Jobless Claims See Lowest Levels In 42 Years. What's The Real Estate Impact?
Applications for unemployment benefits hit their lowest level in over four decades, according to this week’s jobless report—a sign of continued strength in the job market.
Unemployment claims dropped by 6,000 to 247,000—the lowest level since November 1973—in the seven days ending on April 16, the Labor Department said.
US job growth has beat expectations in early 2016, a potential boost for commercial real estate across the country, MarketWatch reports.
“No single factor is more important for commercial real estate than job creation,” says Cushman & Wakefield’s chief economist, Kevin Thorpe. “This bevy of metrics suggests that future labor demand, and therefore future demand for space, will remain healthy.”
Meanwhile, other rumblings in the jobs market could weigh heavily on real estate, as $15/hour minimum wages sweep the nation, potentially weighing on retail and industrial space going forward. [MW]
