Yardi Matrix Ranks Employment Risk for Major U.S. Metros

Nearly ten million Americans had filed for
unemployment benefits as of early April

SANTA BARBARA, Calif.,
April 14, 2020 – With the
majority of U.S. states adopting shelter-in-place mandates during the month of
March to fight the nationwide spread of the novel coronavirus, unemployment
claims began pouring in, reaching 9.9 million by early April.

Yardi® Matrix
assessed the industries affected most by the COVID-19 closures and which of the
country’s Top 50 metro regions will likely by most affected by closures and
slowdowns in those sectors. This special report was completed April 7, so be aware that the
most recently reported unemployment numbers are now higher.

The segments
expected to experience the highest job losses are lodging and hospitality,
retail and mining/logging/construction.

Based on the
Matrix analysis, Las Vegas, coastal Florida and Houston are most likely to be
hit hard by job losses. Florida had three metro regions on the list: the
southwest coastal portion of the state, followed by Fort Lauderdale and
Orlando. Each is heavily dependent on one more of the most affected employment
categories. The Las Vegas
and the Florida economies depend on travel and tourism, while Houston’s economy remains driven to a large
degree by energy.

“By the time all is said and done, every
industry and metro will be impacted by the dramatic decline in economic
activity,” states the report. Estimates vary as to the exact percent GDP will
decline for Q2 of 2020, but some forecasters have predicted it could be as high
as 34 percent.

Learn more by
downloading the April 2020 employment report from Yardi Matrix.

Yardi Matrix offers the industry’s
most comprehensive market intelligence tool for investment professionals, equity
investors, lenders and property managers who underwrite and manage investments
in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial,
office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi^® develops and
supports industry-leading investment and property management software for all
types and sizes of real estate companies. Established in 1984, Yardi is based
in Santa Barbara, Calif., and serves clients worldwide. For more information on
how Yardi is Energized for Tomorrow, visit yardi.com.