Boston’s Back: Leads Recession-Weary Cities in Rebound

Jan 25, 2013

Mayor Menino releases 2013 Economy Report

Unemployment rate continues to fall, job numbers climbing to all-time high

• Boston's unemployment rate has fallen steadily over the last two and a half years.

• Boston's set an all-time record for employment in 2012 with 682,000 jobs

• Boston's regained nearly all jobs lost between 2008 and 2010.

• New investment from construction topped $3.8 billion, a 10-year high, in fiscal 2012.

“Boston weathered the Great Recession better than most American cities, but we still saw our share of hardship.  Lost jobs and uncertainty cast a shadow on our families and neighborhoods, but we've come out stronger on the other side, and even more focused on creating a better tomorrow.” - Mayor Menino

• In the first 11 months of 2012 Boston’s average unemployment rate was lower than Massachusetts and the United States.
• Boston's average annual unemployment rate was lower than both the United States and Massachusetts averages between 2007 and 2011.
• In November 2012 the Boston unemployment rate was 5.9% (not seasonally adjusted), the state unemployment rate was 6.1%, and the U.S. unemployment rate was 7.4%.

• Data shows job numbers have returned to prerecession levels, with projections for an all-time employment high in 2012.
• Boston’s 2.2% job growth from 2010 to 2011 exceeded the 1.3% state average, adding more than 14,000 new jobs.
• Job growth is being driven by professional, scientific, and technical services, education, health care, and the bar and restaurant industry.

• Job projections for the state economy imply strong growth for Boston, with 728,500 jobs in 2016, a 7.9% increase over 2011.
• Notable projected growth industries include professional, scientific, and technical services, education, and health care.
• These projections also anticipate that Boston achieved an all-time record for employment in 2012 with 682,000 jobs, but hard data will not substantiate this until fall 2013.

• Boston issued building permits representing an estimated $3.8 billion in construction in FY2012, this is a virtual tie with FY2008 for the highest level in 10 years.
• Construction authorized in FY2012 was more than double the FY2010 level, which was depressed by the recession.