Economic conditions for the Boston Metro area look promising for years to come, according to recent articles by U.S. News & World Report, and the New England Economic Partnership. Here is a summary of the projections, along with our own insights!
According to U.S. News & World Report, Massachusetts is ranked #1 among “Best States for the New Economy.” Our economic strengths include attractive employment opportunities, fast-growing firms and companies, an influx of global investment, plus a highly-educated workforce.
These positive conditions have been complimenting each other for years. Our excellent universities draw talented, dedicated students from around the globe. When these students graduate, many of them are able to take immediate advantage of the burgeoning Boston Metro employment market. With the Boston Metro offering one of the best-skilled and best-educated workforce pools in the country, more employers are attracted to our area, and the cycle continues.
Of course, there are some headwinds that could challenge the speed and longevity of future economic growth. Massachusetts is not immune to the risks of a labor shortage. The New England Economic Partnership cautioned that high housing costs, rising costs of living, and a slowdown of immigration could temper our regional economic growth.
Still, the outlook for our economy is positive, with gradual, sustainable growth expected through 2021. Personal income is projected to rise 4.2% annually. Gross state product is expected to rise 2.2%, while unemployment is projected to remain well below 4%. While no one can predict the future, the Boston Metro is well-positioned for economic progress!
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