Mass. economic growth slowed in first quarter, ranks 31st in nation
Image I Courtesy of U.S. Bureau of Economic Analysis
The Massachusetts real GDP increased by 1% in the first quarter of 2024.
While the Massachusetts real GDP saw deceleration in growth in the first quarter of 2024, the state rose in national real GDP rankings from its position in 2023.
The Massachusetts real GDP rose by 1% from the fourth quarter to the first quarter, which is 0.4 percentage points lower than the national annual rate. Though on an upward trajectory, the state’s economic growth decelerated by 2 percentage points from its 3% real GDP growth in the fourth quarter, according to data released by the U.S. Bureau of Economic Analysis on Friday.
Massachusetts was one of the 39 states, along with Washington, D.C., where real GDP increased in the first quarter. Massachusetts ranked 31st in the nation in real GDP growth, up from 35th in 2023.
The healthcare and social assistance industry contributed most to the state’s real GDP increase, growing by 0.29 percentage points, followed by the construction and retail trade industries which contributed similarly, increasing by 0.27 percentage points each.
Durable goods saw the largest drop in growth for the state with a 0.33 percentage point decrease.
Massachusetts ranked 34th in the nation in regards to personal income growth, up from 46th in 2023, with the state experiencing a 6.2% increase from the fourth quarter to the first quarter. The Massachusetts growth increase was nearly 1 percentage point lower than the national rate of 7.0%.
Healthcare and social assistance was the greatest contributor to personal income growth, increasing by 0.70 percentage points, followed by the professional, scientific, and technical services industry which grew by 0.49 percentage points.
The only Massachusetts industry to decrease in personal income growth was that of forestry, fishing, and related activities, which dropped by 0.01 percentage points.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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