As of the February 2020 BLS unemployment data, the
this week. This brings the U.S. to over 26 million jobs lost in five weeks, temporarily bringing mid-April national unemployment close to 15 percent. Economists estimate the worst-case unemployment rate could reach as high as 20 percent to 30 percent in May. By comparison, unemployment peaked near 10 percent nationally during the 2008 Recession, where Charlotte unemployment peaked at 12.9 percent.
be restored in the next few months as the economy reboots. President Trump provided a three-phase guideline to reopen the economy, although state governors will make the call on timing for the rollout. Many states are projected to kick off the program in the first week of May. More details are coming in daily, however portions of the workforce will still be waiting for the subsequent phases. RentRange analysts have attempted to forecast the employment rates for the 3-6 month post-restart employment measures. Based on current information as of mid-April, our forecast for Charlotte shows approximately 11.7 percent unemployment.
unemployment rate for the Charlotte MSA comes in at 3.1 percent. That is slightly below the national average of 3.5 percent and down considerably from the 4.4 percent average of five years ago. UNEMPLOYMENTUPDATES THROUGHAPRIL 18TH The Department of Labor released their unemployment insurance weekly claim report for the week of Apr 18th showing another 4.24 million people filed unemployment claims
“SNAPBACK” EMPLOYMENT FORECAST The majority of these unemployment numbers are temporary, and most will
Estimated 6-12 month Snapback Employment Predictions for Charlotte (Feb 2020 Industry Stats)
TOTAL WORKFORCE SIZE CHARLOTTE
CURRENT EMPLOYMENT BY INDUSTRY
6-MONTH “SNAPBACK” JOB LOSSES VS FEB.
EST. 6 MONTH EM- PLOYMENT LOSS BY INDUSTRY
EST. REMAINING EMPLOYED
Mining, Logging and Construction
Transportation, Warehousing, and Utilities
Professional and Business Services
211,200 129,200 143,300
$98,799 $49,126 $27,988
-5 percent -5 percent -20 percent
200,640 122,740 114,640
Education and Health Services
Leisure and Hospitality
Estimated Unemployment 6mo-1yr “snapback” low
Current Unemployment Rate
*Information and statistics from the Bureau of Labor Statistics employment data, Department of Labor report, Census/ACS Tables and RentRange® data sources.
Home Price Metrics
to 2007 period, Charlotte single- family home values showed more moderate growth of 3.3 percent per year, for a total increase of over 26 percent. During the 2007 to 2012 Recession years, the Charlotte market pulled back 19 percent, giving up most of the pre-recession gains. Charlotte overall
CHARLOTTEHOMEVALUES THROUGHFEBRUARY2020 Given the current economic climate due to COVID-19, the real estate industry wants to find out where we go from here. Looking at past performance as well as current conditions can give us a clue. Looking back 20 years to the 2000
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