BOSTON — Ignore anyone who tells you snow is free. Every workday lost during New England’s historic winter has meant millions of dollars taken out of the regional economy.
IHS Global Insight, an economic analysis firm, estimates Massachusetts suffered roughly $1 billion in lost wages and profits, as storm after storm pummeled the region, delivering over 8 feet of snow in about a month.
Retailers and restaurants were among the hardest hit, as customers held off on big purchases or chose to stay at home rather than enjoy a night on the town.
A survey released last week by Massachusetts business groups representing those and other industries reported sales dropped an average of 24 percent and payroll dropped about 7 percent among their small-businesses members.
Car dealers and real estate agents complained the poorly timed storms, many of which hit on or around weekends, were disastrous to business.
Business leaders say the storms, if anything, laid bare the shortcomings of two critical pieces of the regional economy: greater Boston’s road and transit systems.
“We still have congested streets and longer commutes, and that’s meaning lost productivity,” said Timothy Murray, president of the Worcester Regional Chamber of Commerce. “The system has really been no match for Mother Nature.”
