Essex County’s economy has rebounded from the depths of the Covid-era and several key sectors are gaining jobs, but salaries have only kept pace with inflation.

Total jobs increased 0.6% from 2023 to 2024 representing rebound from a 9.3% job loss from 2019 to 2020 due to the Covid pandemic. That rate of growth was above the state, but below the nation.

Growing sectors in Essex County include Financial Activities, which increased 107% in total jobs from 2001 to 2022, and Healthcare and Social Assistance (45%). Trends in Essex County were very similar to statewide and national trends, as well as to comparable counties.

The largest sectors in Essex County were very similar to the state and nation, with 18% of jobs in Trade, Transportation and Utilities, 14% in both Health Care and Social Assistance and Professional and Business Services, and 11% in Financial Activities. 

The highest paid sector in Essex County was Financial Activities, with an average annual salary of $122,000 in 2024. This was followed by Information ($119,200) and Manufacturing ($109,300). The lowest paid sector was Leisure and Hospitality ($32,700).

Overall, yearly salaries in Essex County averaged $75,500 in 2024 and increased 6% from 2010 after adjusting for inflation. This is in contrast to the state, where the average salary has increased by 16% and the nation, with a 12% increase over the same time period. (All financial data is presented in real terms.)

From 2010 to 2024, salaries grew fastest in Essex County in the Other Services category (34%), Information (33%) and Natural Resources and Mining (29%) sectors, while the Health Care and Social Assistance sector had the largest decrease (-4%). Essex County, the state and nation had similar changes in many sectors.

In Essex County, as in the state and nation, women’s earnings lag men’s earnings in the same occupations. For all occupations, Essex County women earned 80% of men’s earnings in 2020-24. The largest difference was in the Service occupations, where women earned $0.66 to every dollar earned by men.

Like the state and nation, Essex County’s economy is dominated by small employers. In 2023, over half (56%) of businesses in Essex County employed 1-4 people, 19% employed 5-9 people, 12% employed 10-19 people and the remaining 14% employed 20 people or more. Only 2% of employers, fewer than 500 businesses, had 100 or more employees. This has not changed substantially since 2010.

Self-employment in Essex County brings in more revenue per resident than for the nation as a whole. Essex County had about $9,700 in self-employment revenue per resident in 2023, above the state and over $1,000 higher per resident than the nation. Essex County’s level was up 24% since 2010.

The majority of businesses in Essex County were owned by White people (83%), followed by Hispanic (10%), and Asian (7%). No African American owned businesses were reported.

Unemployment in the county was 4.1% in 2024 similar to the state and nation. This represents an increase from the previous year when the rate was at 3.5%, and a decrease from 2010 when it was 8.5%. In 2020-24, unemployment was higher among Hispanic residents at 7.6% compared to 4.4% for White residents, similar to the disparities seen at the state and national levels.

In 2023, around 141,200 workers (43%) entered Essex County for work each year, and 217,300 residents (54%) left for work each year.