The Leading Industries: Drivers of the Regional Economy

The Greater Boston Chamber of Commerce's 2005 Leading Industries Report focuses on the five leading industries that together support half of all employment in the Greater Boston region, and sets forth a leading industries agenda for competitiveness. The leading industries are Financial Services, Health Care & Life Sciences, High Technology, Higher Education & Consulting, and the Visitor Industry.

The Report's primary findings are:

Greater Boston's leading industries were severely impacted by the recent recessionary period;

Greater Boston's leading industries have recently shown resiliency by decelerating job loss in many sectors and adding jobs in some others; but

The success and sustainability of this recovery depends on the implementation of key public policy initiatives.

The Report's key findings for Greater Boston's five leading industries include:

• Financial Services: Although the financial services industry has experienced net job loss in recent years, banking employment has grown for each of the last three years.

• Health Care & Life Sciences: Employment levels in the health care & life sciences industry increased during each of the last five years. 

• High Technology: High tech employment has stabilized in recent months after two years of steep decline.

• Higher Education & Consulting: Rising employment in higher education continues to offset sluggishness within the other industry sectors.

• The Visitor Industry: Visitor industry employment has stabilized and shows signs of future growth.

The Chamber, therefore, will work to advance a Leading Industries Agenda that focuses on promoting innovation, improving business costs & competitiveness, growing & retaining a skilled workforce, and advancing development & transportation. The successful implementation of this agenda will promote economic growth, fuel job creation, and maximize the competitive strengths of the Greater Boston region, now and in the future.