Research Brief: Employment – December 2019
Job creation soars in November. The U.S. economy added 266,000 positions in November, the largest monthly gain since January. The surge in hiring was lifted by the resolution of the General Motors-United Auto Workers Union strike, returning 41,000 auto workers to payrolls. However, even omitting these positions, an above-average 225,000 personnel were still added. The month’s robust hiring lowered the unemployment rate 10 basis points to 3.5 percent, matching the historical low.
Healthcare hiring driving demand for medical properties. Employers have added approximately 2 million jobs this year, and while employment growth has eased compared with last year, hiring has been particularly robust in the health services sector. The need for healthcare professionals is driven
by demographics. About 5 million people will turn 75 over the next five years, exacerbating the need for medical services and increasing demand for hospitals, urgent care centers, senior
housing facilities, and medical office space. Markets popular with retirees or with well-established biomedical research hubs will likely see added tenant demand for buildings that support these services.