US | Metro Economic Forecast: Boston
Having suffered more than most during the pandemic, Boston has recovered 52% of its lost jobs from the nadir of the pandemic. This corresponds to a net decline of 7.6% from the previous peak of Q1 2020 which ranks 42nd of the largest 51 metros and below the US net decline of 5.6%. Boston is expected to see job growth of 4.2% in 2021, 5.1% in 2022 and is expected to recover all of its lost jobs in Q3 2022. It is expected to see average annual job growth of 0.6% from 2023 to 2025 which ranks 28th of 51 metros.
What you will learn:
- Home to one of the largest concentration of life science companies—which prosper from the flow of graduates from Boston’s prestigious universities and hospitals—Boston’s science R&D, technical, and management consulting services collectively grew 6.7% over the last year and is expected to grow 2.2% per year, on average from 2022-2025.
- GDP in Boston remains 0.3% below the peak Q4 2019. GDP is expected to grow 8.4% in 2021 and 4.7% in 2022. From 2023 to 2025, GDP is expected to grow at an annual rate of 1.8% led by professional and technical services which is expected to contribute 20% of the total growth, followed by the information sector with 16%.
- Employment in Boston’s health and education sectors declined 7.8% over the last year and is expected to grow at an annual rate of only 0.6% from 2023 to 2025. Although it employs more than 20% of the workforce, Boston’s education and health sector is expected to contribute only 8% of 2023-2025 GDP growth.
Tags:
Related Services
Post
Housing supply front and centre for policy makers
The passing of the previously delayed Housing Australia Future Fund (HAFF) means that all the Albanese government's announced housing policies are now in place. These policies represent a minimum funding pool of $5.5 billion stretching to the end of the decade, potentially lifting as high as $10 billion if all targets are met and excess fund returns achieved.
Find Out More
Post
BoJ will continue effective zero interest rate policy anyway in Japan
The Bank of Japan (BoJ) maintained the policy rates at its September meeting, following a tweak in its yield curve control policy in July. Although this decision was widely expected, the markets are starting to speculate policy changes within the coming quarters, especially after the BoJ governor's recent interview.
Find Out More