How can Massachusetts’ economy keep growing? It comes down to workers — and getting more of them
David L. Ryan/Globe Staff

How can Massachusetts’ economy keep growing? It comes down to workers — and getting more of them

? Breaking overnight: Steward Health Care, a for-profit hospital chain, filed for bankruptcy. The company’s hospitals, including eight in Massachusetts, will remain open while it seeks to reorganize its finances.

Today: The Massachusetts economy got off to a decent start this year, but we need more workers amid an aging labor force and the loss of residents to other states.

Plus: How not to be a jerk on an airplane.


Trendlines is a twice-weekly newsletter by Boston Globe columnist Larry Edelman. Click the subscribe button to keep on top of business and the economy in the region and beyond.


From the top

Massachusetts has one of the oldest populations in the country. That means our state's economic growth will likely be hampered unless we can attract and retain more workers.

The numbers

  • The state’s gross domestic product rose at a 1.8 percent annual rate in the first quarter, according to an analysis released on Monday by MassBenchmarks, a research collaboration between the UMass Donahue Institute and Federal Reserve Bank of Boston.
  • That was a tad better than the national GDP growth of 1.6 percent.

What's happening

The Federal Reserve has jacked up interest rates over the past two years to bring down inflation. Steep lending rates — currently at a two-decade high — typically cool the economy.

  • Massachusetts GDP growth slowed from a 3 percent annual rate in the fourth quarter.

Local labor

The state’s workforce has gotten smaller since the start of the pandemic. That may be hindering the economy.

  • In March, the number of jobs in the state was just shy of the February 2020 level, immediately before the pandemic hit. National employment is nearly 5 percent above the pre-COVID mark.
  • Massachusetts is seeing more people move out of the state than move in, and a large percentage of those leaving are 26 to 54 years old, prime working age.

Final thought

If the labor force doesn’t expand, Massachusetts will have to rely heavily on productivity and income gains to propel growth.

“Eventually, the demographics are going to catch up with us,” said Alan Clayton-Matthews, senior contributing editor for MassBenchmarks.

In the first quarter, Massachusetts kept up with the rest of the country.

But being smarter and wealthier will get us only so far.


??? Trending

Politics & Policy: Governor Healey’s big plans for housing and energy are meeting stiff local resistance.

Biotech: Moderna’s COVID vaccine sales plunged, as analysts debated the future of the once-hot company.

Higher Education: Columbia University canceled its main commencement after protests that roiled campus for weeks.

Tech: Boston robotaxi startup Motional landed a $475 million investment from Hyundai.


?? The Closer

"Disembarking a plane in 2024 is as orderly as the streets of Pamplona during the running of the bulls," says Globe travel writer Christopher Muther.

Chris, who flies more in a year than many of us do in a lifetime, offers six rules of etiquette to make getting off the plan less stressful and more humane.

  1. Don't jump up from your seat and crowd the aisle as soon as the plane's wheels hit the tarmac.
  2. Don’t rush toward the exit ahead of others. (An exception is made for travelers with tight connections.)
  3. Wait for the row ahead of you to clear.
  4. Don't use your backpack or carry-on luggage to gain a competitive advantage.?
  5. Don’t take out your phone and start shouting into it.
  6. Be patient and smile.

Bottom line: Don't be a jerk.


Thanks for reading. I’ll be back on Thursday. The trend ?? is your friend.

If you’d like to read more of my business newsletter via email, sign up at globe.com/trendlines.

Charles Alden

Alden Lock & Security Inc

10 个月

We’re not gonna go anywhere with the taxes they keep going up whether it’s housing whatever sales tax something has to change. I believe what I see this very hard times coming in the next 6 months

Start by repealing sanctuary laws. Vote all the liberals out. Lower taxes. Send all illegal aliens back.

回复

The lack of affordable housing and effective public transportation in MA are significant deterrents to people staying here. Yes, MA has history, culture, great schools, the coast and more, but it doesn't matter if the only place you can afford is 50 miles from where you work. Service and lab professions are not remote...

Owen Doonan

President at Rehability,Inc

10 个月

Their is an abundance of talented people with disabilities on the job market who need but reasonable assistance quite the same as provided for a newly hired employee! Why not fill your ranks with loyal motivated long tenured employees??

Rob Longley

Rethinking the Future of Work, Sustainable Communities, Government Services | Sustainability | Going Remote First Newsletter | Coach | Consultant

10 个月

The old approach to economic development usually required enticing a company to move to an area and bring jobs with them. With the growth of remote/hybrid work, the key is to entice workers to move to an area. This is a different mindset for communities to adopt. They need to promote their strengths and to a different audience. I've been told I have one of the best places to hike in Massachusetts right next to my house. Most people don't know that. We also have lots of maple syrup options, great views and a decadent chocolate shop. And you want want world class entertainment, there are lots of options within 15-45 minutes. Massachusetts towns all need to come up with their marketing pitches to attract residents, tourists, and companies.

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