Good morning,

It’s good to see our two presidential candidates talking about our national housing shortage.

Not surprisingly, their approaches are different.

One candidate wants to increase supply; proposing a target of three million new homes, along with policies and tax incentives to get there.

The other favors lowering housing demand through mass deportations of illegal immigrants (although that would surely deplete the nation’s supply of home construction workers too).

Binyamin Appelbaum explains in the New York Times (free link).

Things you need to know about the life science sector

The biotech sector has been a key economic driver in Massachusetts, including in our four Charles River Chamber communities.  As we head into the fall, here’s three updates that matter a lot to our local economy:

Growth slow, but still growth

In MassBio’s annual industry snapshot, released yesterday, the trade group reported that the industry saw its slowest job growth since 2017.

Still, Massachusetts added almost 3,000 net new jobs in the biopharma industry in 2023, accounting for nearly 17% of overall job growth in the state.

“With all of this, and everything we've heard about company layoffs and closings, the fact that we gained net new employees in Massachusetts in 2023 should be thought of as a win,” Ben Bradford, head of external affairs at MassBio, told the BBJ.

About 2,000 of biopharma's net new jobs were in research and development (and that matters in our communities), while biomanufacturing jobs (those facilities tend to be outside I-495) dipped by roughly 2% overall.

Also: Two-thirds of the $3.26 billion in VC funding given to local companies in the first half of the year went to companies not located in Cambridge but communities like Watertown, Waltham, and Framingham.  

Then there’s all that real estate

When demand for office space wained after the pandemic, many developers – including in Watertown, Newton, Needham and Wellesley – began building and planning to build labs.

But as Jon Chesto at the Globe reported recently, the rush to build, coupled with other industry headwinds, created a lab vacancy rate that now “rivals that of the pandemic-battered office market.”

Three years ago, around one percent of existing lab space in the region was vacant or available via sublease.  Lab vacancies today are at 21.5 percent (an all-time high of 11 million square feet), he adds. 

Office space availability in Greater Boston is now nearly identical: 22.7 percent, according to Colliers.

Chesto cites projects such as the conversion of the former former Tufts Health Plan headquarters in Watertown, the delays developing the Muzy Motors site in Needham, and at the Riverside T station in Newton (Fig City News has a good update here), as examples of stalled efforts waiting for a rebound.

Maybe Beacon Hill will help, right?

Some things don’t make sense.

Such as, why anyone would want to see every U.S. President holding a ham?

Here’s another: Why did Beacon Hill lawmakers adjourn last month for the rest of 2024 without passing an economic development bond bill (for the second consecutive term), even though there was broad consensus about many of the bill’s features and urgent need?

Among other investments, the bill included reauthorized the Life Sciences Initiative that is widely credited with making the Commonwealth a biotech leader and seen as essential to ultimately filling some of that vacant lab space.

When first enacted under Gov. Deval Patrick in 2008, the biopharma industry employed fewer than 55,000 people in Massachusetts. Today, there are nearly 117,000 biopharma employees – a 114% increase.

Meanwhile, more states (and nations) than ever are  competing for our companies, our scientists and our lab workers by creating programs modeled on the bill stalled on Beacon Hill.

Gov. Maura Healey has urged lawmakers to return to work to pass the bill.

Last week, our chamber and the state’s largest chambers did the same, sending a letter, urging passage “as soon as possible.”

And on Monday, the Globe’s editorial page suggested that if top House and Senate leaders fail to do so, they shouldn’t “keep their exalted posts.”

Finally, two real life examples

Watertown-based biotech Tome Biosciences Inc. plans to eliminate all 140 or so jobs at its Arsenal on the Charles facility, including the positions of its chief executive and chief scientific officers, effective Nov. 1, reports Hannah Green at the BBJ.

In happier news, a different Watertown biotech Abata Therapeutics has landed financial support from pharma giant Bristol Myers Squibb, Green also reports.

Abata, headquartered at 100 Forge, is working on treatments for severe autoimmune and inflammatory diseases. BMS ’investment is meant to help Abata’s advancement into the clinic.

Today’s grab bag

• Newton, Watertown and Brookline were among the communities added to the state Department of Public Health "high-risk" list for West Nile virus yesterday. (Patch)
  
  
• The MBTA is now running at the "best schedules we've had in years,"  MBTA GM Phil Eng told WBUR last week The new fall schedule which began Sunday.
  
  
• The Needham Planning Board will hold a public hearing for its two MBTA Compliance Plans next Thursday (Sept. 5) at 7p.m. at Broadmeadow School. Comment in writing to planning@needhamma.gov.
  
  
• The Watertown State of the City address will be broadcast live from WCA-TV’s, Sept. 4, at 6 p.m.. City Council President Mark Sideris and City Manager George Proakis will provide remarks and answer submitted questions. Watch live online.
  
  
• After 16 years in business Shiraz Persian Cuisine, on Bigelow Ave. in Watertown, has shut its doors. “Thank you for allowing us to be a part of your lives. We hope that the flavors of Shiraz will remain in your hearts as fond memories,” the Shiraz family posted on Facebook.
  
  
• The feds will once again be providing free at-home COVID tests via U.S. Mail program in September.  
  
  
• Federal Realty is eyeing a possible 5-year lease extension for the VW dealership on Linden Street to give Federal more time to consider future development options, including ,the possibility of a  multi-family residential development,. (Swellesley Report)
  
  
• The 2024/2025 season of the Needham Bank Great Hall Concert Series has been announced.
  
  
• Our deadline to nominate an outstanding Wellesley business, business person or nonprofit for a Wellesley Business Award is Wednesday (Sept. 4)
  
  

New openings for the fall shopping season

• The Newton Beacon takes a look at the new businesses that have just opened, or will open soon at The Street in Chestnut Hill.
  
  
• Latte Boston, a popup mobile Italian Espresso & Tea Mobile Bar is now open an Chestnut Hill Square
  
  
• Van Leeuwen ice cream -- which already scoops its quirky flavors at The Street -- is opening at Linden Square. Frame bridge custom framing business is also headed to Linden. (Swellesley Report)
  
  
• Custom candle and scent-maker Sky Candle Co. opened at 1096 Great Plain Ave. in the former Your CBD Store location. (Needham Observer)

Matthew Jefferson, Newton’s first Black Alderman dies

Finally this morning, Matthew Jefferson, the first Black member of the Newton Board of Alderman, passed away earlier this month, at the age of 100.

Jefferson served on  the board (now the city council) for nearly two decades and as board president for six years.  He is credited with passage of the city’s first 10%  inclusionary housing requirement, compelling developers to provide subsidized low income housing, according to Fig City News. 

On his 100th birthday last February, the Newton City Council, lead by Councilor Tarik Lucas, honored Jefferson with this proclamation.

That’s what you need to know for today — National Cherry Turnovers Day — unless you need to know about some out-of-office replies you probably wish you used this summer.

Enjoy the long Labor Day weekend.  You’ve earned it.

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688