Metro Economic Outlook: Boston

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1 Metro Economic Outlook: Boston With more than 80 colleges and universities in the region, Boston has long had direct access to young talent. And local economic development officials are banking on a burgeoning innovation sector to keep many members of the twentysomething demographic around after they finish school. When we talk about the innovation sector, it s really all different types of companies, said Erin Trabucco, senior policy advisor at the Greater Boston Chamber of Commerce. It s life sciences, it s technology companies, it s manufacturers, and it s even businesses like [online home décor retailer] Wayfair Unemployment rate In order to identify more job opportunities for local students, the Internship Collaborative created by the Source: Bureau of Labor Statistics (November 2015) BOSTON METRO: VITAL STATS Total working age population: 2,936,070 out of a total population of 4,732,161 Number of households: 1,777,817 Consumer price index: (goods and services that cost $100 in cost $ in November 2015) Percentage of local residents with bachelor s degrees: 25.0 With graduate or professional degrees: 20.2 Workers in STEM industries: 39 per 1,000 residents Sources: Census Bureau (2014), Bureau of Labor Statistics (November 2015), American Institute for Economic Research (2015) Boston chamber and the Federal Reserve Bank of Boston created Internhub.com, a free website designed as a centralized platform to match college students with internships available at local employers. Some large employers start recruiting for summer interns as early as January, Trabucco said. The website is a vehicle not just to search for internships and post the positions, but it has become such an important retention tool. Chamber officials are also prodding Congress to pass legislation that will allow greater numbers of skilled foreign residents to work in the United States. It would require an expansion of the H-1B visa program, which allows companies to temporarily employ foreign workers, typically in highly-skilled positions. The program currently accepts 65,000 workers nationally per year. Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 It s still a huge priority for us, Trabucco said. It has an impact on the innovation sector and the type of talent those companies need. Government Other services Leisure and hospitality Education and health services Professional and business services Financial activities Labor force makeup Other economic Information 75.1 drivers for the Trade, transportation and utilities Boston metro region Manufacturing which spans five Mining, logging and construction 89 counties in Total nonfarm Massachusetts and 0 1,000 2,000 3,000 two counties in New Number in thousands Hampshire include financial services and Source: Bureau of Labor Statistics (January 2015) tourism. The life sciences industry s presence is significant Boston-based entities have property and casualty insurer Liberty Mutual. received nearly $29 billion in funds from the National Much of the City of Boston s recent development Institutes of Health since 1992, according to a report activity has focused on its waterfront. Drug from the Boston Redevelopment Authority. manufacturer Vertex Pharmaceuticals opened a new Some of the Fortune 500 members that call the 1.1 million-square-foot headquarters complex there in Boston region home are financial interest State Street, Several local entrepreneurs have also set up shop medical device company Boston Scientific, and at District Hall, a high-tech incubator facility for startup companies Working age categories 280,592, 9% 340,364, 12% 327,754, 11% 688,795, 23% 694,848, 24% 20 to to to to to to 64 The latest large-scale development in the waterfront region, called One Seaport Square, broke ground in November It will include two towers one at 20 stories, the other at 22 stories with a total of 250,000 square feet of retail space on the lower levels and 832 luxury apartments. The project is expected to be finished in 2017 and is part of a broader 23-acre redevelopment of that section of Boston. Source: Census Bureau (2014) 603,717, 21% That area used to be nothing but parking lots, Trabucco said. It has changed dramatically. 2

3 Employee Benefits Data 25% 15% 5% Employers offering consumer-driven health plans 24% 17% Employers in the Boston metro area are less likely to offer consumer-driven health plans compared with the national level, by a 7 percent margin Employers offering domestic partner benefits 62% 5 They are somewhat more likely to offer domestic partner benefits, by a 12 percent margin above the national level. Source: SHRM Health Care Benchmarking Database (2015) Retirement Employee 401(k) participation rate % 6 The Boston metro area workforce s rate of employee 401(k) participation is slightly below the national level, by a margin of 2 percent. Source: SHRM Retirement & Welfare Benefits Database (2013) 3

4 Income and Turnover Data Overall turnover rate 15% 5% 18% 13% The Boston metro area s workforce has a lower turnover rate than the national level, by a margin of 5 percent. Source: SHRM Human Capital Benchmarking Database (2015) $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Median household income $75,667 $53,657 Median household income in the Boston metro area is much higher than the national level, by more than $22,000 annually. Source: Census Bureau (2014) Per capita income $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 $28,889 $40,593 Per capita income in the Boston area is also much higher than the national level, by more than $11,000 annually. Source: Census Bureau (2014) 4

5 Top Management Salaries Data Median salaries, top management Top legal executive Chief information officer *Top HR executive $307,500 $310,100 $329,400 $270,000 $268,500 $223,000 Median salaries for top management level employees in the Boston area are typically on par or considerably above the national median. Chief financial officer Chief executive officer $469,300 $350,400 $623,200 $825,900 *New England states subregion data, without labor relations experience $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Source: Towers Watson Data Services 2015 Survey Report on Top Management Compensation Project lead: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Project contributors: Alexander Alonso, Ph.D., SHRM-SCP, VP of Research; Jennifer Schramm, M. Phil., SHRM-SCP, Manager, Workforce Trends External contributors: Erin Trabucco, Greater Boston Chamber of Commerce Copy editing: Katya Scanlan, copy editor This report is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. SHRM cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information Society for Human Resource Management. All rights reserved. Printed in the United States of America. These materials and the data contained within them are copyrighted by SHRM, another copyright holder (where noted), or are government-owned. SHRM hereby grants permission for users to copy and use these materials and the data contained within them only if proper attribution is given to SHRM (or the noted copyright holder) as the source of the material. For more information, please contact: SHRM Research Department SHRM Human Capital Database 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) SHRM Compensation Data Center Web: 5

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