HYANNIS — The dean of the Ricciardi College of Business at Bridgewater State University addressed the Barnstable Economic Development Commission on Tuesday afternoon and the message was a familiar one – the Cape’s current economy is not sustainable and is in dire need of a makeover.Dr. Elmore Alexander, in a presentation titled “Economic Development Challenges for Cape Cod,” said the region is facing a “perfect storm” of economic conditions, and not in a good way.
As we work on new mixed use areas, the concepts in this article are important to remember.
From Wicked Local Dennis: Fish and burritos meet in Dennis.
Stop by and welcome this new business venture to West Dennis. As the village crawls back from the recent economic recession it is great to have new people jumping in to lead the re-emergence of West Dennis as one of our economic hubs. Let’s give Bill and all our local restaurants a big boost and visit our local entrepreneurs for dinner!
Oh, and tell your friends in the surrounding communities to come to Dennis to eat and shop since they can find it all here and avoid the mall traffic!
State unemployment data illustrates that Dennis is among the worst in the county when it comes to the portion of our work eligible residents out of work. Only Provincetown, Truro and Wellfleet have higher unemployment rates.
Looking at the 12 month running average, Dennis fares slightly better with a 7.6% unemployment rate. We only trail the county by one percentage point on an annual basis, but by 1.6% for the month of March.
The data clearly illustrates the seasonal nature of our local economy.
Dennis, and most of Cape Cod, has a high percentage of retirees as year round residents. Census data reviewed by the town for the recent housing summit reinforced the high percentage of income going towards housing costs for the retiree income group. Beyond the added burden of food for retirees, is the out of pocket costs for medical expenses. This analysis continues to illustrate the dire need we have to produce affordable housing.