Report shows area payroll grew at a greater clip than Boston, U.S.
Larger salaries may be hard to come by in a tight job market th favors employers, but the MetroWest region continued to enjoy significant payroll growth that out performed Suffolk County and the nation, according to federal data included in the 495/MetroWest Partnership’s new report, Strength in Numbers.
The partnership reported total payroll increased by $2 billion, to $19 billion, between 2010 and 2012, a jump of more than 10 percent. The organization, a quasi-public regional development agency that covers 33 communities stretching from Littleton to Foxborough and from Shrewsbury to Natick, measured growth using data published by the U.S. Bureau of Labor Statistics (BLS), and the figures show that the partnership’s geographic coverage area performed better than Suffolk County as well as the nation. According to BLS data, the Boston area’s payroll grew 9.5 percent in the same time period, while U.S. payroll grew 8.4 percent.
Matthews: Payroll growth 'particularly notable'
Paul Matthews, executive director at the 495/MetroWest Partnership, said the BLS data “gives a nice quantitative shot” of the region, adding to anecdotal evidence that the area economy is thriving. Matthews said the $2 billion payroll growth since 2010 is a reflection of companies expanding their workforces in MetroWest towns along the Interstate 495 corridor. Notable examples include TJX Cos.’ planned expansion of its existing footprint in Framingham, and Quest Diagnostics’ plans to move its laboratory businesses in Worcester to Marlborough’s former Hewlett-Packard campus in the coming two years.
“I think it’s particularly notable that our payroll has kept increasing,” Matthews said last week, ahead of a presentation of the report at the partnership’s headquarters this morning.
Matthews said the 10-percent growth rate is a “tremendous success story” fueled by the area’s highly educated labor pool. The report noted that more than 55 percent of the region’s population holds bachelor’s degrees or higher, better than the statewide rate of 38.7 percent, and the nationwide rate of 28.2 percent.
“The highly skilled workers we have…have really allowed us to develop a highly diversified regional economy,” Matthews said.
Economic diversity another strength
He added that most regions depend on one or two industries to support the local economy, but that the 495/MetroWest region is supported by a host of industries such as life sciences, information technology, manufacturing and professional services, as well high-profile corporate headquarters, including Staples Inc. in Framingham and BJ’s Wholesale Club in Westborough.
“You look at some of the headquarters located in this region and it’s very impressive,” Matthews said.
The Strength in Numbers report is now available on a new web page dedicated to promoting the economic importance of the 495/MetroWest region. Visit www.495partnership.org/growin495mw to read the full report, as well as the partnership’s 2013 commercial real estate report commissioned by Boston-based Transwestern/RBJ.
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