“Current conditions in the nation, and extending to the region, are a product of the broadening effects of the national credit crisis and the economic vulnerabilities extending from the housing market to other sectors of the economy,” Gittell said.
Gittell released his spring 2008 economic forecast at the New England Economic Partnership spring economic outlook conference at the Federal Reserve Bank of Boston Friday, May 30, 2008. He is the partnership’s vice president and New England forecast manager.
Despite the grim news, the region should avoid a recession, with the gross regional product growing, albeit marginally, in the first two quarters of 2008.
“The relative resiliency of the regional economy can be attributed to the Massachusetts economy. The Bay State output in the first two quarters of 2008 has been growing at annualized rates of 3 and 2.6 percent, respectively, thanks to strong export and high technology and related industry performance,” Gittell said.
Massachusetts accounts for more than 50 percent of the regional economy. No other state in the region is expected to avoid the decline in gross state product in the first two quarters of 2008. Rhode Island and Vermont have the weakest economies in the region with the remaining states having virtually flat to no growth.
The region’s growth will be slow through 2012:
• Gross regional product will grow slightly below the national average, on average 2.7 percent per year compared to 2.8 percent.
• Total employment is expected to increase by only 177,000 from a 7 million base (2.5 percent over the five-year period).
• Employment growth in the region is expected to be just one-half the growth expected nationally of 5.1 percent.
• Nearly all of the New England states across all the major industry sectors are expected to have growth rates below the national average after the second quarter of 2008 to 2012.
• Vermont, Massachusetts and New Hampshire are expected to lead the region in average annual growth in gross state product, with growth at about the U.S. average of 2.8 percent a year.
• Four major sectors are expected to experience employment declines -- construction, manufacturing, financial activities and trade.
• Real per capita income is expected to grow slowly and below the national average -- 1.5 percent per year compared to the national average of 1.9 percent. This compares to 3 percent growth in the region in 2006 and 2007.
When looking at individual states, Massachusetts’ strongest performance relative to the U.S. average is expected to be in 2008. New Hampshire is forecast to have growth near or above the U.S. average throughout the forecast period. Vermont is expected to benefit from new real estate and hospitality industry investments being made and have above the U.S. average growth at the end of the forecast period.
EDITORS AND REPORTERS: is available for interviews about his economic forecast beginning Tuesday, May 27, 2008. He can be reached at 603-862-3340 (work), 603-431-7628 (home) and firstname.lastname@example.org.
Ross Gittell | newswise
Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | International Institute for Applied Systems Analysis (IIASA)
Frugal Innovations: when less is more
19.04.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO
University of Maryland researchers contribute to historic detection of gravitational waves and light created by event
On August 17, 2017, at 12:41:04 UTC, scientists made the first direct observation of a merger between two neutron stars--the dense, collapsed cores that remain...
Seven new papers describe the first-ever detection of light from a gravitational wave source. The event, caused by two neutron stars colliding and merging together, was dubbed GW170817 because it sent ripples through space-time that reached Earth on 2017 August 17. Around the world, hundreds of excited astronomers mobilized quickly and were able to observe the event using numerous telescopes, providing a wealth of new data.
Previous detections of gravitational waves have all involved the merger of two black holes, a feat that won the 2017 Nobel Prize in Physics earlier this month....
Material defects in end products can quickly result in failures in many areas of industry, and have a massive impact on the safe use of their products. This is why, in the field of quality assurance, intelligent, nondestructive sensor systems play a key role. They allow testing components and parts in a rapid and cost-efficient manner without destroying the actual product or changing its surface. Experts from the Fraunhofer IZFP in Saarbrücken will be presenting two exhibits at the Blechexpo in Stuttgart from 7–10 November 2017 that allow fast, reliable, and automated characterization of materials and detection of defects (Hall 5, Booth 5306).
When quality testing uses time-consuming destructive test methods, it can result in enormous costs due to damaging or destroying the products. And given that...
Using a new cooling technique MPQ scientists succeed at observing collisions in a dense beam of cold and slow dipolar molecules.
How do chemical reactions proceed at extremely low temperatures? The answer requires the investigation of molecular samples that are cold, dense, and slow at...
Scientists from the Max Planck Institute of Quantum Optics, using high precision laser spectroscopy of atomic hydrogen, confirm the surprisingly small value of the proton radius determined from muonic hydrogen.
It was one of the breakthroughs of the year 2010: Laser spectroscopy of muonic hydrogen resulted in a value for the proton charge radius that was significantly...
17.10.2017 | Event News
10.10.2017 | Event News
10.10.2017 | Event News
20.10.2017 | Information Technology
20.10.2017 | Materials Sciences
20.10.2017 | Interdisciplinary Research