NEEP Economists Predict Continued Slow Growth in New England

Fall Conference to Highlight Role of Boston in Regional Economy

BOSTON (November 12, 2013)– Some of the region’s top economists will present economic forecasts for the New England region and each of the six New England states at the Fall Economic Outlook Conference hosted by the New England Economic Partnership (NEEP) and sponsored exclusively by The New England Council (NEC).  The conference will be held on Thursday, November 14, from 9:00 a.m. – 2:30 p.m. at the Federal Reserve Bank of Boston in Boston, MA.

The theme of the fall conference is “Universal Economics? Boston’s Role in the Regional Economic Network.”  Cris deRitis, Senior Director at Moody’s Analytics, will open the conference with a presentation on the U.S. Economic Outlook. Following deRitis’ remarks, the NEEP forecast managers for the region and each state will present their forecasts.  Barry Bluestone, Stearns Trustee Professor of Political Economy and Founding Director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, will deliver the luncheon keynote. The conference will conclude with a panel discussion moderated by New England Council President & CEO James T. Brett, focused on the role of Boston in the New England regional economy.

“New England continues to have slow recovery of the jobs lost in the recession.  The potential for the regional economy to gain job momentum has been set back in 2013 by federal spending cuts associated with the sequestration and by the federal government shutdown,” said New England Forecast Manager Ross Gittell.  “The greater Boston area has been a bright spot in the New England economy, leading the region in job growth, and more than recovering the jobs lost in the recession.  The strong Boston economy has Massachusetts leading the New England states in economic performance. Wednesday’s discussion will explore the conference theme of Boston’s role in the larger regional economy, and how far and significant is Boston’s regional economic impact, particularly in the leading sectors of education, medical services and leisure and hospitality.”

“While it is frustrating for all of us in the business community to see the slow recovery from the recession, it is encouraging to hear that the greater Boston area is growing and thriving,” said James T. Brett, President & CEO of The New England Council.  “Boston is the economic center of the New England region, and so the metropolitan area’s recovery will have ripple effects throughout New England.  I look forward to hearing more about the outlook for our region at Thursday’s conference.”

According to the New England regional forecast, prepared by Gittell, the New England regional economy will continue to see growth rates below what would typically be associated with strong or even moderate growth.  The expectation is that total employment growth in the region will average 1.3% per year and overall growth 2.8% per year through the NEEP forecast period, or out to 2017. With the expected slow growth, the region is not expected to return to its pre-recession employment level until 2014 and the unemployment rate in the region, while remaining lower than the U.S. average, is not expected to be below 6% until 2016.  All the states in the region are projected to have employment growth below the national average over the forecast period.

**Executive Summaries of the New England Regional and individual state economic forecasts will be released at 8:00 a.m. on Wednesday, November 13 at: http://newenglandcouncil.com/neep-november-2013-economic-outlook-forecasts/

**Forecast managers from the states listed below will be available for a conference call with reporters Wednesday, November 13, to discuss their forecasts and answer questions.  Call times and call-in information are as follows:

Connecticut:
Wednesday, November 13 at 8:30 a.m.

Call in # (866) 299-9141
Access Code 47115221

Forecast presented by:
Edward J. Deak, Ph.D.
Connecticut Model Manager, New England Economic Partnership
Professor of Economics, Emeritus
Fairfield University
ejpd17@hotmail.com

Massachusetts, New England and United States:
Wednesday, November 13 at 9:00 a.m.
 
Call in # (866) 390-5250
Access Code 6470227

Forecast presented by:
Mark Zandi, Chief Economist, Moody’s Analytics

Ross Gittell, Chancellor, Community College System of New Hampshire
rgittell@ccsnh.edu

Alan Clayton-Matthews
Associate Professor, School of Public Policy and Urban Affairs, and Economics Department, Northeastern University
a.clayton-mattehws@neu.edu

New Hampshire:
Wednesday, November 13 at 10:00 a.m.

Call in # (866) 299-9141
Access Code 47115221

Forecast presented by:
Dennis Delay
New Hampshire Center for Public Policy Studies
ddelay@nhpolicy.org

Rhode Island:
Wednesday, November 13 at 11:00 a.m.

Call in # (866) 299-9141
Access Code 47115221

Forecast presented by:
Edward M. Mazze
Distinguished University Professor of Business Administration
College of Business Administration, The University of Rhode Island
emazze@uri.edu

Maine:
For more information on the Maine forecast, please contact:

Charles S. Colgan
Professor of Public Policy & Management
Muskie School of Public Service, University of Southern Maine
colgan@maine.edu

Vermont
For more information on the Vermont forecast, please contact:

Jeffrey B. Carr, President
Economic & Policy Resources, Inc.
jbc@epreconomics.com
(800) 765-1377

The New England Economic Partnership (NEEP) is a member-supported, non-profit organization dedicated to providing objective economic analyses and forecasts.  For more than 25 years NEEP has identified and researched economic issues relevant to New England, giving its members the tools they need to make informed, insightful business and policy decisions. For more information, please visit: www.neepecon.org

The New England Council, the country’s oldest regional business organization, is an alliance of businesses, academic and health institutions, and public and private organizations throughout New England formed to promote economic growth and a high quality of life in the region.  For more information, please visit: www.newenglandcouncil.com.

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