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(NECN) - The Massachusetts economy ended 2013 with a strong showing.
Michael Goodman, MassBenchmarks co-editor and chairman of the UMass Dartmouth Department of Public Policy, joined NECN to talk about economic trends in the Bay State, including economic growth, jobs creation, and housing.
“The export economy has picked up. The international economy has been improving slowly in the second half of 2013, and Massachusetts and our vaunted innovation economy is benefiting from that,” Goodman said. “But, I think the big story here is the consumer side of the economy, which has been struggling for years.”
He said that consumer confidence is growing, as interest rates remain low and prices stay stable; however, mortgage rates are beginning to rise again.
“Maybe they’re starting to creep back up but I don’t think it’s really having an impact on the market as of yet. Certainly, the lack of inventory has been helping to push up the prices, but I think it’s the improvement in the equity position of home owners that’s really helping here,” Goodman explained.
Goodman talked about other ups and downs that the Massachusetts economy has been through in past cycles as well.