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495/MetroWest Economic Forum

495/MetroWest Economic Forum. Timothy J. Flanagan September 4, 2008. 2008 Economic Indicators for the 495/MetroWest Region. By Maureen Dunne, MBA, Martha Meaney, MA, and Fahlino Sjuib, PhD with assistance of MERC interns Sean Stevens, Renee Leonard, and Garrett Mezzetti. EMPLOYMENT.

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495/MetroWest Economic Forum

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  1. 495/MetroWest Economic Forum Timothy J. Flanagan September 4, 2008

  2. 2008 Economic Indicators for the 495/MetroWest Region By Maureen Dunne, MBA, Martha Meaney, MA, and Fahlino Sjuib, PhD with assistance of MERC interns Sean Stevens, Renee Leonard, and Garrett Mezzetti

  3. EMPLOYMENT In 2006 495/MetroWest Region employment topped 285,500 providing 1 out of every 11 Massachusetts jobs. 495/MetroWest employment climbed from 180,000 in 1980 to 285,500 in 2006, a gain of 105,500 jobs. Employment in the region has grown by 58% since 1980, dwarfing the 23% MA increase over the period. For 27 years employment in the 495/MetroWest Region grew at 1.8% annually, more than twice the MA annual increase. The region pulled up the state’s growth rate.

  4. EMPLOYMENT In 2006 three supersectors: Trade, Transportation & Utilities (TTU), Professional and Business Services (PBS), and Manufacturing generated over half the region’s jobs. The 495/MetroWest Region provides a disproportionate number of jobs in these important supersectors.

  5. EMPLOYMENT In 2006 the region supplied a 63% higher concentration of Manufacturing jobs, a 24% higher concentration of PBS jobs and a 16% higher concentration of TTU jobs than existed statewide. Major structural changes impacted these supersectors in 2001-06. Manufacturing lost 10,200 jobs, TTU lost 1,000 while PBS gained 4,300.

  6. BUSINESS ESTABLISHMENTS In 2006 over 17,800 establishments were located within the 495/MetroWest Region, 1 out of every 12 in Massachussetts. From 1980-2006 the number of establishments doubled. Two supersectors, Professional and Business Services and Trade, Transportation & Utilities, accounted for 45% of the total establishments in the region. The 495/MetroWest Region averaged 16 jobs per establishment, ranging from 55 in Manufacturing establishments to 4 in Other Services.

  7. PAYROLL In 2006 the 495/MetroWest Region generated a record payroll of $16.4 billion or 1 out of every 10 payroll dollars in the Massachusetts economy in 2006. The 495/MetroWest nominal payroll climbed from $2.6 billion in 1980 to $16.4 billion in 2006, a gain of 540%. In 2006 the Professional and Business Services ($4.2b), Manufacturing ($3.7b) and Trade, Transportation & Utilities ($2.7b) supersectors provided 2/3 of the 495/MW total payroll.

  8. AVERAGE WAGE In 2006 the 495/MetroWest Region average annual wage recorded a historical high of $57,600, exceeding the Massachussetts average wage of $52,400 by 9.9%. Among all supersectors, Information provided the highest average wage, $88,400; followed by Manufacturing, $84,100; and Professional and Business Services, $79,200. The average wage in the 495/MetroWest Region exceeded the state average wage in 7 supersectors, including the 3 largest supersectors in terms of employment.

  9. UNEMPLOYMENT The 495/MetroWest Region experienced an annual unemployment rate of 3.6% in 2007, lower than the state rate of 4.5% and the United States rate of 4.6%. Unemployment rates in the region and state were lower in 2007 than in 2006; the national rate stayed the same.   The 495/MetroWest Region consistently posts lower unemployment rates than the state and the nation, except in 1991 when the 495/MetroWest Region’s rate exceeded the nation’s rate.

  10. UNEMPLOYMENT Between 1990 and 2006, the number of jobs in the 495/MetroWest Region consistently fell below the number of individuals in the labor force in the 495/MetroWest Region. Since 2003, jobs in the 495/MetroWest Region have grown faster than the regional labor force.

  11. HOUSING There were 1,010 new single family building permits issued in the 495/MetroWest Region in 2007, a value only 4 permits shy of the 2006 level. The number of permits issued in 2007 in the 495/MetroWest Region was only 47% of the 1996 value. There were 4,735 existing single family homes sold and 1,771 condominiums sold in the region in 2007. Consistent with the slump in housing nationwide, these are the lowest levels since the 1990’s.

  12. HOUSING Within the 495/MetroWest Region, the rapid escalation in estimated median price eased in 2007 with median home price actually falling by 4.6% to $438,000 and condo price increasing by 4.0% to $267,000. While the number of housing units in the 495/MetroWest Region increased between 1990 and 2000 by 12.5%, the number of owner-occupied units rose by 21.9% and the number of renter-occupied units actually fell by 0.6%.

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