Buffalo Market Report
Redevelopment Projects Transforming Vacated Buildings, Adding Rentals; New Restrictions May Slow Employment Rebound
Since sequestration, employment recovery outpacing national level. After 111,700 jobs in the metro were cut during March and April, the unemployment rate surged from 4.8 percent to 19.3 percent when the lockdown to stem the coronavirus temporarily closed businesses. As of September, more than half of the positions had returned, lowering unemployment to 7.3 percent, 60 basis points below the national rate. Not all segments fared equally, however. At the end of the third quarter, the manufacturing and financial sectors had recaptured almost all of the jobs cut when businesses were required to close. In contrast, more than 26 percent of the roles in the leisure and hospitality segment have yet to return to the pre-coronavirus level. Additional restrictions put into effect in some areas of the metro during November due to a resurgence of COVID-19 cases will likely keep employment in this segment down well into 2021.