A resurgence of tourism in the Cape Cod area signals resilience for the Boston Metro economy. Even as out-of-state visitors canceled reservations in April and May, local tourism has swelled, drawing vacationers and second homeowners from the Boston Metro and surrounding communities.
The influx of visitors began during Memorial Day weekend as beaches opened. The opening of retail, recreational and historic sites on June 8, and the opening of indoor dining on June 22 is providing a welcome sense of normality after a disrupted spring season.
However, retailers, restaurant owners and hospitality operators are still coping with the logistics of social distancing and pandemic mitigation. This often involves reduced customer occupancy amid higher expenses. Expanded delivery services, curbside pick-up and online ordering, along with stronger efforts towards social media engagement, are tactics here to stay.
For Boston Metro businesses that rely on urban tourism, the picture is different. The cancellation and postponement of sports events, trade shows, business conferences and large-scale entertainment is a severe impact. This, coupled with an absence of student populations and office employees, has made economic survival difficult for a number of businesses.
Yet most analysts see the current situation as temporary. Commercial real estate investment and home buying activity signals a fundamental economic resilience in the Boston Metro. Patience, sound financial planning and adaptability are keys to weathering these uncertain times.
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