January 17, 2008
UMass Predicts Significant Slowdown
By Matthew L. Brown
According to the latest MassBenchmarks Bulletin , the state's economy is "slowing significantly."
The bulletin, which is published by the University of Massachusetts Donahue Institute, notes that the state's economy grew at a rate of about 3 percent in the third quarter compared to the expected 3.9 percent and the national rate of 4.9 percent.
State economic growth has slowed since the first quarter of 2007, when it grew at a 4.0 percent rate, according to the bulletin. The slowdown is directly related to the impact of the declining housing market, the subprime mortgage shakeout in the finance sector and the high cost of heating oil and gasoline.
"On a positive note," the bulletin said, "there is growing national and worldwide demand for technology-based products and knowledge-based services that Massachusetts supplies."
The bulletin, which is published by the University of Massachusetts Donahue Institute, notes that the state's economy grew at a rate of about 3 percent in the third quarter compared to the expected 3.9 percent and the national rate of 4.9 percent.
State economic growth has slowed since the first quarter of 2007, when it grew at a 4.0 percent rate, according to the bulletin. The slowdown is directly related to the impact of the declining housing market, the subprime mortgage shakeout in the finance sector and the high cost of heating oil and gasoline.
"On a positive note," the bulletin said, "there is growing national and worldwide demand for technology-based products and knowledge-based services that Massachusetts supplies."
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