While no longer contracting, the Massachusetts economy has not yet turned the corner, either. Delays in the recovery of the technology sector, along with state government fiscal problems, have offset modest expansion in health, education, and residential real estate. But consumer confidence and spending, buoyed by low interest rates and rising home equity, have been making up for weak business capital spending. Could slow growth be just ahead?
Clayton-Matthews, Alan, "Economic Currents: The State of the State Economy" (2002). Public Policy and Public Affairs Faculty Publication Series. 34.
University of Massachusetts
Published in MassBenchmarks, Vol. 5, No. 4, pp. 4-9: http://www.massbenchmarks.org/publications/issues/vol5i3/3.pdf.