Economic Recovery & Industries Leading the Way in MassachusettsOctober 3, 2022 9:20 am
Every facet of life in America, and closer to home, in Massachusetts, has been impacted by the coronavirus pandemic.
According to the Global Resiliency Institute, “every community across the country is facing the dual crises of the public health emergency and severe economic disruption, and frequently the solutions to one are at odds with the other. Traditional disaster recovery processes often rely on the assumption that a disaster will have a distinct end. This has created a complex set of unforeseen challenges for FEMA and state recovery offices.”
Job Gains & Losses
Massachusetts, historically a leader in the country’s economy, continues to innovate and support businesses as recovery is well underway. Statistics such as the massive gaining of jobs in the Commonwealth continue to encourage consumer confidence even as gas prices and inflation remain a concern. From April 2021 to April 2022, Massachusetts gained 178,400 jobs.
The largest over the year gains occurred in industries such as Leisure and Hospitality; Professional, Scientific, and Business Services; and Education and Health Services. Financial Activities was the only sector to see job losses.
According to an August report by the Executive Office of Labor and Workforce Development, the state’s July total unemployment rate dropped by two-tenths of a percentage point to 3.5 percent over the month. 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 – was down two-tenths of a percentage point at 65.8 percent. Compared to July 2021, the labor force participation rate was up 0.2 percentage points.
Industries Leading the Way
The Commonwealth is currently home to a population of approximately 6,939,373 people and its capital city, Boston, boasts the highest population rate of any urban center in New England.
The leading industries in Massachusetts include biotechnology, maritime trade, engineering, information technology, finance, tourism, as well as higher education.
Closer to home, along the picturesque North Shore of Massachusetts, industries leading the way include some of the same but a few standouts as well.
The five largest industries on the North Shore (not including Other Services) are Health Care and Social Assistance, Retail Trade, Accommodation and Food Services, Manufacturing, and Administrative and Waste Services. Together these industries employ 104,735 workers and account for 67.3% of all North Shore Employment.
Additional Industrial data for the North Shore can be found on the Massachusetts Executive Office of Labor and Workforce Development (EOLWD) Economic Data website. We will continue to monitor the recovery and report our findings in our weekly blogs.