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Friday, October 27, 2006
Mass. economy growing at twice the rate of US
The Massachusetts economy, boosted by demand for technology products, expanded in the third quarter at twice the rate of the US, the University of Massachusetts reported.
The state's economy grew at an estimated 3.4 percent annual rate in the three-month period ended September 30, compared to a preliminary estimate of 1.6 percent nationally, UMass reported. It was the second consecutive quarter in which state economic growth outpaced the nation, and the third straight quarter of solid growth above a 3 percent annual rate.
Wage growth, meanwhile, has been strong, helping offset rising energy prices and a weakening housing market, said Alan Clayton-Matthews, the UMass-Boston professor who did the analysis. Based on withholding taxes collected by the state, per-worker wages rose 4.7 percent over the past year, twice the rate of inflation for that period, Clayton-Matthews estimated.
"The state has experienced the strongest growth since the recession," Clayton-Matthews said, "lifted by worldwide demand for its technology and science-based products."
(By Robert Gavin, Globe staff)
Posted by Boston Globe Business Team at 01:16 PM
Mass. economy growing at twice the rate of US
The Massachusetts economy, boosted by demand for technology products, expanded in the third quarter at twice the rate of the US, the University of Massachusetts reported.
The state's economy grew at an estimated 3.4 percent annual rate in the three-month period ended September 30, compared to a preliminary estimate of 1.6 percent nationally, UMass reported. It was the second consecutive quarter in which state economic growth outpaced the nation, and the third straight quarter of solid growth above a 3 percent annual rate.
Wage growth, meanwhile, has been strong, helping offset rising energy prices and a weakening housing market, said Alan Clayton-Matthews, the UMass-Boston professor who did the analysis. Based on withholding taxes collected by the state, per-worker wages rose 4.7 percent over the past year, twice the rate of inflation for that period, Clayton-Matthews estimated.
"The state has experienced the strongest growth since the recession," Clayton-Matthews said, "lifted by worldwide demand for its technology and science-based products."
(By Robert Gavin, Globe staff)
Posted by Boston Globe Business Team at 01:16 PM