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Notes from the Board

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The Massachusetts economy has fallen into negative growth as downside risks mount

As Massachusetts heads into the middle of 2025, its economy, along with the nation’s, has been buffeted by an onslaught of real and proposed changes in federal policy. These volatile shifts in policy are raising uncertainties about the direction of future economic growth, both short- and long-term.

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The quarterly Notes from the Board release is created by the MassBenchmarks Editorial Board, economic analysts from academia, the private sector and the Federal Reserve Bank of Boston. Meetings of the MassBenchmarks editorial board provide a forum for focused discussion about current conditions and the outlook for the Massachusetts economy. Commentary and key points from the discussion are summarized and released to provide regular updates about economic conditions to the general public.

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