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The unemployment rate fell to 8.4% as 1.4 million more jobs were added in August. Total job additions from the low point during the lockdown are now over 10 million, but another 10 million jobs are needed to get us back to pre-pandemic conditions. Commercial real estate is hurting, as one of the very few industries to lose jobs in the past month, with 5,500 fewer workers. However, the vibrant housing sector added 27,700 construction workers and trade specialists. NAR membership is also at a record high.
The path to full jobs recovery will depend upon vaccine availability. Even after that, there will be some permanent shifts. Downtown offices will be less vibrant and lunch restaurants and cafes in city centers will continue to struggle. Yet opportunities will open up for suburban retail spaces, and for housing land development. Residential construction work will be plentiful well into 2021.
