Business is looking up in Massachusetts: Buoyed by the state’s high-technology industry, sales, profits, and exports are all showing growth. Housing starts and consumer spending also grew strongly in the second quarter. Employment rates and the jobs market are another story: Growth of employment in Massachusetts has lagged that of the nation, and only began to pick up early in 2004, whereas the nation’s job turnaround began last summer. Nonetheless, consumer confidence remains strong, as the wages and salaries of those who are employed are rising. If this recovery mimics the last cycle of this kind, job growth will accelerate from the second quarter of this year through the second or third quarter of next year.
Clayton-Matthews, Alan, "Economic Currents: The State of the State Economy" (2004). Public Policy and Public Affairs Faculty Publication Series. 40.
University of Massachusetts
Published in MassBenchmarks, Vol. 7, No. 1, pp. 4-9: http://www.massbenchmarks.org/publications/issues/vol7i1/3.pdf.