It’s good to be in Boston.

Federal Reserve Bank of Boston chief Eric Rosengren last week warned of habitually slow employment growth in the nation. But he added that the New England region would nonetheless grow faster than other parts of the U.S. – thanks mostly to the resilient economy in Boston.

Capital One bank is about to establish a strong Massachusetts beachhead with the opening of a handful of branches, almost all of which are in Boston proper.

NortheastCommunity Bank is expanding its presence in the greater Boston area, and jumping into the residential mortgage lending pool here – and here only. In part, that’s because Boston is also one of the few areas in the state where housing prices are on solid footing.

Several large commercial developments, including the new Vertex Pharmaceuticals headquarters in the Seaport district, are moving ahead. That’s in stark contrast to the paucity of construction elsewhere.

Connecticut’s two big banking houses – People’s United and Webster Bank – have both been aggressive about coming into the Boston market, opening de novo branches and actively buying whatever banking companies are on the market.

In a summer that’s started with unrelenting bad economic news generally – unemployment’s up, housing’s down, Wall Street’s queasy – it’s not a bad thing to step back and realize that, at least for some people, the economic end isn’t right around the corner. In fact, what’s lurking around the next bend is much more likely to be an amazing new opportunity.

Boston is, after all, an opportunity magnet. Education? The aggregation of higher education opportunities here is unparalleled. Life sciences? The Route 128 corridor is a breeding ground of advancement, and therefore a fertile field for jobs and development. Finance? Boston doesn’t lose financial institutions, it just keeps adding more to the pile.

Perhaps it is not just the city’s physical attributes. This is a metropolis of history, of architecture, of interesting streets and lively atmosphere. All of that is, indeed, appealing.

But Boston, too, has a sophisticated swagger. Bragging, of course, is crude. But there’s a palpable air in Boston that it’s in an elite class. It expects to be successful. And it expects everyone else to expect it to be successful. And so, they do – and the city becomes more successful than ever.

Boston, of course, isn’t immune to depression and deprivation. But this is a city that competes, that always has its eye on one spot only – the top.

There may be obstacles, and those may be significant. But in any economic race, the smart money is going to be placed on Boston. Even when other cities or other regions falter, this one will find a way to grow.

Be glad this isn’t Greece. Or Ireland. Or Italy. Or any number of dustbowl towns in the U.S. Be glad to be part of a driving economy, a place where achievement calls home.

Because, of course, it’s good to be in Boston.

Appreciating The Hub

by Banker & Tradesman time to read: 2 min
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