Real estate

DIGITAL Employment report Q1 2022

May 19, 2022 | 2 min read

DIGITAL* employment chart

BLS, Moody’s Analytics, Principal Real Estate Investors, Q1 2022

In the first quarter of 2022, employment rose in all 48 metro areas that Principal Real Estate Investors tracks, as the labor market recovery continues. Despite a resurgence of COVID-19 cases driven by the Omicron variant in recent months, the first quarter continued to see strong growth in hiring across all regions. Once again, our DIGITAL sum of markets outpaced the national average with Sacramento, Raleigh, and San Bernardino/Riverside posting the strongest growth during the first quarter of 2022.

Markets with strong population growth and exposure to hightech and tourism related industries outperformed. Notably we are also starting to see the emergence of larger gateway cities among top markets, as back to office plans are being increasingly implemented on both coasts. Goods-producing industries, such as manufacturing and construction, continued to struggle relative to the rest of the labor market as materials and labor shortages continue to vex businesses.

Top 5, bottom 5 cities

Two tables showing the top and bottom 5 cities with the largest 3-month percentage changes in Q1, 2022.

U.S. Bureau of Labor Statistics (BLS), Moody’s Analytics, Principal Real Estate Investors, Q1 2022.

The impact of the COVID-19 pandemic on the labor market is gradually subsiding though growth in the labor force has proved to be uneven since the recovery. The labor market has 1.6 million payrolls to recover before reaching its prepandemic peak, as of the end of Q1 2022. Pandemic related volatility has certainly eased, and restrictions are now minimal in most regions of the country. The job market’s progress will now be driven largely by underlying economic fundamentals. While a resurgence of cases remains a risk to the labor market outlook, geopolitical events, and slower underlying growth domestically as the Fed continues its hiking cycle to combat inflation remain our primary concerns over the next 12 months. That said, our outlook for a full payroll recovery has not changed appreciably in the last three months and we maintain our view that the economy will have recovered the jobs lost during the 2020 correction by the end of this year, with DIGITAL markets remaining ahead of the curve.

Monthly percentage change

U.S. Bureau of Labor Statistics (BLS), Moody’s Analytics, Principal Real Estate Investors, Q1 2022.

*DIGITAL refers to key long -term growth drivers centred around demographics, innovation, globalization, infrastructure, and technology that Principal has identified as metrics of long-term market outperformance.

Disclosure

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Investing involves risk, including possible loss of principal. Past performance is no guarantee of future results. Potential investors should be aware of the risks inherent to owning and investing in real estate, including value fluctuations, capital market pricing volatility, liquidity risks, leverage, credit risk, occupancy risk and legal risk. All these risks can lead to a decline in the value of the real estate.

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MM11961-04 | 2205782 | 12/2022

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Delegation of Investment Management to Affiliates

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This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions.

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This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

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