How Slowing Job Growth Will Impact CRE

Up and down, and up and down again. It seems as though the national job market has been moving back and forth like a pendulum this past year.

In February 2020, just as the coronavirus was beginning to rear its ugly head, the national unemployment rate was just 3.5 percent – a record low. As pandemic surged, many businesses were forced to close their doors. Just two months later, in April 2020, the unemployment rate had skyrocketed to 14.8 percent. More than 22 million jobs were lost during this time.

The tide has since turned, in large part due to widespread vaccination efforts that allowed businesses to reopen their doors to both employees and the public.

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