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MassBenchmarks at UMass reports state economy ended year strong but start of 2023 could be flat

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AMHERST — The Massachusetts economy grew at a 3.1% annualized rate in the final three months of 2022, according to MassBenchmarks’ current economic index.

Meanwhile, the U.S. gross domestic product increased at a 2.9% annualized rate according to the U.S. Bureau of Economic Analysis.

In a report issued Monday, economists writing for MassBenchmarks said both the state and national economies exhibited signs of a healthy and expanding economy including a strong labor market, low unemployment, and a declining but still elevated rate of inflation in the latter half of 2022.

“We definitely finished the fourth quarter on a strong note,” said Michael Goodman, professor of public policy at University of Massachusetts Dartmouth and one of the editors of MassBenchmarks. “Massachusetts is slightly stronger than the nation.”

Continue reading at MassLive.

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