Somerville, MA – December 2023 Jobs Report – Year-End Hiring Surge Fuels Optimism

, ,

Somerville’s job market ended 2023 on a high note, adding a robust 835 jobs in December and pushing the unemployment rate down to 3.2%, the lowest in a decade. The diverse economy saw growth across several sectors, driven by both established industries and burgeoning tech firms.

Highlights:

  • Job gains: 835 jobs added, surpassing the state average and marking a 0.8% increase over November.
  • Unemployment rate: 3.2%, down from 3.5% in November and significantly lower than the national average of 4.0%.
  • Wage growth: Average hourly earnings rose 3.6% year-over-year, outpacing inflation.

What Industries and Occupations Grew:

  • Tech: Software development, data analysis, and cybersecurity jobs led the charge, fueled by continued investment in Somerville’s burgeoning tech hub.
  • Healthcare: Hospitals, clinics, and research institutions added nursing, medical assistant, and therapist positions.
  • Education: Public and private schools hired teachers, administrators, and support staff.
  • Hospitality and Retail: Restaurants, bars, and stores added positions as holiday spending boosted the sector.

What Industries and Occupations Shrank:

  • Construction: Declining housing starts and project completions led to job losses in construction trades.
  • Manufacturing: A few small manufacturers downsized operations, resulting in job losses.

Compare to Same Month Last Year:

  • Somerville’s job growth outpaced the national average and the broader Boston metropolitan area in December.
  • Compared to December 2022, the city added 2,478 jobs, representing a 2.7% increase.

Compare to Previous Month:

  • December’s job gains followed a modest increase of 112 jobs in November.
  • The year-end surge suggests sustained momentum heading into 2024.

Future Outlook:

  • Somerville’s economy is projected to remain strong in 2024, with continued job growth expected in tech, healthcare, education, and other sectors.
  • Ongoing infrastructure projects and potential new development initiatives could further bolster the job market.

10 Growing Occupations:

  1. Software Developer
  2. Registered Nurse
  3. Data Analyst
  4. Teacher
  5. Customer Service Representative
  6. Marketing Specialist
  7. Medical Assistant
  8. Accountant
  9. Therapist
  10. Chef

10 Companies Hiring Now:

  1. Somerville City Schools
  2. Tufts University
  3. Mass General Hospital
  4. Cambridge Innovation Center
  5. Pegasystems
  6. DraftKings
  7. Vertex Pharmaceuticals
  8. Blue Cross Blue Shield of Massachusetts
  9. Market Basket
  10. Whole Foods Market

Resources: