BOSTON – The Massachusetts economy has pulled out of recession and has begun a recovery. The same can’t be said for Rhode Island.
That is the diagnosis from Moody’s Economy.com, the forecasting firm, which says Massachusetts’ recovery began in January as the Bay State’s housing market strengthened. Other forecasters echoed the firm’s view in a Boston Globe article published Wednesday.
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Massachusetts and New Hampshire are the only two New England states where the recession is over, joining 20 other states that are in recovery. The downturn is “moderating” in the 27 others, including Rhode Island, the firm said.
Nevada is the only U.S. state “still deeply entrenched in recession,” according to Moody’s.
Gus Faucher, West Chester, Pa.-based Economy.com’s director of macroeconomics, told The Globe that Massachusetts was cushioned by its strong education and medical sectors, as well as demand for technology products.
“The data has been strong enough to move Massachusetts out of a moderating recession into a recovery,” he said. “Massachusetts will be seeing job gains pretty consistently from here on out.”
