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Mass. economy roared back in first quarter

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The Massachusetts State House and Flag. (Jesse Costa/WBUR)

WBUR, April 2021

The Massachusetts economy grew at a much faster pace than the national economy in the first quarter and the economic analysts at MassBenchmarks see that trend continuing over the coming months. Real gross domestic product in Massachusetts increased at an 11.3 percent annualized growth rate in the first quarter, compared to the 6.4 percent growth rate in the nation’s economy, the local economists reported Thursday.

Alan Clayton-Matthews, a Northeastern University economics professor and MassBenchmarks senior contributing editor, said Massachusetts “has had more potential for a stronger rebound than the nation” because the economic shutdown in the Bay State was broader than elsewhere and led to greater job losses.

“Economic growth in both the state and the nation in the first quarter exceeded expectations of most economists at the beginning of this year due to the size of the federal coronavirus relief package that was delivered in March — which had an immediate effect on household income and consumer expectations — and due to the faster than expected distribution of COVID-19 vaccinations,” he wrote. “Both factors spurred a sooner start to opening the economy than seemed likely at the height of the last wave after the fall and winter holiday seasons.”

Continue reading at WBUR.

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