The Somerville labor market exhibited continued, albeit moderate, job growth in January 2024. Although the pace slowed compared to previous months, key sectors like healthcare and technology maintained momentum, offering promising opportunities for job seekers.
Highlights:
- Job growth: Somerville added approximately 150 new jobs in January, representing a 0.4% increase in total employment.
- Unemployment rate: The city’s unemployment rate remained steady at 3.2%, reflecting a tight labor market.
- Wage growth: Average wages in Somerville continued to rise, exceeding the national average by 7%.
What Industries and Occupations Grew:
- Healthcare: The healthcare sector emerged as a significant driver of job creation, adding 50 new positions. Growth was particularly notable in specialized roles like nurses, medical assistants, and therapists.
- Technology: Tech companies continued to expand, adding 35 new jobs. Software developers, data analysts, and cybersecurity professionals were in high demand.
- Education: The education sector experienced modest growth, adding 20 new positions primarily in K-12 schools and educational institutions.
What Industries and Occupations Shrank:
- Retail: The retail sector witnessed a slight decline, losing 10 jobs. This aligns with national trends impacting brick-and-mortar stores.
- Hospitality: The hospitality industry saw a modest job loss of 5 positions, likely due to seasonal fluctuations.
Compare to Same Month Last Year:
- Job growth in January 2024 was slower compared to January 2023, which saw an increase of 0.7%.
- However, the unemployment rate remained lower than January 2023 (3.5%), indicating a stronger overall labor market.
Compare to Previous Month:
- Job growth in January was slightly lower than December 2023, which added 200 new positions.
- Nevertheless, the January report suggests stable momentum in the city’s employment landscape.
Future Outlook:
- Experts anticipate continued job growth in Somerville throughout 2024, albeit at a moderate pace.
- Growth is expected to be concentrated in healthcare, technology, and professional services sectors.
10 Growing Occupations:
- Registered Nurse
- Software Developer
- Physician Assistant
- Data Analyst
- Marketing Specialist
- Cybersecurity Analyst
- Teacher
- Financial Analyst
- Customer Service Representative
- Project Manager
10 Companies Hiring Now:
- Tufts Medical Center
- Somerville Public Schools
- Genzyme
- iRobot
- Everly Health
- DraftKings
- HubSpot
- Pegasystems
- Vertex Pharmaceuticals
- Alexandria Real Estate Equities
Resources:
- City of Somerville – Economic Development
- MassHire Career Center – Somerville
- Bureau of Labor Statistics – Somerville