The labor market kicked off 2026 with a surprising 130,000 new jobs in January based on today’s report from the Bureau of Labor Statistics. It was more than double economists’ expectations.

From an industry perspective, health care and social assistance (+124,000) and construction (+33,000) were major winners for monthly job gains. The federal government (-34,000) and financial activities (-22,000) lost jobs.

While the overall number is great news to start 2026, many will wait and see if these figures hold given the number of downward adjustments in recent years.

Based on the annual benchmark revisions released today, the monthly job gains for 2025 averaged just 15,000 per month, and practically every month was adjusted lower than previously reported.

That said, if these numbers are accurate, they bold well for demand for the multifamily industry this year. Strong job creation would help absorb excess supply totals from recent years. If hourly earnings remain close to January's annual growth of 3.7%, rent growth should bounce back as occupancy rates stabilize. 

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