Boston Market Report
Health Crisis Derails Employment Growth and Clouds Real Estate Outlook; Need for Biomedical and Industrial Space Underscored
Boston’s job recovery lagging that of U.S. Boston employment in September rested 306,000 workers below the February total, with an above-national unemployment rate of 9.8 percent, over three times its pre-pandemic level. The greatest share of staff losses were in the leisure and hospitality sector as sheltering and physical distancing orders curbed consumer spending at hotels, bars, restaurants and entertainment venues. Employment at these establishments remains 40 percent below pre-health crisis levels, which could be impaired further by a recent rise in COVID-19 cases. The total number of construction workers is also down about 6 percent, which may lead to delays in the current real estate development pipeline.