New England Regional Forecast
Connecticut • Maine • Massachusetts • New Hampshire
New England is weathering the recession a bit better than other regions, as unemployment is comparatively low and several large construction projects are underway. The region's biggest construction project is in downtown Boston, which currently boasts a stellar office vacancy rate of 10.4 percent. According to The Boston Globe, the 30-plus-story Russia Wharf mixed-use project is scheduled for completion in 2011. According to McGraw-Hill Construction data, the region's largest construction projects are a $100 million renovation job at Morse College in Connecticut; a 600,000-square-foot addition to the Baystate Medical Center Hospital in Springfield, Mass.; and a 425,000-square-foot hospital job in Worcester, Mass. On the downside, the office vacancy rate of 21.8 percent in Connecticut's Fairfield County is its highest in a decade. In other sobering news, Rhode Island's unemployment rate as of August was a disturbing 12.8 percent.
Metro areas are metropolitan statistical areas (MSAs) unless otherwise noted.
Metro Div. — Metropolitan Division NECTA — New England city and town area NA — Not available
Electrician employment for May 2008 Source: U.S. Bureau of Labor Statistics.
M — Manufacturing employees for July 2009. Source: Current Employment Statistics from the Bureau of Labor Statistics
C — Commercial account employees (professional and business services, retail trade, financial activities, educational and health services, leisure and hospitality, and other services) for July 2008. Source: Current Employment Statistics from the Bureau of Labor Statistics
G — Government employees for July 2009. Source: Current Employment Statistics from the Bureau of Labor Statistics