BPDA Research releases 2018 report on Boston's economy
Jun 04, 2018
The Boston Planning & Development Agency (BPDA) Research Division released its 2018 report on Boston’s economy. The annual report details Boston’s impressive economic growth, covering trends in employment, wages, housing prices, and real estate.
Key takeaways from the report include:
● Economic Growth. Boston’s economy grew by 2.1 percent, continuing the upward trajectory of economic activity since 2013.
The spotlight section of the 2018 Economy Report takes a deep dive into Boston’s growing tech industry by examining job openings in biotech, green jobs, and cybersecurity. It also analyzes the ‘middle skill’ jobs that make Boston’s growth accessible to residents without higher education.
● Jobs. Total payroll and non-payroll jobs grew 3.2 percent to 794,038 in 2016, continuing the trend of strong job growth in Boston since 2010.
● Unemployment. Boston’s annual unemployment rate remains at historic lows. In 2017 the city’s unemployment rate was 3.4 percent, a slight decrease from 2016 and a continuation of the downward trend. Boston’s unemployment continues to be well below the state and national levels.
● Construction Activity. There were over 3.8 million construction man hours worked in 2017 on Article 80 development projects, an increase of 19.8 percent and almost 634,000 man hours over 2016. Construction employment is at levels close to the Big Dig era of the early 2000s.
● Forecasts. Short-term national and regional forecasts suggest strong economic growth will continue for the city. However, there is some uncertainty surrounding the tight labor market and low unemployment levels. Continued job growth will depend on the ability of the region’s housing market to accommodate new population.
The full report is available here.
To learn more about the BPDA’s Research Division and for access to other publications, please visit: http://www.bostonplans.org/research-maps/research/overview.