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Recent Economic Trends in Massachusetts: Which are critical industries?. Navjeet Singh Vice President, Research and Evaluation 617-727-8158 Nsingh@commcorp.org Jonathan Latner Research and Evaluation Analyst 617-727-8158 jlatner@commcorp.org. Massachusetts Employment Trends.
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Recent Economic Trends in Massachusetts: Which are critical industries? • Navjeet Singh • Vice President, Research and Evaluation • 617-727-8158 • Nsingh@commcorp.org • Jonathan Latner • Research and Evaluation Analyst • 617-727-8158 • jlatner@commcorp.org Page 1
Massachusetts Employment Trends Employment is recovering from recession, but has not equaled its peak of Feb ‘01 Source: Bureau of Labor Statistics CES Data, Seasonally Adjusted Data Note: Recession Dates According to NBER Page 2
Do We Have Enough Workers Now? Many people are seeking work • In July ’06, 147,800 fewer employed than at peak Feb ’01 • From 2000 to 2005: • 36,000 fewer people • 70,000 fewer people in the labor force • 69,000 more “unemployed” • 32,000 more working part- time • 11,000 more “marginally” attached –stopped looking for jobs recently: • 5,000 more “discouraged” • 6,000 more stopped due to family or transportation reasons • From 2000 to 2004 • 47,500 more contractors or “non-employer” businesses in 2004 than in 2000 Note: Based on 12 month averages from Current Population Survey (CPS) Source: BLS (CPS) & Census (Non-employer) Source: Census Population Estimates Page 3
Massachusetts Employment 2005 Healthcare is the largest Industry Source: Bureau of Labor Statistics QCEW/ES-202, 2005 Annualized Data Page 4
Which of the industries share of employment in Massachusetts is high Indicates relative strength: Mgmt. Of Companies, Information, Prof. Tech. Svcs., Finance, & Healthcare Source: BLS QCEW, 2005 Annualized Data for MA & US Page 5
Employment Trends (2001-2005): Since Peak Employment Very few industries growing: Healthcare, Education, Hotels/ Food Services, and Other Services Source: Bureau of Labor Statistics ES-202, 2001, 2005 Annualized Data Page 6
Employment Trends (2004 – 2005): More Widespread Growth Source: Bureau of Labor Statistics ES-202, 2004, 2005 Annualized Data Page 7
The economy is turning around! Employment Trends (2001 – 2005) Employment Trends (2004 – 2005) Source: Bureau of Labor Statistics ES-202, 2001, 2004, 2005 Annualized Data Page 8
Massachusetts Job Vacancy Rate by Industry Q4, 2005 Highest vacancy rates: Professional/Tech Services, Retail (only in 4Q), Healthcare, Real Estate Source: MA DWD Job Vacancy Survey, Q4, 2005 Page 9
Selecting “critical industries” • What criteria to use? • What relative importance or weight should be given to different criteria? • When we use selected criteria what industries rise to the top? Page 10
What criteria to use? • What criteria can we use to select critical industries? • Some options, rank your top five choices: • in which Massachusetts is strong (strong meaning?) • In which employment is high (how high?) • in which there has been long-term or short-term growth • which pay well • which have entry level jobs with growth opportunities • have a lot of vacancies • are projected to grow Page 11
Details on Professional & Technical Services Industries & Occupations Page 12
Professional & Technical Services • Employment Peaked in December, 2000 • Employment Reached bottom in March, 2003 (12% Loss) • One of the few industries projected to grow in the next 5 years Source: MA DWD CES Data, Seasonally Unadjusted Data Note: Recession Dates According to NBER Page 13
What Defines Professional & Technical Services? 2002 North American Industry Classification System (NAICS) Source: Census Bureau Page 14
What is included in Professional & Technical Services 2005 Employment Source: Bureau of Labor Statistics ES-202, 2005 Annualized Data Page 15
Professional & Technical Services Medium & Short Term Employment Trends Employment Trends (2001 – 2005) Employment Trends (2004 – 2005) Source: Bureau of Labor Statistics ES-202, 2001, 2004, 2005 Annualized Data Page 16
What are the Major Occupations in Professional & Technical Services? Most of the occupations that work in this industry are highly educated, but there are those that do not require a Bachelor’s Degree Source: MA DWD Occupational-Industry Crosswalk Page 17
What are the Top 5 Occupations in Professional & Technical Services? Source: MA DWD Occupational-Industry Crosswalk Page 18