Although the unemployment rate has ticked up in recent months, Massachusetts continues to demonstrate resilience. Data published by the Bureau of Labor Statistics (BLS) indicates that Massachusetts consistently posts an unemployment rate below the national average. According to the BLS, the country experienced 4.1 percent unemployment during September, while the Commonwealth’s unemployment rate hovered around 3.8 percent. Recent HR news adds definition to economic growth winners and losers, providing insight into the staffing and talent recruiting challenges ahead.
Massachusetts Jobs Market Winners
The BLS employment numbers for August were revised to show a 2,100 loss in Massachusetts. In September, early indicators point to private sector growth that increased the Commonwealth’s workforce by upwards of 4,600. The big winners were reportedly in education, science, and healthcare services, among others. These job trends lend themselves to organizations actively recruiting qualified professionals, particularly in the healthcare space. According to HR industry news published by Becker’s Hospital Review, healthcare staffing problems could arise in the near future. These are job market trends the sector can anticipate through 2033.
- Home Healthcare Aides: Employment is expected to increase by 820,500.
- Registered Nurses: Nearly 200,000 RNs are expected to have new job openings.
- Medical Services Managers: More than 160,000 new positions are expected.
- Nurse Practitioners: Approximately 135,500 new positions are anticipated.
- Medical Assistants: The healthcare industry will likely require an additional 118,000 medical assistants.
Staffing problems in nursing and other healthcare niches task organizations with improving their recruiting efforts. As the sector grows increasingly competitive, salaries and positive working environments are likely to make a significant difference in terms of onboarding talented people. HR departments would be well-served to establish a working relationship with a staffing agency specializing in solutions to nurse staffing problems.
Massachusetts Jobs Losers
National job trends point to the continuing decline of the manufacturing and information sectors. Projections indicate that Big Tobacco will be among the hardest hit, with job losses that could exceed 50 percent over the next several years. Clothing and leather apparel manufacturing also rank high, with an expected employment decline of 35 percent. On the information side, print media and digital subscription sellers could see dips of more than 20 percent. If there’s a silver lining for Massachusetts residents and businesses, employment in these areas has remained relatively static in recent months.
Greater Boston Economic & Job Market Trends
Boston bounced back from the pandemic by creating 10,000 jobs in 2023, returning the city to its 2019 employment levels. With a 19-month unemployment run of 3.5 percent or lower, people are working, and companies are experiencing staffing problems that reflect a thriving economy. Despite inflation woes, consumer spending in Downtown Boston has been estimated at 90 percent of pre-pandemic levels. South Boston leads all sections, with in-person spending that exceeds 100 percent in 2019.
The economic prosperity in Boston appears to be supported by positive real estate occupancy rates. A comparison of major U.S. cities shows that Boston’s office vacancy rate of 16.6 percent stands among the lowest. These are the approximate office space vacancy rates of other cities:
- San Francisco: Over 35 percent.
- Denver: 32 percent.
- Seattle: 31 percent.
- Atlanta: 28 percent.
- Chicago: 25 percent.
- St. Louis: 24 percent.
- Charlotte: 21 percent.
The hard data indicates that Miami (16 percent), Pittsburgh (16 percent), and nearby Cambridge (14 percent) fared slightly better than Boston.
Greater Boston Economic Outlook & Jobs Trends
The job trends in Boston and the surrounding area point toward increased enrollment in wide-reaching areas. Perhaps no sector will require more new hires than the healthcare space. Organizations would be well-served to plan for hiring nurses, admin personnel, and other critical areas.
At Hire Partnership, we work diligently with companies to find candidates to fill healthcare positions. As the Boston healthcare industry expands, we are available to support hiring needs. If you need qualified people, contact us today. Let’s get the process started.
