The Massachusetts Executive Office of Labor and Workforce Development just released employment statistics for the Greater Boston metro area. The data revealed encouraging information and highlighted some interesting trends.
The unemployment rate for the Boston MSA was a non-seasonally adjusted 7.1 percent in March, the lowest rate in nearly two years and a full percentage point lower than the 8.1 percent recorded in March 2010. Each month, the local unemployment rate has remained lower then that of the United States, currently 9.2 percent, for the duration of the recession.
From a job standpoint, education and health services continue to be the largest source of jobs in Greater Boston, with 21.2 percent of the total non-farm job employment. Over the past two years, the total number of jobs in education and health services has grown 5 percent, while those in financial activities, historically a large source of employment in Greater Boston, have declined 5 percent during this same period.
Over five years, jobs in education and health have grown 13.5 percent while financial activities has seen an 8 percent decline. It will be interesting to see what the data looks like two years from now, particularly if financial services companies ramp up hiring levels.
For insight on local real estate activity, check out our Q1’11 research reports (bottom of the page). Overall, the Boston market recorded its fifth consecutive quarter of positive net absorption, an encouraging trend. While 2010 saw tenant-favorable conditions across all markets, it is expected that 2011 will see landlord-favorable or neutral conditions inside of Route 128. Meanwhile the submarkets in the I-495 belt will remain tenant favorable through 2012.