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 August rested 350,000 workers below the February total, with an above-national unemployment rate of 12.1 percent, nearly five 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. Even with recent additions, employment at these establishments remains 42 percent below the pre-pandemic levels. The total number of construction workers in Boston is also down about 15 percent, possibly signaling upcoming delays to the current real estate development pipeline.