The Willows - New Bedford

EMPLOYMENT Continued, non-cyclical, growth in the education and health services industries has kept the Massachusetts’ unemployment rate at 4.6%, lower than the national average of 5.1% (September 2015). Financial services and hospitality employment are both on the rise, indicating a future increase in demand for office and hotel space as businesses rehire and consequently expand. The large number of universities in the Greater Boston area provides not only a steady supply of highly trained workers, but also a boom in the overall employment rate as they continue to expand research and development.

HEALTHCARE For the city of Boston itself, 2015 marked the 21 st consecutive year of Boston-based organizations received the most research funding from the National Institute of Health. Over the past year, as of September 30th, 42 Boston organizations received 3,500 awards totaling over $1.7 billion. Boston is also home to two of the best hospitals in the country. According to U.S. News and World Report, Mass General (#1) and Brigham and Women’s (#6) among the top 10 hospitals in its annual rankings.

RETAIL Boston is consistently recognized as one of the top retail destinations in the country with its affluent, sophisticated population attracting world-renowned brands. Average consumer expenditures in Greater Boston are more than 15% higher than the national average at $56,703 per household. Boston’s universities attract thousands of young people to the city each year, bringing new shoppers to the area. These students, plus the 18.3 million annual visitors to the area, support an already vibrant local retail environment. Student retail spending in the area stands at roughly $2 billion annually while total spending has reached $10.7 billion.

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