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Northeast will lead recovery in 2011

January 24, 2011 - Economists say the New England and Mid-Atlantic regions of the country will be the first to come out from under economic hardship, as improved housing conditions and moving activity bolster those markets.

A recent regional economic forecast from TD Economics predicted that the entire Northeast will outperform the rest of the U.S. for much of this year, as economic fundamentals currently in place in that region will bear a quicker recovery. Southeastern states, comparatively, will lag behind at first but then catch up by 2012 and help lead the national economic recovery the next year.

"New England's and Mid-Atlantic's older demographics, mature economies, resilient housing markets, highly skilled working populations and outsized health care sectors provided a stronger footing for the economic recovery," said the report. "However, in 2012, the natural economic tendencies of all three regions will prevail, with the South Atlantic expected to lead the pack."

The report added that though certain qualities benefit the Northeast this year, the pendulum will swing in the other direction in 2012 as more Americans begin moving away in search of more affordable homes.

However, the region has also not been exempt from some of the country's biggest problems. The Warren Group reported foreclosures in Massachusetts, for instance, increased nearly 32 percent in 2010 from the year before.
 

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