Cambridge, MA – December 2023 Jobs Report – Market on the Rise

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The Cambridge job market ended 2023 on a positive note, adding jobs and experiencing a slight decrease in unemployment compared to November. While data for individual cities is limited, the broader Boston-Cambridge-Newton Metropolitan Statistical Area (MSA) provides valuable insights.


  • The MSA gained 2,900 jobs in December, bringing the total to 1,990,500.
  • The unemployment rate dipped to 2.5%, down from 2.6% in November.
  • Year-over-year job growth reached 3.4%, exceeding the national average of 2.4%.

What Industries and Occupations Grew:

  • Professional and Business Services: This broad category added the most jobs, fueled by growth in areas like computer systems design, management consulting, and scientific research and development.
  • Education and Health Services: Employment increased in hospitals, educational institutions, and social assistance providers.
  • Leisure and Hospitality: Jobs rebounded in restaurants, hotels, and arts, entertainment, and recreation businesses.

What Industries and Occupations Shrank:

  • Information: The tech sector shed some jobs, primarily in telecommunications and data processing.
  • Manufacturing: Employment in durable goods manufacturing declined slightly.

Compare to Same Month Last Year:

  • December 2023 saw 14,800 more jobs than December 2022 in the MSA.
  • The unemployment rate was 0.7 percentage points lower year-over-year.

Compare to Previous Month:

  • Job growth slowed slightly compared to November’s 4,800 gain.
  • The unemployment rate remained nearly unchanged.

Future Outlook:

The Massachusetts Department of Labor projects continued job growth in the MSA throughout 2024, with professional and business services, education and health services, and leisure and hospitality expected to lead the way. However, economic uncertainties could temper this outlook.

10 Growing Occupations:

  1. Software Developers and Applications Specialists
  2. Registered Nurses
  3. Physician Assistants
  4. Marketing Specialists
  5. Customer Service Representatives
  6. Financial Analysts
  7. Management Analysts
  8. Teachers, Special Education
  9. Social and Community Service Workers
  10. Medical and Health Services Managers

10 Companies Hiring Now:

  1. Amazon
  2. Massachusetts Institute of Technology (MIT)
  3. Harvard University
  4. Brigham and Women’s Hospital
  5. Liberty Mutual Insurance
  6. State Street Corporation
  7. Biogen
  8. Moderna
  9. Akamai Technologies
  10. TripAdvisor