U.S. Financial Services Set for More Growth?
The financial services sector is the largest office space user in the U.S.
In the first four months of 2018, there were slightly more than 8.5 million people employed in the financial services sector, representing about 27% of all office-using jobs in the country.
- Financial services companies are set to occupy more office space over the next two to three years.
- The financial sector recovered slowly early in the recovery, but has accelerated in recent years and is now back to its long-term trend of adding about 120,000 jobs per year, up from 77,000 early in the expansion.
- This stronger performance will impact some markets more than others, and not just the large financial services sector centers like New York. Markets where the financial sector is a large part of the local economy, like Miami and Tampa, will benefit greatly from this revived growth.