TCN Worldwide’s State of the Market: Western Region, 3rd Quarter 2016 | by Hugh F. Kelly, PhD, CRE

State of the Market

Jobs. Employment growth has decelerated in 2016, averaging just 178,000 monthly through September. That’s a 1.7 percent annual growth rate, down from the 2.1 percent rate in 2015, but still enough to add 2,447,000 jobs to the economy for the 12 months ending September 2016. Business and professional services, healthcare, retail trade, and food services led the growth, indicating that job growth is positively spread across a variety of worker skill levels. The BLS “JOLTS” report (Job Openings and Labor Turnover Survey) shows twice as many workers quitting jobs compared with layoffs, indicating improving worker confidence. About 5.4 million job openings were reported in August (the most recent data published), and there were 5.2 million hirings that month. The unemployment rate stood at 5.0 percent, and has been relatively stable during the past year. Read more: West_Q3_State_of_Market.pdf Economist Hugh F. Kelly, PhD, CRE, who leads TCN’s Real Estate Economic Committee, is a Clinical Professor at New York University’s Schack Institute of Real Estate where he has taught for 30 years. He is widely cited in the real estate industry and is well known for his research on 24-hour cities and commercial real estate investment performance. via TCN Worldwide’s State of the Market: Western Region, 3rd Quarter 2016 | by Hugh F. Kelly, PhD, CRE]]>

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