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Labor Market Trends in the Metro South/West Region June 2012

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Labor Market Trends in the Metro South/West Region June 2012 Labor Market Trends in the Metro South/West Region June 2012 A joint project of Commonwealth Corporation and New England Public Policy Center of the Federal Reserve Bank of Boston NEW ENGLAND PUBLIC POLICY CENTER OF COMMONWEALTH CORPORATION THE FEDERAL RESERVE BANK OF BOSTON The Federal Reserve Bank of Boston has a decades-long Commonwealth Corporation strengthens the skills of tradition of supporting the New England public policy Massachusetts youth and adults by investing in innovative community. In 2005, the Bank established the New England partnerships with industry, education, and workforce Public Policy Center to reinvigorate and institutionalize organizations. We seek to meet the immediate and emerging that support. needs of businesses and workers so they can thrive in our dynamic economy. The Center promotes better public policy in New England by conducting and disseminating objective, high-quality research Through its work, Commonwealth Corporation is known for and analysis of strategically identified regional economic and its expertise in: meeting the needs of workers and businesses; policy issues and, when appropriate, works with regional and developing nationally recognized and innovative programming; Bank partners to advance identified policy options. creating multiple education and employment pathways for teens and young adults to succeed; and building the Commonwealth’s The Center’s research investigates policy issues that are important workforce development capacity. to New England’s economy, focusing in two primary areas: demographic and labor markets trends and state and local public Commonwealth Corporation is a quasi-public organization finance. For more information about the Center, please visit our within the Executive Office of Labor and Workforce website, www.bostonfed.org/neppc. Development. For more information about Commonwealth Corporation, visit our website, www.commcorp.org. This profile was developed by Robert Clifford, a policy analyst at the New England Public Policy Center. TABLE OF CONTENTS OVERVIEW SECTION ll: Measuring Labor Demand—Employment Trends of Jobs and Workers in Metro South/West 3 Executive Summary 21 Employment Trends 5 Geography of the Regional Labor Markets 22 Demographic Characteristics of the Population Employed 6 Metro South/West in Metro South/West 7 Employment Trends and Recessions 23 Distribution of Employment by Supersector (Q4 2010) SECTION l: Measuring Labor Supply—Demographic 24 Changes in Employment During the Economic Downturn Trends of Residents Who Live in Metro South/West by Major Industry: Metro South/West 8 Population Growth Trends 25 Changes in Employment During the Economic Downturn by Major Industry: Massachusetts 9 Demographic Characteristics of the Resident Population of Metro South/West 26 Industries Driving the Recovery: Metro South/West 10 Growth in the Working-Age Population by Nativity Status 27 Industries Driving the Recovery: Massachusetts 11 Growth in the Civilian Labor Force by Nativity Status 28 Educational Attainment of Employees by Major Industry in Metro South/West (2008-2010) 12 The Age Profile of the Working-Age Population 29 Educational Attainment of Employees by Major Industry 13 The Age Profile of the Civilian Labor Force in Massachusetts (2008-2010) 14 Educational Attainment of the Working-Age Population 30 Employment by Major Occupation: Metro South/West (2008-2010) 15 Educational Attainment of the Civilian Labor Force 31 Employment by Major Occupation: Massachusetts (2008-2010) 16 Educational Attainment by Age Group 32 Distribution of Occupations Across Supersectors in Greater Boston (2008-2010) 17 Unemployment Rate Trends 34 Distribution of Occupations Within Supersectors in Greater 18 The Unemployed: Age Distribution (2000 and 2008-2010) Boston (2008-2010) 19 The Unemployed: Educational Attainment 36 Educational Attainment of Employees by Major Occupation (2000 and 2008-2010) in Metro South/West (2000) 20 Commuting Patterns of Residents and Workers: Metro South/West (2008-2010) TABLE OF CONTENTS 37 Educational Attainment of Employees by Major Occupation 49 Crossing the Finish Line: Trends in Degree Completions in Metro South/West (2008-2010) Over the Past Decade (2000-2010) 38 Educational Attainment of Employees by Major Occupation 50 Educational Institutions Awarding the Most Degrees in Massachusetts (2008-2010) in Metro South/West (2010) 39 Job Vacancies in the Great Recession and Recovery 51 Number of Degree Completions by Degree Type: Metro South/West (2000-2010) 40 Job Vacancies and Vacancy Rates by Major Occupation in Greater Boston (Q4 2010) 52 Certificates Awarded by Major Field of Study (2000-2010) 41 Job Vacancies and Vacancy Rates by Major Occupation in Massachusetts (Q4 2010) 53 Annual Completions by Top Five Certificate Majors in Metro South/West (2000-2010) 42 Comparing Vacancy Rates and Educational Attainment: Peak Labor Market 54 Associate’s Degrees Awarded by Major Field of Study (2000-2010) 43 Comparing Vacancy Rates and Educational Attainment: Recovering Labor Market 55 Annual Completions by Top Five Associate’s Degree Majors in Metro South/West (2000-2010) SECTION lll: Measuring the Pipeline—Educational Supply from Post-Secondary Degrees Granted by Institutions 56 Bachelor’s Degrees Awarded by Major Field of Study Located in Metro South/West (2000-2010) 44 Growth in Potential Supply of Educated Workers: Full-Time 57 Annual Completions by Top Five Bachelor’s Degree Majors Enrollment Trends in the Past Decade in Metro South/West (2000-2010) 45 Number of Full-Time Enrollees by Type of Degree Granting Institution in Metro South/West (2000-2010) 46 Growth in Potential Supply of Educated Workers: Part-Time Enrollment Trends in the Past Decade 47 Number of Part-Time Enrollees by Type of Degree Granting Institution in Metro South/West (2000-2010) 48 Graduation Rates by Type of Degree (2009) EXECUTIVE SUMMARY Using the most recent data available, the Metro South/West has fared better than most remarkably high levels of education. Massachu- Metro South/West Regional Labor Market other Massachusetts labor markets, despite a setts is one of the states with the most highly Profile provides a detailed picture of the challenging decade. After two recessions and educated populations; the education levels of region’s current and future labor supply.1 For a decade of declining employment, the region the residents in Metro South/West are even context, it also provides detailed information is now gaining jobs and recovering at a mod- higher. Over the past decade, the share of on labor demand in the region over the past est pace. The recent recovery from the Great people living in Metro South/West who have a decade. This profile is designed to help guide Recession has been somewhat stronger in the Bachelor’s Degree or higher continued to increase. workforce development professionals, policy region than in the state as a whole. A strong base By 2008-2010, more than half of the work- makers, and civic, education, and business in industries that are driving the state’s recov- ing-age residents in Metro South/West (53.9 leaders as they make decisions about education ery, such as Professional & Business Services, percent) had a Bachelor’s Degree or higher, and training opportunities. is helping to move the region ahead. Further, compared with 35.6 percent of Massachusetts the concentration of highly educated employ- residents. The charts and analysis are divided into ees within these industries is also benefiting the three sections: region. In fact, Metro South/West workers tend Looking forward, the region faces the demo- to have higher educational attainment than graphic challenges of an aging population 1. Labor Supply: Demographic Trends of their statewide counterparts across nearly all and potential shortfalls in workers with the Residents Who Live in Metro South/West occupations. There is still additional demand required educational levels. Metro South/West 2. Labor Demand: Employment Trends of Jobs for highly educated workers, illustrated by the is the one of the oldest regions in the state, and Workers in Metro South/West fact that the job vacancies in the region tend trailing only Berkshire and Cape & Islands. In to be concentrated among occupations where 2008-2010, nearly 50 percent of the region’s 3. The Pipeline: Educational Supply of Post- workers have higher levels of education. civilian labor force was 45 years of age or older. Secondary Degrees Granted by Institutions This suggests that the region’s businesses are Located in Metro South/West Both the region’s residents and its work- facing a potential overall shortage of younger force (which includes people who commute workers to replace baby boomers as they retire. from other regions and other states) have Although nearly 18 percent of those unem- 1 This profile builds on the work of the 2008 regional labor market profiles completed by Paul Harrington, Neeta Fogg, and their colleagues at the Drexel University Center on Labor Markets and Policy (formerly Northeastern University). This work employs their methodology and includes expanded analysis of the educational attainment of the region’s population, more detailed analysis of the distribution of occupations by industry, and reviews trends over a longer time period. Labor Market Trends in the Metro South/West Region www.bostonfed.org/neppc 3 ployed in the region were aged 16-24, which The higher education institutions in the is substantially lower than the share statewide, region can play a key role in influencing
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