BOSTON (WWLP) - Governor Deval Patrick's budget chief says the Massachusetts economy is growing well, but there's uncertainty in the market that's out of the state's control.
Administration and Finance Secretary Jay Gonzalez says the Massachusetts economy is going in the right direction – up – but it's the national economy that may hinder growth.
Secretary Gonzalez told local officials the Massachusetts economy is up by about 4.5% through July compared to 2% nationally. The Commonwealth has created 37,500 jobs this year and the unemployment rate is slightly over 6%. The national rate is 8.3%.
Gonzalez says uncertainty surrounding Washington's long-term fiscal plans is keeping economic growth from reaching its full potential here in Massachusetts.
"What I'm hearing from businesses is it's holding businesses back from investing and taking some risks to grow and create jobs at the rate and at the pace that they might otherwise," Gonzalez said.
The Secretary says that state tax collections are nearly 4% higher than this time last year. But they are still nearly $70 million behind collecting what was projected in the state budget.