Much of what has been mentioned on our blog circles around the
Real Estate markets vast improvements over the
first quarter of 2012. If we look at Massachusetts as a whole
and take a step back from the focused Real Estate market, it is
understood that one of the central reasons for such a strong
performance of late is largely because of the local economys
position as a whole.
Due to Bostons growing technology sector that has frequently
been mentioned, as well as our business spending, it was found that
the Massachusetts economy has more than doubled that of the greater
United States economy in terms of growth. Consumer spending as well
as consumer confidence have risen as the local unemployment rate
fell from a previous 6.9% in December of 2011 to 6.5% in March of
2012. It must be noted that for the whole country, the unemployment
rate for March was much higher at 8.2%. Sales in the Massachusetts
high-tech sector have also been on the rise, with a boost in global
semiconductor sales which proves even further the accelerating
technological side of the economy.
So how much did the economy truly outperform that of the greater
Nations? The US Commerce Department reported that the State of
Massachusetts economy grew a lofty 4.5% in 2012s first quarter
which was up from their growth of 2.9% that the last quarter of
2011 experienced. For the United States, their economy improved by
just 2.2% in the first quarter for 2012 which was actually down
from their growth in the fourth quarter of 2011, being 3%.
As Massachusetts continues to be a leading example for recovery
with regards to the economy, the State has also done so in terms of
reviving the housing market. As the employment situation follows
its positive trend, household income will begin to climb again.
This ultimately will lead to more spending in not just Real Estate,
but in all of our markets. It is this circulation of capital
amongst all local industries that will be the recipe for a
lucrative future for The Greater Boston Area, one dedicated to
prosperous and prolonged growth.
More Information: Boston.com