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Massachusetts GDP Growth Lags U.S. in Q4 2024
Massachusetts real gross state product (GDP) increased at an annual rate of 1.1% in the fourth quarter of 2024, according to UMass Donahue’s MassBenchmarks, while U.S. GDP increased at an annual rate of 2.3%, according to the U.S. Bureau of Economic Analysis (BEA). Between Q4 2023 and Q4 2004, the state’s GDP growth was slightly faster than the nationwide rate; however, MassBenchmarks attributed this solely to a faster growth rate in Q1 of last year.
“The Massachusetts economy appears to have shifted into a lower gear, with stagnant employment growth, rising unemployment, and tepid spending on items subject to regular sales taxes,” according to MassBenchmarks. “This is in contrast to the U.S. economy, which may be decelerating, but is still growing at a moderate pace.”
Massachusetts real GDP is expected to grow at an annualized 0.7% in Q1 of this year and 1.0% in Q2. The Wall Street Journal forecast of economists from early January is for U.S. GDP growth of 2.2% in Q1 and 2.0% in the following quarter.
- ◦Economy
