Michael D. Goodman, Ph.D. Executive Director, the Public Policy Center Associate Professor of Public Policy UMass Dartmouth Co-Editor, MassBenchmarks Twitter:

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Michael D. Goodman, Ph.D. Executive Director, the Public Policy Center Associate Professor of Public Policy UMass Dartmouth Co-Editor, MassBenchmarks November 19, 2014 The MA Economy in a Time of Transition: The State of the State

On the one hand…

Corporate profits have never been higher

Consumer balance sheets are much improved

The budget deficit is back to normal

The impact of “fiscal drag” is diminishing

The nation and Massachusetts have finally recovered the jobs lost in the Great Recession

Here in Massachusetts, the labor market recovery has been broad based…

…and the state economy has grown moderately of late (MA expanded at a 3.2% annualized rate in Q3, 2014)

On the other hand…

In Massachusetts, in 2013, the annual average unemployment rate was: 15.8 percent for workers under 25 years old percent for those with less than a high school education. The rising tide is not lifting all boats Source: Bureau of Labor Statistics; Current Population Survey

The Global Economy is filled with risk

Global trade has been slow since 2010

The jobs recovery has been regionally imbalanced

So has the housing recovery

Residential development is increasingly concentrated in the dynamic Greater Boston region

Housing production remains below historical averages and is being driven by multi-family developments

Housing Production in Massachusetts is not adequate to meet housing demand Source: L. Koshgarian, A. Clayton-Matthews, M. Goodman, and M. Johnson (2010) “Foundation for Growth: Housing and Employment in 2020” Massachusetts Housing Partnership Archaic state and local land use and zoning regulations make it very difficult for developers to respond to market demand. Statewide, Massachusetts would need to build an additional 29,926 units over expected production levels to meet demand.

Weak household formation helps to explain slow development patterns…

... and younger people remain either unwilling/unable to own their own home

The state population is growing slowly and a large generational shift is well underway

Michael D. Goodman, Ph.D. Executive Director, the Public Policy Center Associate Professor of Public Policy UMass Dartmouth Co-Editor, MassBenchmarks November 19, 2014 The MA Economy in a Time of Transition: The State of the State