Once again, the Greek debt crisis is causing stock markets around the world to tumble and raising questions about the long-term future and stability of the euro currency and the European Union. Could Greece’s woes wash up on the shores of Massachusetts and stall the state’s thriving economy, which has seen unemployment drop to the lowest levels since 2007?
The jobs picture keeps getting brighter in the Bay State. The Massachusetts unemployment rate slid to 4.6 percent in May from 4.7 percent the previous month, matching the low point before the so-called Great Recession began in December 2007, the state Executive Office of Labor and Workforce Development reported Thursday.
The Massachusetts economy has brushed aside the record snowfall that hobbled businesses earlier this year to post impressive gains in employment, wages, and consumer spending, outpacing the nation as a whole. And the state’s economic growth is expected to accelerate, according to a report by the New England Economic Partnership, a nonprofit group of regional economic researchers.
Europe and China are among Massachusetts biggest export markets and the weakening of those economies could affect the state’s economic growth, said Alan Clayton-Matthews, an economics professor and Northeastern University. Among the questions are whether Europe will slip back into recession and China’s overheated real estate market will end in a bust that would unsettle the global economy.
In the 10 years since the Massachusetts School Building Authority was created, the agency has distributed $10.5 billion to help build and renovate hundreds of schools to improve the quality of education around the state, but the funding also has played a significant role in creating jobs and generating tax revenue, a new report shows. The economic impact was particularly meaningful during the recent downturn, which hit the construction industry hard, according to the report, written by Alan Clayton-Matthews and Barry Bluestone of the Northeastern University Dukakis Center for Urban and Regional Planning.