NEEP Economists Predict Continued Slow Growth in New England; Note Potential for Manufacturing Growth
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NEEP Economists Predict Continued Slow Growth in New England; Note Potential for Manufacturing Growth

Spring Conference to Focus on Manufacturing in New England

BOSTON — (BUSINESS WIRE) — May 21, 2013 — Some of the region’s top economists will present economic forecasts for the New England region and each of the six New England states at the Spring Economic Outlook Conference hosted by the New England Economic Partnership (NEEP) and sponsored exclusively by The New England Council (NEC). The conference will be held on Thursday, May 23, from 9:00 a.m. – 2:00 p.m. at the Federal Reserve Bank of Boston in Boston, MA.

The theme of the spring conference is “Manufacturing is Changing: Is New England Ready?” Mark Zandi, Chief Economist at Moody’s Analytics, will open the conference with a presentation on the U.S. Economic Outlook. Following Zandi’s remarks, the NEEP forecast managers for each state will present their forecasts for the New England region and each of the six states. Martin Schmidt, Associate Provost, Mass. Institute of Technology, and Co-chair of the Advanced Manufacturing Partnership, will deliver the luncheon keynote. The conference will conclude with a panel discussion moderated by New England Council President & CEO James T. Brett, focused on the potential for growth in the manufacturing sector in New England. Panelists include Michael Akkaoui, CEO of Tanury Industries, a Lincoln, RI, manufacturer; Dr. Wildolfo Arvelo, President of Great Bay Community College in Portsmouth, NH; and Martin Schmidt.

“As our region continues on the slow path to economic recovery, it is critical that we identify and invest in the sectors where there is potential for growth,” said The New England Council’s Brett. “The New England Council has long supported investment in the manufacturing sector in our region as a key opportunity for job creation and economic growth. We are pleased to again partner with NEEP to present this week’s conference, and we look forward to a thoughtful discussion of how our region can best promote and support our region’s manufacturers.”

NEEP forecast manager Ross Gittell, the Chancellor of the Community College System of New Hampshire notes that the New England region as a whole continues to recover from the recession, yet there is significant variance in the pace of recovery from state to state. While Massachusetts and Vermont experience the strongest recovery, Rhode Island and Maine continue to lag. Overall, the NEEP economists note, the region’s economy continues to be negatively affected by conditions beyond New England’s borders, including weaknesses and vulnerabilities in the European economy and the fiscal affects from sequestration. Despite this, the NEEP economists predict that the economy will continue to grow slowly with employment growth averaging 1.4 percent per year and overall growth averaging 3.3 percent per year through 2016. They predict that the region will not return to pre-recession employment levels until 2015.

The economists report that the housing market in New England and nationwide continues to emerge as a positive driver in the economy. While manufacturing employment has been on the decline for the past three decades, the economists predict that the region’s manufacturing employment will increase by 1.3 percent from 2012 to 2016 with about 7,000 new jobs added. They note that there is potential for even more growth in the manufacturing sector if steps are taken to link manufacturing more strongly to research and development strengths in the region, and to ensure an appropriately skilled work force for advanced manufacturing in New England.

**Executive Summaries of the New England Regional and individual state economic forecasts will be released at 8:00 a.m. on Wednesday, May 22 at http://www.newenglandcouncil.com/neep-may-2013-economic-outlook-forecasts/.

**Forecast managers from the states listed below will be available for a conference call with reporters Wednesday, May 22 to discuss their forecasts and answer questions. Call times and call-in information are as follows:

Massachusetts and New England:
Wednesday, May 22, 9:00 – 9:30 a.m.

US Toll free: 1 866 299.9141
Participant passcode: 47115221 then #

Forecast presented by:
Alan Clayton-Matthews
Associate Professor, School of Public Policy and Urban Affairs, and Economics Department
Northeastern University
Email Contact

Connecticut:
Wednesday, May 22 10:30-11:00 a.m.

US Toll free: 1 866 299.9141
Participant passcode: 47115221 then #

Forecast presented by:
Edward J. Deak, Ph.D.
Connecticut Model Manager, New England Economic Partnership
Professor of Economics, Emeritus
Fairfield University
Email Contact

Rhode Island:
Wednesday, May 22 from 9:30-10:00 a.m.

US Toll free: 1 866 299.9141
Participant passcode: 47115221 then #

Forecast presented by:
Edward M. Mazze
Distinguished University Professor of Business Administration
College of Business Administration, The University of Rhode Island
Email Contact

Edinaldo Tebaldi
Associate Professor of Economics
Department of Economics, Bryant University
Email Contact

New Hampshire and New England:
Wednesday, May 22 11:00-11:30

866-210-1669 (toll-free) or
Participant = 7746932

Forecast presented by:
Dennis Delay
New Hampshire Center for Public Policy Studies
Email Contact

Maine:
Wednesday, May 22 10-10:30

US Toll free: 1 866 299.9141
Participant passcode: 47115221 then #

Forecast presented by:
Charles S. Colgan
Professor of Public Policy & Management
Muskie School of Public Service, University of Southern Maine
Email Contact

Vermont
For Conference Call Info, please contact:

Jeffrey B. Carr, President
Economic & Policy Resources, Inc.
Email Contact
(800) 765-1377

Robert A. Chase, Senior Economist
Economic and Policy Resource

The New England Economic Partnership (NEEP) is a member-supported, non-profit organization dedicated to providing objective economic analyses and forecasts. For more than 25 years NEEP has identified and researched economic issues relevant to New England, giving its members the tools they need to make informed, insightful business and policy decisions. For more information, please visit: www.neepecon.org

The New England Council, the country’s oldest regional business organization, is an alliance of businesses, academic and health institutions, and public and private organizations throughout New England formed to promote economic growth and a high quality of life in the region. For more information, please visit: www.newenglandcouncil.com.

 

 



Contact:

New England Council
Emily Heisig, 617-365-2647
Email Contact
or
Ross Gittell, 603-271-2739
NEEP Forecast Manager
Chancellor, Community College System of NH
Email Contact