002. Nevertheless, there has been over US$1.3 billion invested in private development and construction projects, alongside several major public infrastructure investment projects, notably the ‘Big Dig’, which is refurbishing and rebuilding tunnels and major routes through the city. Another massive project indicative of the city’s confidence is the Seaport Public Realm Plan, which will develop 400 hectares (1000 acres) of seafront land, focused around the new Boston Convention and Exhibition Center. Boston is the capital of the Commonwealth of Massachusetts and the finance, professional, business, higher education, government, transportation, cultural and tourism hub of New England. Of these economic areas, high technology, financial services and tourism, in particular, are key areas for Boston. Although these industries have been suffering post-September 11th, the final quarter of 2002 is showing a significant recovery. In general, industries like Boston because the city attracts high numbers of young professionals from its prestigious educational institutions, notably Harvard and MIT (Massachusetts Institute of Technology). A glance at the top ten businesses in 2002, according to the respected Boston Globe newspaper, shows an impressive mix of old and new economies flourishing: Affiliated Managers (asset management), Analog Devices (technology), Brooktrout Inc (computer hardware and software), Biogen Inc (biotechnology), Eaton Vance Corp (mutual funds), Millipore Corp (pharmaceuticals), Novartis (pharmaceuticals), RSA Security Inc (technology), Staples (retail sales) and State Street Corp (financial services). Business Etiquette Americans can be less formal than Europeans, both in dress and manners, but normal business courtesies should still be observed. The degree of formality often reflects the nature of the business – banking and legal professions will be more formal than computer and media companies. Americans will quickly use first-name terms, although both men and women may still wear suits. Short-sleeved shirts are acceptable in summer. As a visitor, there is nothing wrong in being as formal as, say, in Europe, and then relaxing once the attitudes of the host have been established. Business cards are commonly exchanged at meetings and e-mail is a favourite means of communication. Punctuality for business meetings is expected – and time should always be allowed for traffic delays. Business hours are from 0800/0830 to 1700. Working late, well into the night or even at the weekend is, however, common. Working lunches are more common than working breakfasts and may be anything from a copious sandwich and coffee to a more serious, although not prolonged, restaurant meal. Socially, Americans are individualistic, but meeting for drinks or dinner after work on a Friday is a popular end to the working week. As a guest, not over-indulging in alcohol is always a good idea. Evening dinner invitations can equally be to the home or to a restaurant. Visitors should bring a bottle of wine to the home or offer to share part of the restaurant bill. |
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