An overview of New England's economic performance in 2007

New England’s economy showed bright signs of growth in 2007, but residential real estate cast a shadow. Job growth was moderate and on par with that of the nation, but the region fared better with an unemployment rate lower than the national average. Exports from the region rose in value, but at a lesser pace than seen in the nation. Although the region remained the richest in per capita income, growth in total personal income in New England was slower than in the nation. Declining home prices, a significant reduction in housing permits, and spikes in foreclosures rounded out a generally dismal real estate picture. But no matter how dreary, the overall picture for New England may be a little brighter than that for the nation.