Back to today’s briefing

Story perspectives

Massachusetts Economy Stumbles, But Tax Collections Surge 14%

2/6/2025

47 7

Summary

Story summary

Massachusetts' economy struggled in late 2024, growing just 1.1% compared to the U.S. average of 2.3%. With employment stagnating and unemployment climbing to 4.1%, consumer spending also took a hit. However, a silver lining emerged as January tax collections surged by 14% from the previous year, hinting at a potential recovery in state finances.

1 of 1

Story summary

Massachusetts' economy struggled in late 2024, growing just 1.1% compared to the U.S. average of 2.3%. With employment stagnating and unemployment climbing to 4.1%, consumer spending also took a hit. However, a silver lining emerged as January tax collections surged by 14% from the previous year, hinting at a potential recovery in state finances.