North Shore Recession and Recovery

//North Shore Recession and Recovery
North Shore Recession and Recovery 2018-09-12T02:08:16+00:00

The recession on the North Shore started in the 3rd quarter 2007 when employment reached a seasonal high of 167,235 and lasted until the 1st Quarter 2010 when employment droped to a low of 159,789. A total employment loss of 7,446 jobs or 4.5%. The 1st Quarter 2010 is the begining of the recovery period from which the North Shore starts to gain back employment lost during the recession. Latest employment figures show that the North Shore has nearly gained back the jobs lost during the recession. However, the industrial compostion of the North Shore and occuapation mix of the North Shore is changed due to the recession.

North Shore Industrial Employment Loss 3rd Quarter 2007 – 1st Quarter 2010

The North Shore had six industrial sectors which lost large percentages of thier workforce during the recession. These industrials are Durable Goods Manufacturing (-19.3%), Non-Durable Goods Manufacturing (-9.6%), Professional and Technical Services (-6.9%), Administration and Waste Services (-11%), and Real Estate and Rental and Leasing Services (-12%). Several industries gained employment during this period such as Health Care and Social Assistance (6.3%), Educational Servies (4.4%), and Information (7%).

3rd Q 07 – 1st Q 2010

North Shore Industrial Employment 3rd Q 2007 % Change

Northshore Industrial Employment Gain 1st Quarter 2010 – 1st Quarter 2012

The recovery period on the North Shore sees most of the industries start to gain back the employment losses experinced during the recession period. The industires with the highest levels of growth are Health Care and Social Assistance (4.7%), Durable Goods Manufacturing (6.9%), Accommodation and Food Services (4.9%), Administration and Waste Serivces (8.7%), and Arts, Entertainment, and Recreation (4.7%). Industires that lost employment during the recovery are Non-Durable Good Manufacturing (2.7%), Finance and Insurance (-3.3%), Public Adminstration (-5%), and Information (-1.4%). The recovery period is still ongoing.

1st Q 10 – 1st Q 12

North Shore Industrial Employment 1st Q 2010 % Change

For more detailed information on industrial employment, establishment and wages, please refer to the tables listed below.