Market Report

Cleveland Market Report

4Q 2020

Major Employment Sectors Exhibit Initial Signs of Recovery; Pace of Construction Slackening Outside of Apartment Sector

Metro recaptures half the jobs shed in April. Like most major U.S. metros, Cleveland recorded widespread job losses while stay-at-home orders and nonessential business closures were in effect. However, since May the market has shown resiliency, adding 82,000 positions. Each of the metro’s three largest employment sectors have replenished staff counts at an encouraging pace, led by the professional and business services industry, which added 13,600 workers from May to September. During the same stretch the number of education and health services, and retail trade, transportation and utilities jobs increased by 7,800 and 10,800, respectively. While Cleveland has taken steps toward economic improvement, the length of its recovery remains clouded by an unemployment rate that exceeds the national rate by 250 basis points and a late October spike in the number of daily COVID-19 cases in suburban Cuyahoga County.
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