Over the course of the summer, the Massachusetts economy appears to have begun to turn the corner. In the first quarter of this year, gross state product, as measured by the current index for Massachusetts, experienced its ninth consecutive quarter of decline. In the second quarter, it was flat, and in the third quarter, managed to eke out a small gain, growing at an annualized rate of 0.4 percent. The shift in direction is being led by a recovery in demand for, and production of, technology products that began at the end of 2002, and has continued to gather momentum through the first three quarters of this year. The rebound is broadly based and includes spending by consumers and businesses, both here and abroad.
Clayton-Matthews, Alan, "Economic Currents: The State of the State Economy" (2003). Public Policy and Public Affairs Faculty Publication Series. 38.
University of Massachusetts
Published in MassBenchmarks, Vol. 6, No. 3, pp. 4-11: http://www.massbenchmarks.org/publications/issues/vol6i3/3.pdf.