The Labor Department reported that there were a significant number of jobs added in January--304,000 and well above the consensus expectation of 172,000. This was the 100th consecutive month of job growth. December was revised down to 222,000 from 312,000 and November was revised up to 196,000 from 176,000.
As in all real estate, “its local” for seniors housing as well. Indeed, while the seniors housing occupancy rate remained at a six-year low rate of 87.9% in the third quarter, not all markets were weak. There was a very wide disparity between the best and poorest performing markets with a 13.8 percentage point variance between the most occupied market (San Jose: 94.6%) and the least occupied market (Houston: 80.8%) in the third quarter. Every market performs differently as unique conditions and factors contribute to disparate development and demand patterns at the local and metropolitan market level.