Thursday, September 4, 2008

Boston's economy still strong

According to the latest Beige Book, the Boston economy is strong. A little good news in a cascade of gloom should always be welcomed.
The Boston-area economy is still getting banged up, especially the manufacturing, housing and commercial real estate sectors.

But the local economy overall appears to be weathering the nation’s economic storm somewhat well, with the high-tech sector still growing and adding jobs, according to a new survey released yesterday.

The Federal Reserve’s “Beige Book” - a compilation of interviews with local businesses - says the Boston and New York economies are showing “signs of stabilization,” while other areas of the country are experiencing “weak” and “soft” economic conditions.

The Boston area’s retail sectors, earlier hit by a cutback in consumer spending, reported “mixed or little change” in activity since the last Beige Book report in late July, the latest report said.

Tourism is doing “surprisingly good,” despite high gas prices that have discouraged travel around the country, the survey said.
Boston's diverse economy is an asset.

No comments:

Share BHI content