It has been over three years since Covid-19 became a global pandemic and national health emergency. Along with the rest of the country, the Merrimack Valley saw a sharp increase in unemployment and many businesses struggled to stay afloat throughout the crisis. Several businesses were already in recovery mode prior to the pandemic due to the 2018 Gas Explosions that rocked Lawrence, Andover, and North Andover. Significant efforts were made through municipal, state, and federal programs to support residents and businesses through these unprecedented times and to aide in the recovery of the Valley.
Since March 2020 we have seen unemployment numbers drop, companies return to pre-pandemic operations , and new businesses emerge in all our communities. The response and recovery to the Covid-19 crisis speaks to the determination and resiliency of the Merrimack Valley and all of its residents and businesses. Here we will examine two data points important to the Merrimack Valley’s economy – unemployment numbers and available commercial properties – to provide a snapshot of where our region’s economy stands in the three years since the Covid-19 crisis began.
Unemployment
As of April 2023, the Merrimack Valley’s unemployment rate has officially returned to pre-pandemic levels for the first time – a trend that is also being seen across the state as well. While individual communities had different time frames of recovery, each town and city in the Merrimack Valley has now steadily returned to pre-pandemic unemployment levels along with the rest of the region. With subtle percent changes in the last few quarters, it seems that unemployment levels are currently at a plateau. See more information in the graphs above and below.
Available Commercial Properties
Another important data set to examine while analyzing the recovery of Merrimack Valley’s economy is commercial property availability. Despite the several economic shocks that have occured in the last 10 years, including the Covid-19 crisis, the vacancy rate for commercial properties has steadily decreased in the Merrimack Valley. See the chart below for additional information.
Although commercial vacancy rates sit at or near all time lows, there are still many desirable properties available for sale or lease. MVPC recently completed an update of our available commercial properties, which can be viewed here. This tool allows prospective businesses to search for properties to lease or buy, and can search the database by size, type, location, and other factors. High-quality, up-to-date photos of these properties are also available thanks to the latest flyover conducted in May 2023 by EagleView, an aerial imagery acquisition firm that has provided over 20 years of historic imagery to our communities.
Please reach out to our Community & Economic Development department if you’re interested in additional information on the available properties in the region.
A Look to the Future
Over the last several years, the Covid-19 crisis changed the way people work and do business. Despite the challenges this crisis created, the Merrimack Valley has emerged as resilient and strong as ever. In looking towards the next five years, MVPC has worked with partners across the region to create the next iteration of our Comprehensive Economic Development Strategy (CEDS). To learn about our region’s vision for the future, check out our CEDS webpage here.