Strengthen & Expand the Region's Economic Base

Annual Unemployment Rate

Description:

The annual unemployment rate is calculated as the percent of all people in the labor force who are not currently employed.  Between 2008 and 2009, the unemployment rate for the Pioneer Valley increased dramatically, from 5.7 percent to 8.7 percent. 

Unemployment was more prevalent in the urban core areas, with a rate 3% greater than the Pioneer Valley as a whole. Trends also showed a larger increase (3.8%) in the urban core than for the Pioneer Valley. Unemployment rates followed similar trends in both urban areas, with an increase of 3.8% both in Springfield and in Holyoke.

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Labor Force and Unemployment Data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating 3.8%

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Total Number of Jobs

Description:

The total number of jobs includes all types of company ownership and all industries, as derived from reports filed by all employers subject to unemployment compensation laws, both state and federal.  The number of jobs in the Pioneer Valley decreased between 2008 and 2009, from 284,466 to 275,502 (a decrease of 3.2 percent).

The trend was less severe in the urban core where the number of jobs decreased 2.3% between 2008 and 2009. Of the two urban areas surveyed, Holyoke had a larger decrease than Springfield (3.3% compared to 2.0 percent).

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Employment and Wage (ES-202) data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating -2.3%

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Average Weekly Wage Earned by Workers

Description:

The average wage earned by workers includes employees in all types of company ownership and all industries, as derived from reports filed by all employers subject to unemployment compensation laws, both state and federal. The average weekly wage earned by workers in the Pioneer Valley remained relatively stable, increasing slightly from $788 in 2008 to $793 in 2009, an increase of 0.6 percent. 

Wages increased at the same rate in the urban core as a whole.  The largest increase in wages was in Holyoke, with an increase of 2.4 percent. Interestingly, average wages in the urban core were higher than both the Pioneer Valley and the Pioneer Valley Region, showing that the urban core areas are still a major center of high paying jobs in the region.

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Employment and Wage (ES-202) data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating 0.6%

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Growth of the Private Sector Payroll 

Description:

The private sector payroll includes the total of all wages paid from companies with private ownership for all industries, as derived from reports filed by all employers subject to unemployment compensation laws, both state and federal.  The private sector payroll for the Pioneer Valley fell from $9,220,469,502 in 2008 to $8,889,332,883 in 2009, a decrease of 3.6 percent.  The decrease was less severe in the urban core, with a change of 2.3% between 2008 and 2009. Change was greatest in Springfield, which decreased by 2.5%, compared to 1.1% in Holyoke.                  

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Employment and Wage (ES-202) data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating -2.3%

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Total Number of Business Establishments

Description:

The total number of business establishments includes businesses with all types of company ownership and all industries, as derived from reports filed by all employers subject to unemployment compensation laws, both state and federal.  In the Pioneer Valley, the total number of business establishments increased by 2.0% from 21,031 in 2008 to 21,443 in 2009.

The number of businesses increased slightly more in the urban core with an overall increase of 2.2 percent. Though both urban areas had increases, Holyoke was the urban area with the greatest increase at 4.8 %, while Springfield increased 1.4 percent.

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Employment and Wage (ES-202) data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating 2.2%

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Manufacturing as a Percent of All Employment by Number of Establishments

Description:

This measure was calculated by dividing the total number of establishments in the manufacturing sector by the total number of establishments in all industries. These numbers include companies with all types of ownership, as derived from reports filed by all employers subject to unemployment compensation laws, both state and federal.  Overall, manufacturing remained fairly stable as a percentage of all establishments in the Pioneer Valley, decreasing from 4.4% in 2008 to 4.2% in 2009.  

Manufacturing made up a smaller part of the economy in the urban core (2.6% in 2009), but remained relatively stable during the 2008-2009 period. The proportion decreased by 0.1 percent. Trends were similar in both urban areas, with no change in Springfield, and a 0.4% decrease in Holyoke.

Data Source: Massachusetts Executive Office of Labor and Workforce Development’s Employment and Wage (ES-202) data (Chicopee not included in Urban Core for this measure)

Indicator Trend Percent Change Rating -0.1%

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