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Boston
in Full Recovery from 2008-2010
Downturn
Mayor Thomas M. Menino today announced
the Boston economy has made a full
recovery from the Great Recession.
"Boston weathered the Great
Recession better than most American
cities, but we still saw our share of
hardship," Mayor Menino said.
"Lost jobs and uncertainty
cast a shadow on our families and
neighborhoods, but we've come out
stronger on the other side, and even more
focused on creating a better
tomorrow."
New data released by the Boston
Redevelopment Authority in its
"2013 Economy Report"
shows the following:
- Unemployment rate in Boston has
fallen steadily over the last two and a
half years
- The City is projecting an all-time
record for employment in 2012 with
682,000 jobs.
- The data shows Boston has regained
nearly all jobs lost between 2008 and
2010
- New investment from construction
topped $3.8 billion, a 10-year high, in
fiscal 2012.
2013
Economy Report Highlights
The
Unemployment Rate is Falling
- In the first 11 months of 2012
Boston's average
unemployment rate was lower than
Massachusetts and the United
States.
- Boston's average annual
unemployment rate was lower than both
the United States and Massachusetts
averages between 2007 and
2011.
- In November 2012 the Boston
unemployment rate was 5.9% (not
seasonally adjusted), the state
unemployment rate was 6.1%, and the
U.S. unemployment rate was 7.4%.
Job Numbers Grow to
Near Prerecession Numbers and Trend
Continues Up
- Data shows job numbers have
returned to prerecession levels, with
projections for an all-time employment
high in 2012.
- Boston's 2.2% job
growth from 2010 to 2011 exceeded the
1.3% state average, adding more than
14,000 new jobs.
- Job growth is being driven by
professional, scientific, and technical
services, education, health care, and
the bar and restaurant
industry.
Job
Growth Strong in Boston's
Knowledge-Based Industries
- Job projections for the state
economy imply strong growth for Boston,
with 728,500 jobs in 2016, a 7.9%
increase over 2011.
- Notable projected growth industries
include professional, scientific, and
technical services, education, and
health care.
- These projections also anticipate
that Boston achieved an all-time record
for employment in 2012 with 682,000
jobs, but hard data will not
substantiate this until fall
2013.
Investors are
Bullish on Boston
- Boston issued building permits
representing an estimated $3.8 billion
in construction in FY2012, this is a
virtual tie with FY2008 for the highest
level in 10 years.
- Construction authorized in FY2012
was more than double the FY2010 level,
which was depressed by the
recession.
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Posted: January 26, 2013
Nancy J Conrad
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