MassBenchmarks economists express "cautious optimism" for state economy
In a bulletin released by MassBenchmarks on February 28, 2012, economists projected ongoing, but precarious, growth for the Massachusetts state economy. Massachusetts continues to experience a modest decrease in unemployment, an increase in gross state product, a strong retail sector and an improving housing market, but economic forces beyond the state’s borders will influence the pace and strength of ongoing recovery.
With Europe representing forty percent of the Commonwealth’s export market, a recession there could substantially impact growth rates here. Rising oil prices, federal budget cuts, decreased household spending and high levels of uncertainty among households and businesses are additional obstacles to steadfast growth.
The full summary is available here.
February 29, 2012