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Labor Market’s Impact on the Economy and CRE

June 12, 2023 by Marcus & Millichap Research Services

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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Filed Under: Research Brief

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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