The Massachusetts economy continued to brighten during the second quarter with the unemployment rate closing May at 5.6%, down 70 basis points from March to its lowest level since October 2008, according to the US Bureau of Labor Statistics (BLS). The Bay State’s unemployment rate is once again holding firmly below the national rate, which closed June at 6.1%. The unemployment rate in the Boston-Cambridge-Quincy metro area held well below the state rate to close May at 4.4%.
As of May, state job growth stood at 1.5% year-over-year, with 49,700 jobs created during the past twelve months. Benefiting from a diverse economic base, healthy gains were made in the Education and Health Services, Professional and Business Services, and Information sectors, all of which contribute to Suburban tenant demand. The Life Sciences sector continues to exhibit growth and remains particularly healthy in Middlesex County. In another sign of strength, Venture Capital investment in Massachusetts totaled nearly $961 million through March, up 22% from Q1 2013.
Source : Cushman & Wakefield