EPPR director Dan Hodge gives presentation on Mass Economy to valuation group
Dan Hodge, Director of the Economic and Public Policy Research group at the UMass Donahue Institute, presented an overview and forecast of the Massachusetts economy to the state’s chapter of the National Association of Certified Valuators and Analysts (NACVA), an organization that trains CPAs and other valuation and consulting professionals in the fields of business valuation, financial forensics and various related specialty services serving the legal and business communities.
The presentation looked at a comprehensive scope of factors that impact the state’s economy, including trends in employment, industry growth, exports and trade, education levels, health insurance coverage, housing, and utility costs and also discussed current headwinds challenging economic growth, such as reduced consumer demand, a sluggish global economy and ongoing federal budget debates.
Hodge’s presentation touched on the emerging recovery in housing and commercial real estate and the expected growth of construction, professional and business services, information, leisure/hospitality, education and health care sectors in the coming years, but pointed out that Massachusetts depends heavily on foreign exports and federal spending, making the state highly vulnerable to instability abroad and domestic fiscal uncertainty. While the Bay State has weathered the Great Recession, recovering 87% of jobs lost, much of that recovery is concentrated in the Greater Boston region where higher levels of education, innovation and income are concentrated. Significant challenges remain throughout the rest of the state, and Gateway Cities initiatives hope to capitalize on current trends in technology, transportation and entrepreneurialism for more widespread growth.
January 18, 2013