Spring Hill Apartments - Somerville

LOCATI ON / MARKET OVERVIEW Metro Boston Market Boston has long been considered one of the most innovative cities in the world with a resilient economy, excellent infrastructure, and dozens of internationally renowned universities. The city, and neighboring Cambridge, are home to more than 20 colleges, including two of the highest ranked universities in the world: Harvard and M.I.T. Boston also boasts a world class healthcare system with more than 30 hospitals and research facilities such as Massachusetts General Hospital, Brigham & Women’s, and Beth Israel Deaconess Medical Center.

Boston is also supported by its strong performing high technology sector, which has posted significant job gains and has helped drive the state’s innovative “knowledge-based” economy. Massachusetts’ steady production of goods and services, a common measure of economic growth, is supported by a high concentration of manufacturing and technology firms within the region. This, in addition to a large education and health care sector accounts for more than 20% of all jobs within the region.

EMPLOYMENT Continued, non-cyclical, growth in the education and health services industries has kept the Massachusetts’ unemployment rate at 4.7%, lower than the national average of 5.4% (April 2015). Financial services and hospitality employment are both on the rise, indicating a future increase in demand for office and hotel space as businesses rehire and consequently expand. The large number of universities in the Greater Boston area provides not only a steady supply of highly trained workers, but also a boom in the overall employment rate as they continue to expand research and development.

4.7%

5.4% NATIONAL Unemployment Rate

MASSACHUSETTS’ Unemployment Rate

6