November 1, 2007
Mass. economy buoyed by science, technology
By Matthew L. Brown
According to the latest Benchmarks Bulletin from MassBenchmarks, the state's economy grew at an annual rate of 3.6 percent during the third quarter.
That rate is identical to the state's economic growth in the second quarter, but behind the annual growth rate of the U.S. gross national product, which grew at a 3.9 percent rate during the third quarter and 3.8 percent in the second quarter.
According to Benchmarks, the state's economy is expected to grow at about 3.4 percent over the next six months. The state's economy has slowed from a 4.1 percent growth rate in the first quarter, and "growth is expected to moderate further over the next six months," the report said.
Alan Clayton-Matthews, co-editor of the MassBenchmarks Bulletin, said "the financial turmoil related to the sub-prime mortgage crisis has not spread beyond the residential housing sector," and the state's technology, science and "knowledge" sectors are keeping the economy afloat.
The MassBenchmarks Bulletin is published by the University of Massachusetts Donahue Institute, the school's economic development unit.
That rate is identical to the state's economic growth in the second quarter, but behind the annual growth rate of the U.S. gross national product, which grew at a 3.9 percent rate during the third quarter and 3.8 percent in the second quarter.
According to Benchmarks, the state's economy is expected to grow at about 3.4 percent over the next six months. The state's economy has slowed from a 4.1 percent growth rate in the first quarter, and "growth is expected to moderate further over the next six months," the report said.
Alan Clayton-Matthews, co-editor of the MassBenchmarks Bulletin, said "the financial turmoil related to the sub-prime mortgage crisis has not spread beyond the residential housing sector," and the state's technology, science and "knowledge" sectors are keeping the economy afloat.
The MassBenchmarks Bulletin is published by the University of Massachusetts Donahue Institute, the school's economic development unit.
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