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May 21, 2013

Continued Slow Growth Expected In N.E.

A day ahead of an economic forecast conference hosted by the New England Economic Partnership (NEEP) and The New England Council, economists said they're expecting a continued slow economic recovery in the region, as it's negatively affected by conditions elsewhere.

NEEP forecast manager Ross Gittell, chancellor of the Community College System of New Hampshire, said recovery varies among the New England states, with Massachusetts and Vermont seeing the strongest growth, and Rhode Island and Maine lagging.

Economists said New England continues to be impacted by challenges such as weakness in the European economy and effects of federal budget cuts, known as sequestration.

But despite that, NEEP economists predict the economy will see employment growth averaging 1.4 percent per year and overall growth averaging 3.3 percent per year through 2016. Pre-recession employment levels aren't expected until 2015.

Economists said that, similar to the national picture, the housing market in New England is emerging as a positive economic driver.

In addition, the manufacturing sector is expected to help improve the state's recovery, expanding by 1.3 percent from 2012 to 2016, and adding about 7,000 new jobs, which follows a 30-year employment decline in the industry.

NEEP economists noted that there's potential for more growth in manufacturing if steps are taken to link the industry more tightly to research and development and to ensure a workforce for advanced manufacturing.

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