The economy has turned the corner, but the recovery is slowing
The trough of the Global Coronavirus Recession bottomed out in April 2020 as all US states and metros experienced historic declines in GDP and employment. We are now in a recovery phase throughout the country; however, industry performance will diverge, contributing heavily to varying city and state recovery rates. Additional headwinds could derail the recovery as the threat of delays in business re-openings, natural disasters, and uncertain government aid all pose serious threats.
What you will learn:
By August 2020, all states had seen declines in their unemployment rates from the highs posted earlier this year.
Although US GDP is expected to return to pre-recession levels by the end of 2021, we do not expect employment to do so until the first half of 2023.
Despite relatively weak recoveries in the three largest US metros and reports of urban out-migration, metros will continue to drive the economy, accounting for 9 in 10 new net jobs in the US through 2025.