Employment Snapshot - Springfield, MA-CT February-2023

Weller Emmons

VP of Analytics and Finance at Mployer Advisor. He is passionate about leveraging data to provide industry leading insights for Mployer Advisor’s clients. Prior to joining Mployer Advisor, Emmons served as a healthcare provider strategy consultant for Knowledge Capital Group and as an internal strategy consultant at HCA Healthcare. Emmons earned his MBA and BE in Biomedical Engineering, both from Vanderbilt University.

Market Employment Summary

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Additional Benchmarking Resources

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Overall unemployment rate moved up to 4.7% with the biggest shift in Government, which gained 2,500 roles, based on the most recently available information published in April 2023.

Total employment in the Springfield, MA-CT market rose by 1,582 jobs in February and the unemployment rate increased compared to the prior month by 10 bps to 4.7%. The national unemployment rate increased by 3 bps over the same time to 3.9%.

Springfield, MA-CT unemployment rate is 81 bps above the national rate which is a negative sign.
Unemployment in the market is 30 bps below the unemployment rate in the market last year at this time, which is a positive.
Average wages (per hour) grew in February versus prior month by 5.8% and are up compared to last year at this time in the market.

Month over Month Unemployment Change

Year over Year Unemployment Change

Springfield, MA-CT Unemployment February 2023

For key employment segments of the market, total jobs grew by 1.5% . Key sectors include:

Education & Healthcare: 86,700; +2,000
Government: 64,600; +2,500
Transportation & Utilities: 58,900; -500
Restaurants & Hotels: 29,200; +900
Manufacturing: 28,400; -100
Business Services: 26,400; +400
Financial Services: 14,500; no change
Other Jobs: 12,700; -100
Construction, Mining: 11,700; no change
IT & Development: 2,900; no change

Employment Change by Key Sector

Springfield, MA-CT Unemployment by Industry February 2023

Data is based on the most recent 12 months available, through February 2023 (Data published April 2023 and reports created on April 10, 2023). Source: Government data agency and locally acquired statistics.

Note: All reported data is not seasonally adjusted.

Springfield, MA-CT