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 2007 and 2008, the unemployment rate for the Pioneer Valley remained relatively stable, with a slight increase from 5.0 percent to 5.7 percent. 

Unemployment was significantly more prevalent in the urban core areas, with a rate more than 2% greater than the Pioneer Valley as a whole. However, trends were relatively similar to the Pioneer Valley, with a 1.0% increase. Unemployment rates followed similar trends in both urban areas, with an increase of 0.9% in Springfield and 1.2% 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 1.0%

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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 2007 to 2008, decreasing very slightly from 284,544 to 284,466 (a change of less than 0.1%).

The trend was different in the urban core where the number of jobs increased 2.4% between 2007 and 2008. Of the two urban areas surveyed, Springfield had a larger change than Holyoke (2.8% compared to 1.0 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 2.4%

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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 increased from $759 in 2007 to $788 in 2008, an increase of 3.8 percent. 

Wages increased even more in the urban core. As a whole, the urban core experienced an average wage increase of 4.4 percent. The largest increase in wages was in Springfield, with an increase of 7.3 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 4.4%

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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 $8,876,417,218 in 2007 to $9,220,469,502 in 2008, a change of 3.9%.  Growth was faster in the urban core, with a change of 4.5% between 2007 and 2008. Change was greatest in Springfield, which increased by 5.0%, compared to 2.2% 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 4.5%

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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 2.7% from 20,478 in 2007 to 21,031 in 2008.

The number of businesses increased even more in the urban core with an overall increase of 3.3%. Though both urban areas had increases, Springfield was the urban area with the greatest increase at 3.8 %, while Holyoke increased 1.5%.

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 3.3%

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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 4.5% in 2007 to 4.4% in 2008.  

Manufacturing made up a smaller part of the economy in the urban core (2.7% in 2008), but remained relatively stable during the 2007-2008 period. The proportion changed by -0.2 percent. Trends were similar in both urban areas, with a 0.2% decrease in Springfield, and 0.3% 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 -0.2%

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