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In some major US cities, the number of job postings for remote-friendly roles is reaching record levels – and growing
Author of the article:
bloomberg news
Alex Tanzi and Matthew Boyle
Published March 26, 2023 • 3 min read
In some large US cities, there are more job postings open for remote workers than at any other time in the past three years. Photo by Getty Images/iStockphoto
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The shift to remote work is taking place in some of America’s largest metro areas, according to new data from an international team of economists, despite mounting pressure from corporate chiefs for employees to return to the office.
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In some major US cities, the number of job postings for remote-friendly roles is reaching record levels – and growing. This is the latest finding from researchers including Nicholas Bloom of Stanford University who have been collecting data on remote work since the early days of the pandemic.
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By measuring the prevalence of job ads offering flexible arrangements, they found that in places like New York, Chicago and Atlanta, there are more postings open to remote workers than at any other time in the past three years.
That could mean that bosses like JPMorgan Chase & Co’s Jamie Dimon, who said working from home “doesn’t work” for younger employees or managers, face an uphill battle. As the work-from-home debate rages across the country, mayors have also encouraged employees to go back to office, which will help widen the tax base for municipal governments.
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But the latest data suggests that partially vacant office towers – a feature of city-centres with the rise of remote working – may remain that way. Data from security firm Kastle Systems shows office occupancy in major US cities is about half of pre-COVID levels.
This could be a problem that goes beyond owners trying to reopen their offices. Some investors worry that this month’s banking turmoil could spell trouble for commercial real estate owners who need to roll over their loans as interest rates rise while property values partially slide. declined because workers are staying at home.
Breaking down the job opening data by cities shows that Lansing, Michigan has the highest share of remote job postings at 39 percent. The largest employers there are the state government and Michigan State University. Municipal governments and universities tend to have a more unionized labor force, which means unions may have to sign off on any return-to-office deal.
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“Cities with more white-collar workers, particularly in government, tech and education, have the highest share of new jobs offering remote and hybrid arrangements,” says Peter Lambert, a doctoral candidate at the London School of Economics. research team.
South America generally has the worst part of being a remote worker — and the worst place of all is Bradenton near Tampa in Florida, where less than three percent of posted jobs have that option. Nine out of 10 metro areas are in the South with the fewest job ads open for remote or hybrid work.
The pandemic has created new opportunities for workers to enjoy more flexible arrangements, but this has not been shared equally across the economy. In some industries, the reality is that people need to be where the work is.
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Very few jobs in transportation, food preparation and serving, and health care support are possible to do remotely. Remote work continues to grow in other areas such as finance. The shift may lead to the notion of “company towns”, or the dominance of a particular industry by a particular area. Some analysts also see this type of process in the current shift of many finance jobs out of New York City.
Still, many firms are seeking to impose limits on remote working, with policies that limit how often employees are required to be in the office. And if the labor market cools, as economists expect it will in the year ahead, owners will have more leverage — and employees will have less.
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This may already be happening in some parts of the economy – such as parts of the technology industry, which have seen mass layoffs. In San Jose, for example — an area with a high concentration of tech workers — the share of open ads for at least partially remote work has fallen from a peak of 20 percent in December to 15 percent last month.
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