PROVIDENCE – The Massachusetts economy continued to expand through 2018, marking a nearly decade-long expansion, according to MassBenchmarks Monday.
The report from the publication, written by the University of Massachusetts Donahue Institute in collaboration with the Federal Reserve Bank of Boston, noted that the state’s growth may be affected by a shortage of workers, particularly in the Boston metropolitan area, but noted that the state had managed to maintain workers, whether they be graduates from local secondary education institutions or commuters who live out of state.
The report noted that recent wage data was erratic and did not provide a clear picture of the direction of the tight labor market’s effect on earnings.
The report also said that GDP continued to grow along with jobs and labor force participation.
The report noted that the Bay State is only somewhat vulnerable to ongoing trade spats, with exports measuring at less than 5 percent of gross domestic product. However, trade accounted for $27.6 billion in export value in Massachusetts in 2017, meaning that some industries, particularly high-tech equipment, may be impacted, both already and going forward.
