Boston Employment Outlook

The Boston of old was a New England hub of manufacturing, shipping, and textile processing.  Through the past century the city has reinvented itself as a major educational and economic hotspot on the east coast.  Much of Boston’s economy rests on the shoulders of high tech industries like biotech, medical, and health related sectors.  Much of its future lies in these industries as well, and the economic downturn has shown that though Boston has lost thousands of jobs in many industries, it is still doing much better than the rest of the country as a whole. 

The city’s tourism and hospitality industries have done quite well given that Boston is one of the top 10 most visited US cities.  Millions of visitors coming to see dozens of historic US locations have created a climate where hotels, restaurants, and tourist-related industries have thrived.  Boston boasts 62 different historical sights and hundreds of other attractions.  Local malls, shopping areas, and a unique collection of mom and pop shops have provided a substantial amount of employment in related sectors.

The services sector has also done relatively well throughout the recession, shedding only a fraction of the number of jobs that many other New England cities have had to.  This is partly due to the fact that Boston is now a major computing and IT gateway to the east.  There are quite a few internet startups and technology firms lining the streets of the city, where factories and warehouses once stood.

Boston is the capital of Massachusetts, so it possesses the bulk of the state’s government and municipal jobs.  This has helped to balance out the large cut backs in the manufacturing and transportation sectors that came this year and last.  Both the Bush and Obama administrations have increased the number of government and government related jobs by nearly 100% since 2000.  This trend will likely not reverse itself through the next four or eight years and will certainly help keep Boston afloat in this turbulent economy.

Boston will likely be another bright spot in the US where, once the recession can be beaten back enough to begin to rebuild economically, much new growth and opportunities will present themselves.  It’s already a great place to go if you’re looking for a job in the services, hospitality, education, or government sectors.  I suspect that the rest of the employment sectors will be buoyed by the consistent and reliable job sustainability that exists in and around one of the oldest cities in the nation.

With one of the highest costs of living in the US, Boston is not a city to find yourself unemployed in.  The unemployment rate for the state of Massachusetts is currently right around the 7.5% mark, and it looks like it has stabilized with the distinct possibility of reversing its trend in the coming months.  This trend reversal can be attributed to Boston’s robust and diverse economy that has helped keep the rest of the state of Massachusetts far above average when it comes to unemployment figures relative to the national average.