Economic Profile of MassBay

Economic Profile of MassBay’s Service AreaBoard of Trustees’ RetreatNovember 22, 2013

MassBay Service Area

Economic Profile of MassBay Service AreaBoard of Trustees Retreat - November 22, 2013www.massbay.edu

Metro Southwest Area

Boston

Geographic Focus

The top draw towns include Boston, Framingham, Newton, Natick and Waltham.

Population and Demographic Profile ofMassBay Service Area


The MassBay service area is comprised of 27 towns. The most populous towns within the defined service area

include Newton (85,146), Framingham (68,318), and Waltham (60,632). Meanwhile, the least populous towns

are Sherborn (4,119), Dover (5,589), and Medfield (6,483).

The median age for all towns in the service area is 41.3 years of age. Waltham, one of most densely populated

towns, also has the lowest median age (33.9), followed by Brookline (34) and Belmont (34). Similarly, Sherborn

is the least populous town on the list and also one of the top three in terms of highest median age (45.6). Other

towns with a high median age are Wayland (46.1) and Weston (44.9).

Although Boston is outside the defined service area, it is considered it is among the top five draw communities

for MassBay. Boston has a comparatively larger population with 617,594 residents and a median age of 30.8.

Within the service area, the towns with the highest percentage of foreign-born individuals are: Waltham

(27.6%), Framingham (26.1%), Watertown (25.9%), and Brookline (25.8%).

Based on their percentage of non-white individuals, the most racially diverse towns are: Framingham (28.1%),

Waltham (24.6%), and Brookline (23.3%). The least diverse towns include: Wrentham (2.9%), Medway (5%),

and Holliston (5.3%).

Labor Market Profile of MassBay Service Area


Industries in the Metro South/West employ greater shares of employees with Bachelor’s Degrees or higher compared to the statewide average…

Job Vacancies in Greater Boston

As the largest labor market in the state, Greater Boston accounts for more than 45% of employment.

However, nearly 55% of the job vacancies in the state are in Greater Boston.


Educational Attainment and Demographics Over the past decade, the share of people living in Metro

South/West who have a Bachelor’s Degree or higher continued to

increase. By 2008-2010, more than half of the working-age

residents in Metro South/West (53.9%) had a Bachelor’s Degree or

higher, compared with 35.6% of Massachusetts residents. In MassBay’s service area, Watertown (54.6%), Waltham

(89.4%), and Framingham (89.9%) have the lowest percentage

of residents with a high school diploma or GED. Despite the high educational attainment within the region, job

vacancies tend to be concentrated among occupations where

workers have higher levels of education.


MassBay’s Opportunity for Program Alignment to Industry Needs

Bioinformatics Biotechnology Business/Management Computer Specialist and

Support Early Childhood Education Human Services Maxillofacial Assistant Medical Coding

Medical Office Administrative

Assistant Paralegal Studies Phlebotomy Practical Nursing Radiologic Technology Surgical Technology

According the Bureau of Labor Statistics, the following MassBay programs align with industry and employment:


The Metro South/West Labor Market

The recovery in employment has been stronger in Metro South/West than in other Massachusetts regions.

Firms in the region employ one of the most highly educated workforces in the state and continue to demand more post-secondary labor.

With one of the oldest civilian labor forces in the state, Metro South/West face the demographic challenges of an aging population.

This suggests that the region’s businesses are facing a potential overall shortage of younger workers to replace baby boomers as they retire.


Income Profile of MassBay Service Area


The median household income statistics were available for 12 of the

27 towns in the MassBay service area and they ranged from $66,047

to $145,208. The mean household income is $95,045.

The towns with the lowest median income are Framingham ($66,047),

Waltham ($68,326), and Norwood ($73,838).

Wellesley has the highest median household income ($145,208), which is

more than twice that of Framingham.

Boston, Framingham, and Waltham all have high proportions of

individuals living in poverty (19%, 12%, 8% respectively), while other

towns have a relatively high median household income ($105,770 in

Newton and $86,583 in Natick).

Educational Attainment Profile ofMassBay Service Area


High School Graduate Some College, Associate’sor GED No Degree Degree

Waltham 26.2% 12.4% 5.2%

Framingham 25.8% 14.8% 5.4%

Boston 22.9% 13.9% 4.6%

Natick 16.6% 12.0% 6.2%

Newton 11.4% 7.5% 3.4%

Housing Profile ofMassBay Service Area


Total Number Percentage ofHousing Units* Affordable Housing Units**

Boston 272,481 19.9%

Newton 32,648 7.7%

Framingham 27,529 10.2%

Waltham 24,926 7.4%

Natick 14,121 6.8%

*U.S. Census Bureau, 2010**Massachusetts Affordable Housing Alliance, 1999

Summary Following the recession, the Metro South/West region is gaining jobs and

recovering at a modest pace in comparison to other regions in the Commonwealth. Job growth has occurred due in part to the region’s strong base in

industries that are driving the state’s recovery.

In 2008-2010, nearly 50% of the region’s civilian labor force was 45 years of age or older. Although nearly 18% of those unemployed in the region were aged 16-24, people in this age group are disproportionally overrepresented among the unemployed relative to their share of the civilian labor force.

To continue to foster strong economic growth in the future, Metro South/West should strive to align the education of its labor force to meet the demands of the region’s employers.


Summary (cont’d.) The national and state enrollment trends indicate that more individuals have

been seeking post-secondary education over the last decade. However, enrollment at the educational institutions in Metro South/West is trailing that of institutions in Massachusetts and the United States, with the exception of full-time and part-time enrollment in two-year institutions. * In terms of students completing a degree, the institutions in the region

have, as a whole, trailed in the growth of most post-secondary degrees relative to Massachusetts. Because of this trend, the region has trailed in the growth of post-secondary graduates in nearly every major field of study in both the state and nationally.

MassBay can play a key role in influencing the supply of future workers by providing certificates and degree programs. This supply will be critical to help meet the demographic challenges posed by the aging workforce and the increasing demand for highly educated workers.

* “Labor Market Trends in the Metro South/West Region”, June 2012

*Labor Market Trends in the Metro South/West Region, June 2012


References

American Community Survey Five-Year Estimates 2005-2009

United States Census Bureau, 2010

“Labor Market Trends in the Metro South/West Region”, June 2012

Boston Federal Reserve, New England Public Policy Center

Massachusetts Affordable Housing Alliance

“The Labor Market Outlook for Massachusetts Bay Community College Graduates”,

August 2011


Economic Profile of MassBay

Education

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