MassMEP Report Shows GDP Up Despite Manufacturing Firm Losses
Gross domestic product in Massachusetts increased 23 percent in the two years following the Great Recession of 2009, even as the number of Massachusetts manufacturing firms plummeted in the last decade, according to the Massachusetts Manufacturing Extension Partnership (MassMEP) 2012 annual report.
"While the focus of many economist has centered mostly on losses, the untold story has been the remaining manufacturers and their competitiveness in the global environment," said Jack Healy, director of operations at the Worcester-based organization.
Healy said that Massachusetts lost 20 percent of its manufacturing firms between 2002 and 2010, along with 35 percent of its workforce, meaning the remaining manufacturers are maintaining outstanding output levels.
MassMEP, which aids manufacturing firms with business development services, said its initiatives has produced a ripple-effect in the statewide industry, including the creation and retention of 16,800 jobs, increased economic output of $3.6 billion, and the contribution and retention of $1.4 billion in GDP.
More details weren't immediately available.
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