Urban Markets, Tourist Destination Lag Recovery
- High-density metros with strict COVID protocols struggle to ramp up employment growth
- New York (#43), Los Angeles (#41) and Bay Area (#39) rank low, but are building momentum
- Vacation markets like Las Vegas (#42) and Orlando (#40) saw steep losses – Expectations for rapid growth in 2022
5 Markets Have More Jobs Today then Before the Pandemic
- High growth metros across the Sunbelt outperform
- Phoenix (#5), Tampa (#4), Jacksonville (#3) Austin (#2) recovered quickly and will maintain momentum in 2022
- Top spot belong to Salt Lake City (#1) – Wasn’t hit hard during downturn and resumed hiring very quickly
Investment Opportunity Exists Across All Markets
- Lagging markets offer investors recovery opportunities, if they believe in the long-term fundamentals of the metro
- Those seeking momentum investments may target the faster recovering markets and ride a wave of growth
As of October 2021
Sources: Marcus & Millichap Research Services, BLS