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
Mayor Menino announced the Boston economy has made a full recovery from the Great Recession.
New data released by the BRA in its 2013 Economy Report shows:
- 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
2013 Economy Report Highlights
The Unemployment Rate is Falling
- 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%.
Job Numbers Grow to Near Prerecession Numbers and Trend Continues Up
- 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 Growth Strong in Boston’s Knowledge-Based Industries
- 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.
Investors are Bullish on Boston
- 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.