Fidelity Bank’s 2025 Economic Survey points to increased economic optimism in North Central Massachu
Fidelity Bank’s 2025 Economic Survey points to increased economic optimism in North Central Massachusetts despite concerns of rising costs for food, housing, utilities
Annual survey generates more than 700 responses from consumers and business owners in North Central Massachusetts
(Leominster, Mass.)— Fidelity Bank has unveiled the results of its 2025 Economic Survey, an annual survey to North Central Massachusetts consumers and business owners who offered a wide lens into the financial behaviors and sentiments on the current state of the regional economy, thoughts on last year’s economic performance, and projections for the remainder of 2025. The results of the survey were announced at the annual Economic Forecast breakfast on April 17, 2025, at Great Wolf Lodge in Fitchburg.
Responses to the survey, which were gathered in March 2025 in the midst of the ambiguous news related to tariffs, expressed increased optimism, with more respondents than 2024 believing the economy will be better by next year. Concerns about inflation were shared among both consumers and businesses, with rising costs in groceries, housing, and utilities top of mind for consumers, and managing increased labor costs and tighter margins keeping business leaders up at night.
“Consumers and businesses share many concerns heading into 2025, but leading the pack was inflation,” said Joseph Silva, president, Fidelity Bank, who presented the survey results. “Both groups indicated uncertainty with the political climate, especially related to the Trump administration, but while businesses are cautiously optimistic, the fear of a recession has increased among consumers.”
According to the survey, businesses are facing long-term concerns related to controlling costs, shifts in regulations and workforce availability, and plan to combat these challenges by focusing on technology upgrades, investing in AI to increase efficiency, and strengthening cybersecurity to protect both consumer data and operational integrity. For consumers, paying down debt and saving more money topped the charts for financial priorities, with food prices, housing and transportation identified as the leading factor when making household financial decisions.
“Despite widely held perceptions that our economy was bad in 2024, we actually grew strongly,” said Curtis Dubay, chief economist, U.S. Chamber of Commerce, who provided an overview of the U.S. economy. “The strength of consumer spending remains impressive; however, consumers are holding back with savings on the rise as they prepare for increased prices due to tariffs.”
Rachael Aiken, CFP®, vice president and senior investment officer, Cape Cod 5, and contributor on the cable network, CNBC, reminded the audience it is important to understand that while we are in a volatile environment full of uncertainty, we need to stay the course. “Uncertainty surrounding the path for tariffs, taxes and government spending have driven gauges of general economic policy uncertainty to levels not witnessed since 2008 and 2009,” said Aiken. “And that uncertainty undermines our confidence in making decisions and paralyzing planning for the future. But right now, it’s really important to take a deep breath and remind ourselves of the long-term rewards by long-term investors.”
The survey was sponsored by Fidelity Bank and completed by more than 700 consumers and business owners during the months of February and March, in partnership with five regional chambers – Greater Gardner Chamber of Commerce, Nashoba Valley Chamber of Commerce, North Central Massachusetts Chamber of Commerce, North Quabbin Chamber of Commerce and Wachusett Area Chamber of Commerce.
The survey, launched to select consumers as well as small, mid-size and large business owners and leaders throughout North Central Massachusetts, asked for their thoughts on the health of the Commonwealth and local economy now and into the future, threats and opportunities facing businesses, and thoughts on overall economic growth in the region, hiring plans, and the political climate, among others.
“While there’s still uncertainty, especially around the broader economy, there’s a sense that we are headed in the right direction with some stability to return and strategic planning leading the way,” added Silva.
For the complete survey results and data compilation, go to https://www.fidelitybankonline.com/wp-content/uploads/2025/05/FB-Economic-Survey-2025.pdf
# # #
About Fidelity Bank:
Founded in 1888, Fidelity Bank is one of the strongest independent community banks in Central and Eastern Massachusetts. For more than 20 years, Fidelity Bank’s unique LifeDesign approach to banking is a promise to provide the care and clarity needed to make informed decisions with confidence. The Bank offers a range of personal and business banking solutions to clients in 13 full-service banking centers in Leominster, Worcester, Fitchburg, Needham, Gardner, Shirley, Barre, Millbury, Paxton, Princeton, and Winchendon. The Bank has consistently earned a “5 Star” rating from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. Fidelity Bank was the only bank in Central and Western Massachusetts recognized as one of Forbes “America’s Best Banks in Each State 2022,” in addition to being voted Worcester Telegram & Gazette Best Financial Services in Central Massachusetts. In 2024, the Bank earned its seventh recognition on The Boston Globe’s Top Places to Work list and was recognized on Newsweek’s America’s Best Regional Banks and Credit Unions 2025. As of December 31, 2024, the bank had total assets of approximately $1.5 billion. For more information, visit fidelitybankonline.com.
