Northern New Jersey Market Report
Health Crisis Weighs on the Region as the Year Comes to a Close; Migration to the Suburbs a Potential Boon for Area Properties
Region’s employment gains surpass the national recovery. Northern New Jersey had already recorded an employment drop in February before the full impact of the health crisis multiplied those losses in March and April. The employment base contracted 19 percent in that span, representing 411,300 lost positions. In the following five months employers restored 227,500 of those roles, exceeding the national pace of growth. Compared with the start of the year, staff sizes in September were most reduced in the leisure and hospitality sector at 29 percent as health precautions curbed foot traffic at restaurants, bars, hotels and other entertainment venues. More resilience among several traditionally office-using sectors should help bolster the market’s economy moving forward as many higher-skilled positions were maintained.