Massachusetts' real gross domestic product grew at an estimated annual rate of 5.5 percent in the fourth quarter of 2013, outpacing the nation's, and likely will continue to grow in the first half of the year, albeit at a slightly more modest rate, according to a new report.
The MassBenchmarks Leading Economic Index for last month projects that real Massachusetts GDP will grow at a 5 percent annual rate in the first quarter and a 4.7 percent rate in the second, according to the journal of the Bay State economy published by the UMass Donahue Institute in collaboration with the Federal Reserve Bank of Boston.
"We had very strong growth in the fourth quarter of 2013, but you can't expect state employment to keep growing at a 3 percent annual rate," representing almost 25,000 net new jobs, said Alan Clayton-Matthews, MassBenchmarks' senior contributing editor and associate professor of economics and public policy at Northeastern University.
While the nation's GDP grew at an annual rate of just 3.2 percent, Massachusetts benefited from an improving global economy and from increasingly confident households that were spending more money, said Michael Goodman, MassBenchmarks' co-editor and associate professor of public policy at UMass Dartmouth.
Joblessness remains a persistent problem in Massachusetts, however, particularly for those under 25, for the long-term unemployed and for those without a high school degree, Goodman said, In December, the state unemployment rate was 7 percent, surpassing the national rate of 6.7 percent.
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