Report: Worcester economy to grow 3.3% through summer
Worcester’s economy is expected to grow at about 3.3 percent on an annualized basis through the spring and summer, according to a report by an Assumption College economics professor.
That would by a slight improvement over 3 percent growth during fall 2013 and winter 2014, the four-page study by Thomas White said.
Favorable national credit conditions and interest rates have contributed to recent growth, White said. Closer to home, an increase in online help-wanted advertisements and falling initial unemployment claims – which have returned to pre-recession levels statewide – have been encouraging signs.
However, few new home construction permits have been issued in Greater Worcester over the past six months, while new business incorporations fell dramatically in late 2013 and recovered only slightly in early 2014.
White plans to issue his next report on the Worcester economy in August.
(Image credit: freedigitalphotos.net)
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