Mass. Economy Grows More Slowly
Massachusetts’ economy grew in 2008, but at a pace significantly slower than previous years, according to new statistics from the U.S. Bureau of Economic Analysis.
Massachusetts’ real GDP totaled $312.5 billion in 2008, a 1.9 percent increase over 2007’s total. That’s a slowdown from the nearly 3 percent increase recorded from 2007 to 2008.
Massachusetts is one of 38 states that saw slowed growth last year. Twelve states saw declines. Alaska had the largest decline with a drop of 2 percent. The only state in New England to see a drop in real GDP was Connecticut, which recorded a slide of 0.4 percent.
The Southwest region of the United States experienced the largest deceleration. The Great Lakes region was the slowest growing in 2007 and contracted in 2008. Declines in construction, manufacturing and finance and insurance caused the contraction in both regions.
States in the central part of the country were the most resilient to economic turmoil last year. North Dakota fared the best. Its economy grew 7.3 percent thanks to the agriculture, forestry, fishing and hunting industries.
The national real GDP grew 0.7 percent.
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