February 18, 2014

Report: Worcester economy expected to grow 1.5% in early '14

Worcester's economy is expected to grow at about 1.5 percent on an annualized basis for the first three to six months of 2014, according to a report by an Assumption College economics professor.

That would outpace growth of about 1 percent during the last half of 2013, the inaugural four-page study by Thomas White said.

A favorable interest rate spread (the difference between the yield on a 10-year Treasury bond and the federal funds rate) and credit market conditions are reasons for optimism early this year, White said. However, Worcester's economy has previously grown by a smaller margin than anticipated based off national leading indicators.

Local indicators – which include local incorporations, building permits, help-wanted ads and initial unemployment claims –were also favorable for all but one month during 2013, White said.

White said he will compile quarterly reports on the city's economic performance.

(Image credit: freedigitalphotos.net)

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