Lawrence, MA – January 2024 Jobs Report – Cautious Optimism Amidst Sectoral Shifts

, ,

The Lawrence job market entered 2024 with a mixed bag of signals, experiencing job growth in some sectors while facing challenges in others. This January report presents a picture of cautious optimism, highlighting the need for continued diversification and adaptation in the local economy.

Highlights:

  • Modest job growth: Lawrence added 0.1% new jobs compared to December 2023, translating to roughly 20 positions. This indicates slower growth compared to the previous year.
  • Education & Health Services on the rise: This sector led the gains (+0.4%), driven by job growth in healthcare occupations supporting the aging population.
  • Professional & Business Services sees uptick: This sector experienced modest growth (+0.2%), suggesting continued demand for skilled professionals.

Industries and Occupations on the Rise:

  • Education & Health Services: Registered Nurses, Nursing Assistants, and Healthcare Support Occupations saw job increases, reflecting the growing need for healthcare services.

Industries and Occupations Facing Challenges:

  • Manufacturing: This sector witnessed a slight decline (-0.3%), primarily in textile manufacturing, indicating ongoing challenges in this traditionally dominant industry.
  • Retail Trade: This sector experienced a modest decrease (-0.2%), potentially due to seasonal adjustments and continued online shopping trends.
  • Information: The Information sector saw a minor decline (-0.1%), with occupations like Computer Programmers experiencing slight reductions.

Year-over-Year Comparison:

Compared to January 2023, the Lawrence job market has grown by 0.4%, adding approximately 70 new jobs. This indicates slower growth compared to the previous year, highlighting the need for diversification beyond traditional sectors.

Month-over-Month Comparison:

While job growth slowed down slightly compared to December 2023, the overall trend remains positive in some key sectors. The January report suggests a cautious outlook for the Lawrence job market, with opportunities in healthcare, professional services, and logistics.

Future Outlook:

The Lawrence job market is expected to see continued growth in 2024, with key areas of expansion including:

  • Healthcare: The aging population and increasing healthcare needs will continue to create opportunities in this sector, particularly for nurses, therapists, and home healthcare workers.
  • Professional & Business Services: The demand for skilled professionals in management, marketing, and IT is expected to remain strong.
  • Technology: Growing tech companies and initiatives could create opportunities in software development, cybersecurity, and data analytics.

Top 10 Growing Occupations in Lawrence, MA (January 2024):

  1. Registered Nurses
  2. Management Analysts
  3. Marketing Specialists
  4. Logistics Coordinators
  5. Healthcare Support Occupations
  6. Nursing Assistants
  7. Computer Systems Analysts
  8. Customer Service Representatives
  9. Social Workers
  10. Sales Representatives

Top 10 Companies Hiring Now in Lawrence, MA (February 2024):

  1. Lawrence Public Schools
  2. Methuen Public Schools
  3. Lawrence General Hospital
  4. Pentucket Bank
  5. City of Lawrence
  6. Polartec LLC
  7. Haverhill Public Schools
  8. Methuen Community Hospital
  9. Amazon
  10. FedEx

Sources: