Newton, MA – January 2024 Jobs Report – Steady Growth Amidst Regional Fluctuations

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The Newton job market started 2024 on a stable note, experiencing moderate job growth despite regional economic fluctuations. While the January report shows a slower pace compared to the December 2023 surge, it suggests a consistent and encouraging outlook for the year ahead.

Highlights:

  • Overall job growth: Newton added 0.5% new jobs compared to December 2023, translating to roughly 80 positions.
  • Strongest sectors: The Education & Health Services (+1.0%) and Professional & Business Services (+0.8%) led the job gains, reflecting the ongoing strength of these major industries in Newton’s economy.
  • Tech sector holds steady: The Information sector saw a minor increase (+0.2%), suggesting continued stability in the local tech industry.

Industries and Occupations on the Rise:

  • Professional & Business Services: Management Analysts, Marketing Specialists, and Computer Systems Analysts saw job gains, reflecting the expanding service sector in Newton.
  • Information: Software Developers & Applications Developers and Cybersecurity Specialists experienced slight increases, indicating continued demand in the tech field.

Industries and Occupations Facing Challenges:

  • Leisure & Hospitality: This sector witnessed a slight decline (-0.3%), possibly due to seasonal adjustments after the holiday season. However, the upcoming tourism season may bring a rebound.
  • Retail Trade: The Retail Trade sector saw a modest decrease (-0.2%), potentially due to online shopping trends and automation.

Year-over-Year Comparison:

Compared to January 2023, the Newton job market has grown by 2.4%, adding approximately 380 new jobs. This indicates a steady and consistent growth trajectory despite regional economic fluctuations.

Month-over-Month Comparison:

While job growth slowed down slightly compared to December 2023, the overall trend remains positive. The January report suggests a stable and resilient job market in Newton, particularly in sectors like education, healthcare, and professional services.

Future Outlook:

The Newton 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 drive job creation in this sector, particularly for nurses, therapists, and home healthcare workers.
  • Technology: The tech industry is expected to see continued growth, with opportunities in software development, cybersecurity, and data analytics.
  • Professional & Business Services: The demand for skilled professionals in management, marketing, and IT is expected to remain strong.

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

  1. Registered Nurses
  2. Management Analysts
  3. Marketing Specialists
  4. Software Developers 
  5. K-12 Teachers
  6. Special Education Teachers
  7. Physician Assistants
  8. Computer Systems Analysts
  9. Customer Service Representatives
  10. Sales Representatives

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

  1. Mass General Brigham
  2. Bose Corporation
  3. Newton-Wellesley Hospital
  4. TripAdvisor
  5. L.G. Electronics
  6. Eaton Vance Corporation
  7. The NPD Group
  8. City of Newton
  9. Newton Public Schools
  10. Amazon

Sources: