For years, 2026 was circled on the calendar as the year multifamily metrics would roar back. However, metro-level job data suggests the recovery is being stifled by the demand side of the equation. Despite supply becoming less of a challenge, job creation—the primary engine for household formation—has stalled across the U.S.

Here are comparisons of annual job gain for February 2026 relative to the three years before the pandemic according to the Bureau of Labor Statistics.

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