US | City Economic Forecast: Boston
Boston has recovered 49% of its lost jobs from the pandemic as of Q1. This was below the US recovery rate of 52%. Boston is expected to see job growth of 3.5% in 2021 and 4.7% in 2022, while GDP is expected to grow 7.5% in 2021 and 3.4% in 2022. With its dense urban core, Boston was hit hard by the pandemic and is expected to recover its lost jobs in Q4 2023. Longer term, Boston is expected to see net 2019-2025 job growth of 1.3% which ranks 35th of the top 51 metros. Its net GDP growth rate of 12% ranks 19th.
What you will learn:
- Boston’s knowledge-based economy should outperform the US due to its life science and tech-based industries.
- Health care and education will also continue to play an important role in Boston’s future, with its high concentration of hospitals, universities, and medical schools.
- Despite the expected return of job growth, Boston’s office market may not recover for a few years as the preference for remote work may prompt tenants to shrink their occupancy, especially in a high-priced market like Boston.
BoJ to look through a temporary decline in monetary base
The Bank of Japan (BoJ) left monetary policy unchanged at today's (22nd Sep) meeting, maintaining current short- and long-term interest rates, despite another wave of yen weakening and upward pressures on JGB yields.Find Out More
Global: Worried businesses see almost 50% chance of recession
Businesses continue to downgrade their expectations for the global economy, based on our latest survey of risk perceptions. On average, respondents judge there's a 47% probability of a global recession over the next 12 months.Find Out More