Presentation Transcript

1. North Shore Labor Market Update January 2013

   Presented by Will Sinatra
2. Total Industrial Employment on the North Shore from Jan 2007 to March 2012 North Shore Labor Market Update Recession period from 4th Quarter 2007 to 4th Quarter 2009 Recovery period from 4th Quarter 2009 to 4th Quarter 2011 Source: EOLWD, LAUS, 1/07-3/12
3. The Recession on the North Shore 4th Quarter 2007- 4th Quarter 2009 North Shore Labor Market Update 4Q 07- 4Q 09 Percent Change 4th Quarter 2009 Employment The North Shore 4th Quarter 2009 Employment is 154,651 5,121 jobs lost during this period 3% decline Source: EOLWD, ES202, 4thQ07-4thQ09
4. Northeast Region North Shore Labor Market Update Source: Clifford, New England Policy Center NE employment at 402,017 but lost 15,500 jobs during this period, a 3.7% decline Massachusetts Source: Clifford, New England Policy Center MA employment at 3,009,046 but lost 130,000 jobs during this period, a 4.0% decline
5. Outcome of the Recession 4th Q2007-4th Q2009 North Shore Labor Market Update Recession Outcomes: Health Care and Education gained employment Manufacturing, Construction, Administrative Support Waste Services, Financial Services, and Real Estate were the hardest hit
6. The Recovery on the North Shore 4th Quarter 2009 – 4th Quarter 2011 North Shore Labor Market Update 4th Q 2011 Employment 4Q 09- 4Q 11 Percent Change The North Shore total employment in the 4th Quarter 2011 was 168,911 recovered 4,267 Jobs during this period 2.6% growth Source: EOLWD, ES202, 4thQ09-4thQ11
7. Northeast Recovery 417,486 Employment, 3.6% Growth 4thQ 09-4thQ 11 Percent Change North Shore Labor Market Update 4th Quarter 2011 Employment MassachusettsRecovery 3,234,889 Employment, 2.9% Growth 4thQ 09-4thQ 11 Percent Change 4th Quarter 2011 Employment Source: EOLWD, ES202, 4thQ09-4thQ11
8. Current State of Recovery North Shore Labor Market Update Recovery Outcomes: Health Care continues to grow Education’s growth has slowed down Manufacturing is returning, concentrated growth in Durable Goods in the Northeast and North Shore Very slow growth in Construction Tourism pick up throughout Growth in Accommodation & Food Services and Arts, Entertainment, and Recreation. Financial Services employment decline is nearly double the rate on the North Shore compared to the Northeast and Massachusetts Real Estate is weak on the North Shore and Northeast compared to Massachusetts
9. Unemployment Rate for the USA, Massachusetts, and North Shore North Shore Labor Market Update North Shore Unemployment follows Massachusetts Seasonal Trends Rises in Dec-Jan and April/May-June Falls from Feb-April/May and Sept-Oct Remains steady during the Summer Source: EOLWD, LAUS, 1/07-9/12
10. Unemployment Challenges North Shore Labor Market Update Northeast The Under 35 population are disportionately represented in the percentage of unemployed throughout the country The Northeast and North Shore Labor Forces are older than Massachusetts and USA Source: Clifford, New England Policy Center
11. Educational Attainment of the Population Over 18 Years Old North Shore Labor Market Update EUC= Customer’s with more than 26wks of unemployment Sampling of Extended Unemployment Coverage customers enrolled from May19th to July 31st Source: US Census Bureau, American Community Survey, 2007-2011, 2008-2011
12. What is the education data telling us? North Shore Labor Market Update Northeast The North Shore has a comparable educational attainment level to the Northeast The North Shore & Northeast both have a lower rate of Graduate degrees than Massachusetts but a higher rate of Associates' and Some College Massachusetts, Northeast, and the North Shore all have an educational attainment higher than the USA. The EUC Cohort has an educational attainment lower than all regions Source: Clifford, New England Policy Center
13. Educational Attainment by Age Groups for EUC, North Shore, & Massachusetts North Shore Labor Market Update Source: US Census Bureau, American Community Survey, 2007-2011, 2008-2011
14. What is the education data telling us? North Shore Labor Market Update The population Under 35 has a higher educational attainment than the 35 and Over Cohort when considering the number still in High School and College The North Shore and Northeast have similar educational attainments Both regions are lower than Massachusetts However, the EUC Cohort has a reversal of the educational trends with the 35 and Over having a higher attainment level compared the Under 35 Cohort. Both groups are lower than their regional counterparts
15. Putting it all together North Shore Labor Market Update The North Shore economy is still recovering from the recession If the current growth rate is maintained we should recover all jobs lost to recession by the end of 2013, but unemployment will still remain higher than prerecession levels due to population growth and individuals returning to the labor force. The unemployed will be at a disadvantage in returning to employment due to their lower level of educational attainment compared to their peers. This is especially true for the Under 35 EUC group Opportunities should exist in Durable Goods manufacturing
16. Sample Durable Goods Manufacturing Jobs in Essex County North Shore Labor Market Update An online search of Wantedanalytics found 298 jobs in manufacturing posted from September 1st to January 8th
17. Contact information William Sinatra Planning & Data Analyst North Shore Workforce Investment Board 70 Washington Street, Suite 314 Salem, MA 01970 (978) 741-3805 wsinatra@northshorewib.com