Growth Predicted For Massachusetts Economy
After above-average growth of 5 percent in the state's economy during 2010, Massachusetts will join the rest of the country in a slower and steadier growth trajectory, according to a forecast from the Beacon Hill Institute at Suffolk University in Boston.
The state's economy is predicted to grow by 2.9 percent this year and 2.8 percent in 2012. The institute estimates that the state will have added 84,000 jobs by the end of this year and will add 65,000 in 2012.
Salaries and wages in Massachusetts are expected to grow 3.2 percent this year and 3.6 percent next year. Those rates are on par with the recovery from the dot-com recession in 2001, but far slower than during the recovery following the 1990-1991 recession.
The Bay State continues to fare better than most other states. Unemployment is below average and tax revenues are above expectations. But the report notes soft spots, including the fact that approximately 30 percent of out-of-work residents have been unemployed for 52 weeks or more, which is above the national average.
WBJ Web Partners
Most Recent
Most Recent
0 Comments