No More Recession for Boston?

No More Recession for Boston?

Aside from the wicked awesome Bostonian accents, high percentage of progressively-minded people, and the lure of the Atlantic Ocean (which, so far, is my favorite—though I’ve only seen two), there’s another reason Boston looks like an excellent place to live these days—it’s recession-free.

Or that’s what some experts are saying, at least. According to Economy.com, the city has had not only a housing rebound, but also a thriving economy led by the universities and hospitals there. In addition to all of these factors, jobs are picking up—and predictions for a steady increase in available jobs are being made as well.

Gus Faucher, the director of macroeconomics at Economy.com, says that the city—and, indeed, the state itself—will be experiencing a consistent stream of job growth from here on out. “The data has been strong enough to move Massachusetts out of a moderating recession into recovery,” he says.

But Economy.com isn’t the only source that’s singing of the area’s recovery. Several other experts, including Northeastern University economics professor Alan Clayton-Matthews and HIS Global Insight of Lexington chief regional economist James Diffley, too, say the city’s recession is likely over—though, by some accounts, just barely.

That said, the city still has miles to go in terms of unemployment; a rate of 9.5% was calculated in February, which is the highest its been in the city for thirty years. Like Austin, Boston may have lost a chunk of jobs to China, as well. The city may have lost around 72,000 jobs due to trade deficits with the country. This phenomenon isn’t linked to only these two cities, however; it’s been found in every state across America. Since China joined the World Trade Organization in 2001, over 2 million American jobs have been lost and attributed to the move.