The January 2024 jobs report for Boston paints a picture of a robust and growing labor market. With a continued increase in hiring across various sectors, the city’s unemployment rate remained low. This report dives into the details of Boston’s job market, analyzing trends, growth sectors, and future prospects for job seekers.
Overview
Boston’s job market continued its positive trajectory in January 2024. Employers added a significant number of new jobs, pushing the unemployment rate down to pre-pandemic levels. This growth was driven by strong demand in professional and business services, healthcare, and technology sectors.
Highlights
- The unemployment rate in Boston fell to 3.2% in January 2024, compared to 3.8% in December 2023.
- The professional and business services sector led the job gains, followed by healthcare and technology.
- Leisure and hospitality continued to see slow growth, but the pace picked up slightly compared to December 2023.
- Manufacturing and construction sectors remained stable.
What Industries and Occupations Grew
- Professional and business services: This sector saw the most significant job growth, with a particular increase in demand for occupations like accountants, management analysts, and marketing specialists.
- Healthcare: Hospitals, clinics, and other healthcare providers continued to hire nurses, medical technicians, and administrative staff.
- Technology: Software developers, computer systems analysts, and cybersecurity professionals were in high demand within the tech sector.
What Industries and Occupations Shrunk
- Retail trade: Employment in retail stores remained flat, with minimal job growth.
- Transportation and warehousing: This sector saw a slight decline in jobs, particularly in transportation logistics.
Compare to Same Month Last Year
Boston’s job market has grown steadily compared to January 2023. The unemployment rate has decreased by 1.2 percentage points, and job growth has been consistent across major sectors.
Compare to Previous Month
The January 2024 jobs report indicates a continuation of the positive trends observed in December 2023. The unemployment rate dropped further, and hiring remained strong in key sectors.
Future Outlook
The Boston job market is expected to remain robust in the coming months. Continued economic growth, coupled with an aging population driving demand for healthcare services, is likely to fuel job creation. The tech sector is also projected to experience sustained growth, creating opportunities for skilled professionals.
10 Growing Occupations
According to the Bureau of Labor Statistics (BLS), the following occupations are projected to experience the fastest employment growth in Boston between 2022 and 2032:
- Physician Assistants
- Solar Photovoltaic Installers
- Wind Turbine Service Technicians
- Home Health Aides
- Software Developers, Applications
- Database Administrators
- Medical Scientists and Medical Laboratory Technicians
- Nurse Practitioners
- Marketing Specialists
- Biomedical Engineers
10 Companies Hiring Now
Here are a few examples:
- Massachusetts General Hospital
- Liberty Mutual Insurance
- Partners HealthCare
- Wayfair
- Moderna
- Boston Scientific
- TripAdvisor
- MathWorks
- Bain & Company
- McKinsey & Company
Cited Resources