Historical levels of demand were achieved for industrial space within the Northeast which persisted to satisfy the region’s consumer base. As a result, the need for adequate physical industrial facilities and skilled labor became elevated.
The Northeast labor report breaks down the current trends in the industrial labor market and has identified the following key takeaways
- The regional population climbed over the last 10 years to 45.4 million, however growth is projected to moderate in the next five years, only edging higher by 2.0%
- The surge in e-commerce sales and increase in population has led to record demand by industrial occupiers for space to satisfy the region’s consumer base, specifically within the key metros.
- The rise in industrial activity has shifted supply and demand fundamentals of the industrial workforce in the Northeast
This report highlights the 11 key metropolitan areas in the Northeastern states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Virginia; looking at the interplay between the supply and demand for industrial labor in the warehouse and manufacturing sectors and the supply and demand for industrial space.
Key industrial markets covered include: