The high-tech industry in metropolitan Boston contributes mightily toward New England's prosperity in the good years, but its troubles have hurt the region during this recession.
Layoffs in this industry have driven office vacancy rates to 18 percent in and around Boston. Office construction is dead in downtown Boston, and the area lost over 20,000 manufacturing jobs between June 2001 and June 2002.
While residential construction remains strong, the office market will not recover until 2004, according to Grubb & Ellis Research. Don't expect any immediate improvement in New England's industrial market either. According to the Federal Reserve's Beige Book, some makers of high-tech and aerospace products have so much excess capacity that they don't plan to increase capital spending until 2004.
ELECTRICAL WHOLESALERS' SALES (in millions of dollars)
EW Estimates
Final 1998
Final 1999
Final 2000
Final 2001
Forecast 2002
Forecast 2003
New England
4,158.2
4,348.9
4,575.8
4,250.1
4,023.6
4,189.5
Connecticut
1,592.8
1,680.6
1,768.3
1,642.4
1,554.9
1,619.0
Maine
155.0
159.9
168.3
156.3
148.0
154.1
Massachusetts
1,948.1
1,998.3
2,102.6
1,953.0
1,848.9
1,925.1
New Hampshire
204.0
247.8
260.7
242.1
229.2
238.7
Rhode Island
128.5
132.5
139.5
129.5
122.6
127.7
Vermont
129.7
129.7
136.5
126.7
120.0
124.9
EMPLOYMENT STATISTICS
Actual EC
in thousands
M
F/S/RT
G
New England
40,500
937.7
4,201.2
982.2
Connecticut
9,187
242.4
975.5
247.6
Bridgeport PMSA
847
34.8
104.0
21.6
Danbury PMSA
503
17.7
49.0
11.7
Hartford MSA
2,789
86.2
345.9
97.4
New Haven-Meriden PMSA
1,398
36.2
152.8
35.4
New London-Norwich MSA
507
22.8
69.2
40.6
Stamford-Norwalk PMSA
797
22.8
138.7
18.8
Waterbury PMSA
478
16.2
46.4
12.9
Maine
2,277
76.7
358.6
104.7
Lewiston-Auburn MSA
328
6.6
27.0
5.5
Portland MSA
806
13.3
101.1
18.8
Massachusetts
22,003
405.2
2,042.3
429.9
Barnstable-Yarmouth MSA
427
2.6
51.3
9.1
Boston PMSA
7,252
202.2
1,317.7
241.4
Brockton PMSA
471
10.8
54.8
18.1
Fitchburg-Leominster PMSA
188
11.1
26.7
9.0
Lawrence PMSA
634
33.7
89.5
20.7
Lowell PMSA
608
27.4
64.0
16.2
New Bedford PMSA
256
12.3
34.3
11.1
Pittsfield MSA
180
6.3
27.5
5.7
Springfield MSA
1,156
34.5
151.3
50.6
Worcester PMSA
804
35.3
138.8
34.7
New Hampshire
3,059
100.0
364.9
85.0
Manchester PMSA
591
12.4
63.4
12.0
Nashua PMSA
401
27.2
53.2
9.9
Portsmouth-Rochester PMSA
454
16.7
71.7
23.2
Rhode Island
2,408
68.4
299.6
65.1
Providence-Fall River-Warwick MSA
2,332
87.0
324.3
67.6
Vermont
1,567
45.0
160.3
49.9
Barre-Montpelier
166
3.9
18.1
8.7
Burlington MSA
555
18.2
58.9
16.5
NA — Not available MSA — Metropolitan Statistical Area PMSA — Primary Metropolitan Statistical Area CMSA — Consolidated Metropolitan Statistical Area EC — Electrical contractor employees. Actual numbers. M — Manufacturing employees in thousands. F/S/RT — Commercial accounts (finance, services, retail trade) employees in thousands. G — Government employees in thousands.
