March 18, 2008
Time For Science, Tech To Show Economic Mettle
By Matthew L. Brown
Economists at the University of Massachusetts Donahue Institute say the poor housing market, credit meltdown and spiking oil prices may not be enough to send the state's economy into recession.
But only as long as the state's technology, science and education sectors continue their modest growth.
Alan Clayton-Matthews, UMass Boston economist and editor of the Donahue Institute's MassBenchmarks journal, says in the latest MassBenchmarks that the U.S. economy is worse off than the state's. Massachusetts shouldn't be too worried about the national pessimism, Matthews says.
The economic effects of the downturn in the housing market have spilled over into the financial sector, causing a liquidity crisis that is constraining general business and consumer lending and threatening to drag the economy into recession, Matthews notes.
But now is the time for Massachusetts to see what its high-tech, medical and education sectors are made of. Those sectors are supported by worldwide demand, Matthews notes, and have been hiring over the last year.
The relative strength of the tech, medical and science sectors led Matthews to conclude that the state's economic growth will remain positive in 2008.
But only as long as the state's technology, science and education sectors continue their modest growth.
Alan Clayton-Matthews, UMass Boston economist and editor of the Donahue Institute's MassBenchmarks journal, says in the latest MassBenchmarks that the U.S. economy is worse off than the state's. Massachusetts shouldn't be too worried about the national pessimism, Matthews says.
The economic effects of the downturn in the housing market have spilled over into the financial sector, causing a liquidity crisis that is constraining general business and consumer lending and threatening to drag the economy into recession, Matthews notes.
But now is the time for Massachusetts to see what its high-tech, medical and education sectors are made of. Those sectors are supported by worldwide demand, Matthews notes, and have been hiring over the last year.
The relative strength of the tech, medical and science sectors led Matthews to conclude that the state's economic growth will remain positive in 2008.
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