HOW POST-COVID EMPLOYMENT TRENDS ARE IMPACTING CRE DEMAND
U.S. Labor Market Continues Strong 2023
- The U.S. economy has added over 1.6 million jobs in 2023, the third strongest start to a year since 2000
- Labor market gains have helped boost multifamily and retail demand
Post-Pandemic Job Growth Not Evenly Distributed
- 14 Major Metros Have Expanded Workforces by 5%, including cities like Austin, Dallas, Orlando, and Phoenix
- At the same time, 9 have yet to recover to February 2020 employment levels
Developers Most Active In High-Growth Markets
- Supply growth in the multifamily segment is over 5% in certain high-growth markets
- Household formation was positive in New York and Chicago since the pandemic, showing the importance of looking at the complete economic picture
*Through May
Sources: Marcus & Millichap Research Services, BLS
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