Kansas City Market Report
Fewer Initial Job Losses and a Quick Reopening Benefited Property Owners; Investors Remain Active in the Suburbs as Underlying Demand Strengthens
More residents kept their jobs in the spring. The initial impacts of the economic disruption were felt less in Kansas City. The metro’s labor force only contracted 11.4 percent in the months of March and April, compared with a 14.5 percent decline in the United States during that challenging stretch. This can be attributed to the resilience of a couple of the market’s largest employment sectors: trade, transportation, and utilities, and government. These two sectors each shed less than 7 percent of their respective workforces in Kansas City and the majority of those roles were recovered over the following few months. As of August, metro unemployment stood more than 100 basis points below the national rate at 7.1 percent, despite following a similar recovery pace in the summer.