Living in the northeast region of the United States has its perks for many reasons. There’s the spectacular changes in seasons, the rolling coastline, the access to a world-class education, and the amazing growth of technology and corporations. The nation’s strong economy, our access to top colleges, and the modernization of major cities in the northeast corridor, has made our region a leader in the job sector. Let’s take a closer look at where we are as it relates to the job trends in our area and what that can mean for the future of our region and the economy as a whole.
Where We Are Now
In order to see where our job market may be headed, it is a good idea to take an inventory of where we are now in terms of unemployment, job growth, and what sectors have been expanding.
According to a report given on Jan 20, 2020 by the Massachusetts Executive Office of Labor and Workforce Development, “The state’s December total unemployment rate is down one-tenth of a percentage point at 2.8 percent.” Kiplinger online reports also that the Massachusetts’ Job Growth is currently at 0.7% (25,900) compared to where it was 1.0% (36,500) in 2019.
The state’s labor force participation rate, the total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks, has increased one-tenth of a percentage point to 67.8 percent according to the Kiplinger report. Compared to December 2018, the labor force participation rate remained unchanged.
The largest private sector percentage job gains over the year were in: Education and Health Services, Information, Leisure and Hospitality, and Financial Activities.
Both reports agree that our state is a “perennial leader” due to the talented applicant pool in our area. Regionally Boston and surrounding neighborhoods attract many of the recently graduated due to the high paying jobs, access to transportation, and the strong financial and technology markets the area is currently experiencing.
Strengths of Our Region for Job Growth
Anyone who lives in our area knows that the college and university systems around us are rivaled nowhere else in the world. We are home to some of the top universities and research facilities around the globe, including Harvard and M.I.T..
Beyond our educational system, we are also home to the biotech and pharma industries, as well as start ups that also strengthen our economy. We also have readily available venture-capital financing that swelled by an estimated 46% to $10 billion last year.
For many decades our region has been known for having some of the best health facilities world-wide. These facilities allow for growth of the healthcare industries, new research, innovative techniques, and a wide array of new treatments for diseases and illnesses.
Weaknesses of Our Region
Due to the allure of our region caused by top-notch education, medicine, and new job opportunities, there are still some struggles issues to tackle. The housing shortage, tax levels, and cost of living can be a turn-off for people considering Boston and the surrounding neighborhoods.
The housing challenge is being countered by a building boom in Boston and surrounding cities and towns. The uptick in apartment and condo development can only help the region as it struggles to keep up with the housing demand. There’s currently an estimated 20,000 apartments under construction in the Boston area to relieve some pressure on one of the region’s hottest housing markets.
Boston is also attempting neighborhood gentrification, transportation restoration, and opening up more green space to attract young professionals.
To stay on top of the changes in our regions job growth we suggest the Mass.gov site to remain current with the job market and see shifts in job prospects.