Locations
Stephen DiPrete, Chief Commercial Banking Officer at South Shore Bank, was a featured panelist lending expertise at a Business Summit hosted by the New England Real Estate Journal and Metro South Chamber of Commerce. The event featured engaging discussions concerning Opportunity Zones and government incentives, , new affordable housing and redevelopment, transportation, improving infrastructure, and building the future of the Metro South region.
DiPrete spoke to the rapid increase in interest rates and the direct impact on how that has had a direct impact on the cost of construction and new development. However, he pointed out that companies and developers are still pushing to expand in the Metro South region, due to strong demographics and low unemployment.
“Whether it be the banks, the low-income housing tax credits, new markets tax credits, or other programs that are going to help, there are still a lot of investments happening specifically in this region and specifically when there are local government and local agencies such as the Metro South Chamber fighting to keep development moving forward,” said DiPrete.
DiPrete also addressed banking challenges since the end of the pandemic which South Shore Bank deals with firsthand. DiPrete noted the rise in labor costs, tech investments, and the demand for wage increases as just a few challenges banks have had to face during the past few years.
Also involved in the discussion were Senator Michael J. Rodrigues; Executive Office of Economic Development Undersecretary, Ashley Stolba; Lynn Tokarczyk, Business Development Strategies, Inc.; Carol Conway Bulman, Jack Conway Realty; and Jason Korb, Capstone Communities.