May 21, 2007
Slow, steady growth for 2007 economy
By Matthew L. Brown
Massachusetts' economy should continue its slow but steady expansion in 2007, according to a new MassBenchmarks analysis.
Economic growth may be slower than last year, analysts said. Leading indicators suggest a 3.1 percent growth rate through August.
MassBenchmarks said the state's economy would be helped by "strong world economic growth, which should create demand for the state's technology and science-based products and services."
Those gains could be offset by a local and national downturn in the housing market.
The MassBenchmark's analysis said high demand for information technology products should remain steady, even if it's not growing.
Negatives for the remainder of 2007 include a relatively weak labor market, which could "stunt labor force growth," and encourage more outsourcing, and falling house prices that could lower household wealth, consumer spending and construction activity.
Economic growth may be slower than last year, analysts said. Leading indicators suggest a 3.1 percent growth rate through August.
MassBenchmarks said the state's economy would be helped by "strong world economic growth, which should create demand for the state's technology and science-based products and services."
Those gains could be offset by a local and national downturn in the housing market.
The MassBenchmark's analysis said high demand for information technology products should remain steady, even if it's not growing.
Negatives for the remainder of 2007 include a relatively weak labor market, which could "stunt labor force growth," and encourage more outsourcing, and falling house prices that could lower household wealth, consumer spending and construction activity.
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