Boston Tech Sector Leads Job Growth

Boston Tech Sector Leads Job Growth

Governor Patrick announces $22M in Small Business Funding.

Massachusetts came out on top in a recent study regarding job growth. The study, produced by the Milken Institute, ranked the top 10 states for science and tech jobs. Massachusetts came in first followed by Maryland and Colorado.
    Other recent studies have also reinforced the strength of the Boston market for jobs in the tech sector. A report by Jones Lang LaSalle, a company that specializes in commercial real estate, tracks employment growth nationwide based on the need for office space. The report states that of the more than 500,000 jobs created nationally since February 2010, 25 percent were in high-tech services. Of the 18 markets it evaluated only seven showed growth with Boston among them.
    Another indicator of the tech sectors job stability compared to other markets is the recent report from Challenger, Gray & Christmas, a global outplacement firm. Their report notes that job cuts were down 73 percent in 2010 over 2009 in the tech sector.
    But the news is not all rosy. In the first eight months of 2011, the number of so-called underemployed workers in the Bay State surged 18 percent to 200,500, according to a recent study from Northeastern University. Massachusetts unemployment rate was 7.4 % in August, somewhat better than the national average at 9.1%. As the Northeastern University study points out underemployment is not counted in these figures, and if the underemployed and those who have just given up looking for work are added in, the numbers are much higher.
    Governor Deval Patrick, whose efforts to increase job creation in the Bay state have focused in part on small business, recently announced that $22 Million in Federal funding had been secured to fund small business loans. The Massachusetts Growth Capitol Corp. has shown that the state can generate at least $10.00 in new private lending for every $1.00 in federal funding.
    Governor Patrick emphasized his administrations 3 point planning for maintaining job growth in Massachusetts. The plan includes investing in education, providing a climate for innovation, and investing in infrastructure.