The US financial services employment levels are still below the 2008 peak. They have been trending upwards, however, since 2010 and are back to 2000 levels.
The Boston financial services story is very different. The sector has been in decline since 2000.
Today there are 25,000 fewer financial services jobs in our market as there were a little over a decade ago. Large local financial services firm are relocating their back office jobs to other parts of the country and the world.
Financial services accounts for 6.9% of today’s total Boston employment. This is compared to 7.6% in 2000.
Recent monthly data suggests that perhaps we have hit a floor. The rate of decline has definitely slowed. Have we reached a “new normal”? Are we at bottom yet? Watch for future COWs on this sector. We will continue to monitor this for you.