Madison Market Report
State Government Personnel and Higher-Education Systems Fortify Household Incomes; Robust Demographics and Low Unemployment Bolster Madison Investment Appeal
Labor market on solid footing after a strong summer recovery. Prior to the health crisis Madison boasted an unemployment rate in the low-2 percent area, and the metro has maintained tight conditions despite a short-term setback in the spring. Roughly 67,700 jobs were cut in April, which pushed the unemployment rate into double digits temporarily. The majority of roles depleted during this month came from within the leisure and hospitality, and government sectors, each posting losses of at least 17,000 positions. Reopening businesses in the summer, however, catalyzed a quick recovery for the metro. From May through September approximately 44,300 workers were added back, bringing unemployment back down to a healthy 4.3 percent. Two employment sectors — construction and trade, transportation and utilities — have actually expanded headcounts from the beginning of the year.