Report: Region's recovery 'slow and weak'
New England should prepare for "a slow and weak recovery" from the economic recession and the loss of a total of 400,000 jobs, according to a report made yesterday by the New England Economic Partnership.
At the NEEP fall economic outlook conference held yesterday in Boston, University of New Hampshire Ross Gittell said the region has lost 346,000 jobs so far, and could top 400,000 by the end of 2010, or 5.8% of employment. That's on par with the estimated United States decline, which is projected to be 5.3%. Maine and New Hampshire are the only states in New England whose average employment decline is expected to be below the U.S. average, Gittell said in the report. Growth in the health and educational services industries are expected to boost employment numbers in the recovery, with professional services and leisure and hospitality also contributing new jobs. While Gittell said the "green economy" could play a role in New England's recovery, he cautioned that "it does not appear the region can depend on the green economy as the next growth engine."
The conference, held at the Federal Reserve Bank of Boston, also included presentations by Gus Faucher, director of macroeconomics at Moody's Economy.com and Vermont Gov. James Douglas.
Read Gittell's entire report >>
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