Mass. Gross Domestic Product Up Significantly In Second Quarter

The Massachusetts Gross Domestic Product was up nearly 5 percent in the second quarter of this year, a sign the state’s economy continues to grow. That’s according to the latest study from the economic journal Mass Benchmarks, which also reports there’s an important factor leading to this up-tick.

According to the study, the Massachusetts GDP was up nearly 1 percent more than the figure for the entire U.S. in the second quarter. Study author Alan Clayton-Matthews says that followed a first quarter hampered by winter weather.

“In the second quarter, we saw a reversal of that,” Clayton-Matthews says. “The weather became better, people got out and spent and maybe even spent more to make up for the harsh winter, spending that they would have done earlier.”

Clayton-Matthews says the trend of growth should continue.

“Not as strong as it was in the second quarter: GDP will grow at a 3.8 to 4 percent annual rate in the second half of this year, which is very good growth.”

The study says a continued drop in the unemployment rate has also contributed to consumer confidence and spending.