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Market Report

Seattle-Tacoma Market Report

4Q 2020

Positive Long-Term Outlook Sustained by Headcount Growth at Tech Firms; Metro Faces Uneven Path to Recovery

Employment faces bumpy path to full recovery. As the health crisis unfolded from February through April, 332,800 jobs were shed, increasing the unemployment rate to 15.7 percent, up from 3.0 percent two months earlier. The rate has since receded to 7.4 percent as of September as just about 50 percent of the jobs lost have returned or been replaced, though the bounce back has been uneven across industries. The leisure and hospitality sector faces greater hurdles as many retailers, restaurants, and hotels have yet to operate at full capacity. 
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