News

Massachusetts economy surged in second quarter

bglobelogoBy Lauren Feiner | The Boston Globe

The Massachusetts economy made a big comeback in the second quarter of 2017 after a disappointing start to the year.

The state’s gross domestic product grew by 4 percent, compared to the national average of 2.6 percent over the same period, according to MassBenchmarks, a local economic service administered by the UMass Donahue Institute.

The group also revised upward its estimate of the state’s first-quarter economic performance. After initially reporting that economic activity had declined in the first quarter, it now says the state experienced 1.1 percent growth.

The Mass. numbers approach the 4 percent national growth that President Trump is aiming for over the next few years.

The trend in Massachusetts is in line with swings in economic activity in recent years, said Alan Clayton-Matthews, an economics professor at Northeastern University and senior contributing editor at MassBenchmarks.

“Economists are getting to the point where they are almost expecting low growth rates in the first quarter,” he said, adding that this is usually followed by a stronger second quarter.

Read the full article here.

Published On: August 1, 2017 |
Facebook Twitter Google Print Friendly and PDF