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 2006 and 2007, the unemployment rate for the Pioneer Valley remained relatively stable, with a slight decrease from 5.4% to 5.0 percent. Unemployment was significantly more prevalent in the urban core areas, with an almost 2% higher rate than the Pioneer Valley as a whole. Trends were relatively similar to the Pioneer Valley, with a 0.5% decrease. Unemployment rates followed similar trends in both urban areas, with a decrease of 0.4% in Springfield and 0.5% 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 -0.5%

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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 stayed very consistent from 2006 to 2007, decreasing very slightly from 284,740 to 284,544 (a change of -0.1 percent). Trends were similar in the urban core, with a small percent change between 2006 and 2007. Of the two urban areas surveyed, Holyoke had a larger change than Springfield(-1.0% compared to -0.2 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 -0.4%

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Average 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 wage earned by workers in the Pioneer Valley Region increased from $741 in 2006 to $768 in 2007, an increase of 3.7 percent.  Wages increased in the urban core at a similar rate. As a whole, the urban core experienced an average wage increase of 4.2 percent. The largest increase in wages was in Holyoke, with an increase of 4.2 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 4.2%

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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 grew from $10,786,212,714 in 2006 to $11,067,143,207 in 2007, a change of 2.6 percent.  Growth was faster in the urban core, with an average change of 4.7% between 2006 and 2007. Change was greatest in Springfield, which increased by 5.1%, compared to 2.8% 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 4.7%

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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 decreased 0.1% from 20,503 in 2006 to 20,478 in 2007. In contrast, businesses increased in the urban core by 1.8 percent. Though both urban areas had similar increases, Springfield was the urban area with the greatest increase (2 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 1.8%

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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 number of 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 4.6% in 2006 to 4.5% in 2007.   Manufacturing made up a smaller part of the economy in the urban core (3.0% in 2007), but remained relatively stable during the 2006-2007 period. The proportion changed by less than a percentage point. Trends were similar in both urban localities, with a 0.2% decrease in Springfield, and no change 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 -0.2%

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