“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 email@example.com.
Ross Gittell | newswise
Microtechnology industry is hiring – positive developments of past years continue
09.04.2018 | IVAM Fachverband für Mikrotechnik
RWI/ISL-Container Throughput Index with minor decline on a high overall level
20.03.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung
At the Hannover Messe 2018, the Bundesanstalt für Materialforschung und-prüfung (BAM) will show how, in the future, astronauts could produce their own tools or spare parts in zero gravity using 3D printing. This will reduce, weight and transport costs for space missions. Visitors can experience the innovative additive manufacturing process live at the fair.
Powder-based additive manufacturing in zero gravity is the name of the project in which a component is produced by applying metallic powder layers and then...
Physicists at the Laboratory for Attosecond Physics, which is jointly run by Ludwig-Maximilians-Universität and the Max Planck Institute of Quantum Optics, have developed a high-power laser system that generates ultrashort pulses of light covering a large share of the mid-infrared spectrum. The researchers envisage a wide range of applications for the technology – in the early diagnosis of cancer, for instance.
Molecules are the building blocks of life. Like all other organisms, we are made of them. They control our biorhythm, and they can also reflect our state of...
University of Connecticut researchers have created a biodegradable composite made of silk fibers that can be used to repair broken load-bearing bones without the complications sometimes presented by other materials.
Repairing major load-bearing bones such as those in the leg can be a long and uncomfortable process.
Study published in the journal ACS Applied Materials & Interfaces is the outcome of an international effort that included teams from Dresden and Berlin in Germany, and the US.
Scientists at the Helmholtz-Zentrum Dresden-Rossendorf (HZDR) together with colleagues from the Helmholtz-Zentrum Berlin (HZB) and the University of Virginia...
Novel highly efficient and brilliant gamma-ray source: Based on model calculations, physicists of the Max PIanck Institute for Nuclear Physics in Heidelberg propose a novel method for an efficient high-brilliance gamma-ray source. A giant collimated gamma-ray pulse is generated from the interaction of a dense ultra-relativistic electron beam with a thin solid conductor. Energetic gamma-rays are copiously produced as the electron beam splits into filaments while propagating across the conductor. The resulting gamma-ray energy and flux enable novel experiments in nuclear and fundamental physics.
The typical wavelength of light interacting with an object of the microcosm scales with the size of this object. For atoms, this ranges from visible light to...
13.04.2018 | Event News
12.04.2018 | Event News
09.04.2018 | Event News
25.04.2018 | Physics and Astronomy
25.04.2018 | Physics and Astronomy
25.04.2018 | Information Technology