Demographic / Economic Data

Demographics

Population

The 495/MetroWest region is composed of 32 municipalities populated by more than 500,000 people. During the last decade, the region added around 55,000 people, which translates into a 12.1% growth rate, double the rate the Commonwealth experienced as a whole. Ten municipalities account for nearly 60% of the region’s population. 

Education

The region boasts a high density of highly skilled residents, as almost 50% of those aged 25 or older hold a bachelor’s degree, while around 20% have also achieved a graduate or professional degree.

Population Growth

According to the Metropolitan Area Planning Council (MAPC) the region is on track to add an additional 90,000 people between 2000 and 2030.   

Regional Economy*

Labor Force

The 495/MetroWest region has a labor force of 288,552 workers, a slightly larger number than the 285,500 jobs that exist in the region. Currently the region is an importer of labor, but trends clearly show a narrowing of the gap between jobs and the labor force.

Regional Employment and Employment Growth

The region has consistently outperformed the Commonwealth in job creation as its share of state employment now represents one out of every eleven jobs in Massachusetts.

In 2006, the region’s employment totaled 285,500, a 1.3% increase from 2005 and just below the historical peak of 285,700 in 2001. In just 27 years from 1980-2001, employment rose from 180,000 to 285,500, an increase of 105,500 jobs, or a growth rate of 58.6%.

The region’s growth is projected to accelerate over the years ahead. MAPC projects that some of the highest percentage job growth in Eastern Massachusetts will take place in the region.  The region is on track to add nearly 41,000 jobs by 2030.

Employment/Economic Diversity

The 495/MetroWest region has a robust and diverse economy across several 

different employment sectors. The 285,500 jobs in the region are concentrated primarily in three North American Industry Classification System (NAICS) supersectors: Trade, Transportation, & Utilities (21%), Professional & Business Services (18.8%), and Manufacturing (15.6%). These three sectors total more than 55% of jobs in the region.

Location quotient analysis is a commonly utilized economic analysis method that gauges the relative concentration or specialization of one or more industries or industrial sectors in a given region. An analysis of the 495/MetroWest region revealed concentrations of employment greater than existed statewide in five NAICS supersectors, most notably Manufacturing, which has a 63% higher concentration of jobs than existed statewide, Professional & Business Services, which has a 24% higher concentration of jobs, and Trade, Transportation & Utilities, which has a 16% higher concentration of jobs.   

The number of establishments, or separate places of work, more than doubled in the region between 1980 and 2006, growing at a faster rate than the Commonwealth. By 2006, 8.5% of all Massachusetts establishments were located in the 495/MetroWest region, up from 6.8% in 1980.

Regional Payroll

In 2006, the 495/MetroWest region generated a record payroll ($16.4 billion), up 5.7% ($800 million) from 2005. The region provides one out of every ten payroll dollars in the Massachusetts economy. The region’s total payroll climbed from $2.6 billion in 1980 to $16.4 billion in 2006, a 540% increase, which compares favorably with the 368% gain for the state and the 244% gain for the country over the same period of time. 

Around 65% of the region’s payroll dollars are generated by the Professional & Business Services ($4.2 billion), Manufacturing ($3.7 billion), and Trade, Transportation & Utilities ($2.6 billion) supersectors.  

The average wage for the region was $57,600, above the state ($52,400) and national ($42,500) averages by a substantial margin. The three supersectors with the highest average annual wage include Information ($88,400), Manufacturing ($84,100), and Professional & Business Services ($64,100).

*Source: 2008 Economic Indicators for the 495/MetroWest Region Dunne, Meaney, Sjuib et al, MetroWest Economic Research Center (MERC), Framingham State College, Copyright 2008

Regional Commercial/Industrial Real Estate

The region is home to some of Massachusetts’ largest companies including EMC, Sepracor, Bose, Staples, TJX, IBM, BJ’s Wholesale Clubs, and Boston Scientific.  The region boasts a robust commercial real estate market with nearly 106 million square feet of leasable office and industrial space.