The term "Massachusetts Miracle" refers to a period of economic growth in the state of Massachusetts during most of the 1980s. Previous to this, the state had been hit hard by deindustrialization and resulting unemployment. The unemployment rate fell from more than 12% to less than 3%, which was accompanied by tax reductions and a drastic increase in personal income. The growth was heavily centered in high-tech industry and financial services, within Boston and in its suburbs along Route 128. The expansion of the high tech industry along MA-128 has led to the term "128" meaning more than just the road itself, but the technology area as a whole, much like Silicon Valley. Some notable companies at the time of the Miracle were Digital Equipment Corporation, Data General, Wang Laboratories, and Apollo Computer.
Michael Dukakis was governor of Massachusetts during most of this time and attempted to take credit for the "Miracle" during his campaign for United States President in 1988.
Famous quotes containing the word miracle:
“With our splendid harbour, our beautifully situated city, our vast territories, all our varied and inexhaustible natural wealth, if we don’t convert our colony into a great and prosperous nation, it will be a miracle of error for which we shall have to answer as for a gigantic sin.”
—Henry Parkes (1815–1896)