The Massachusetts economy surged in the first quarter, nearly quadrupling the national growth rate and recalling the technology-driven expansion of the 1990s.
The state’s economy grew at a 4.7 percent annual rate in the first quarter, the fastest pace in nearly 7 years, according to a report yesterday from the University of Massachusetts. The US economy grew at a 1.3 percent rate, its worst performance since early 2003, the Commerce Department said.
If you’ll remember (I’m sure you do), Massachusetts received a fair amount of press last year as one of the states that had a drop in average home sales price.
Economists say that Massachusetts “leads the nation” for some things (dropping home prices) and “lags” in others (unemployment rates).
So how come we’re higher than the nation in GDP, this time around? And how come our unemployment rate is lower than the nation’s rate?
Well, whatever the reasons, it’s good to hear.
Source: As US lags, economy in Mass. soars – By Robert Gavin, The Boston Globe