Mass. economy seen recovering sooner
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BLOOMBERG NEWS FILE PHOTO / NEAL HAMBERG
GOV. DEVAL PATRICK says Massachusetts is benefitting from its strengths in the technology and financial sectors and its emphasis on life sciences and clean energy.
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BOSTON — Massachusetts appears set to bounce back from the recession more quickly than the rest of the country, The Boston Globe reported Sunday.
The evidence for a speedier Bay State recovery includes slowing job losses, rising home sales and growing exports, analysts said.
“We are well situated to come out of this better and sooner than other parts of the country,’’ Eric Rosengren, president of the Federal Reserve Bank of Boston, told The Globe. “Our banks and financial institutions are healthier. Businesses are in a better position to get credit here. Our key industries have not been at the center of job losses.’’
Massachusetts’ experience in the current recession, which began in December 2007, stands in stark contrast to what happened to the Bay State during the last two recessions in 1990-91 and 2001, when the state was hit harder than the rest of the nation, The Globe said.
Gov. Deval L. Patrick issued a statement hailing the report. He argued that it is “no accident” Massachusetts is doing well, but rather a direct result of his administration’s emphasis on life sciences and clean energy investments and the strength of the state’s technology and financial sectors.
“We have been working hard to improve the climate for business investment and quality of life for residents,” Patrick said. “That’s what ‘investing for the long-term’ means, and why we won’t let up until every business, every worker and every family shares in the promise of a brighter future.”