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Market Report

Salt Lake City Market Report

4Q 2020

Hiring Resumed in Third Quarter Although Rise in Coronavirus Cases Poses Headwinds; Comparatively Strong Economy Draws Investor Attention

Employment losses quickly replaced. Following a short shutdown due to the pandemic in the spring, job growth rebounded at a fast clip, maintaining one of the strongest economies in the nation. Roughly 111,200 positions were cut in the metro during the lockdown. Between May and September, 76,500 employees returned to work, cutting unemployment from a high of 10.2 percent at the end of April to 4.9 percent in September. The unemployment rate remains one of the lowest in the country and rests 130 basis points above the rate in January. As expected, the greatest worker reduction was in leisure and hospitality, dropping by 51,400 positions in March and April. The sector has since regained almost half of the positions as hotel occupancy in the state rose from 20.9 percent in April to 58.8 percent in September. Coronavirus cases have climbed to a new high in recent weeks, which could slow employment gains in the month ahead.
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