Based on the metrics reported in the Rock Ready Index, our market had another strong performance in the second quarter of 2021.
- The JobsInRockCounty.com website has averaged more than 425 job postings per month
- Uptick in the number of postings for high-skill, in-demand jobs.
- All-time records for both average ($231,706) and median ($209,500) sale prices for single-family homes
- Janesville-Beloit MSA ranks quite competitively among its 300 peer MSA locations
- Sales and use tax collections for Q2 ($4.89 million) established a new benchmark, posting a 24% increase from Q1 and a more than 47% gain from a year ago
- Manufacturing Purchasing Managers’ Index (PMI) recorded an average PMI rating of 61% for the first half of 2021. A PMI reading of 50% or more serves as an industrial expansion indicator. Coupling that indicator with the volume of letters of intent to lease and/or purchase & sale agreements that are currently active throughout the Janesville-Beloit MSA, more developments are definitely on the horizon.
A snapshot sentiment report from SIOR gauging the performance of the market during Q2 2021 aligns with our market metrics. The report revealed a growth in market confidence across multiple sectors, particularly office:
- SIOR members say commercial real estate is rebounding at a record pace, with the office sector finally making its comeback
- Market confidence grew to its highest on record, at 7.6 (out of 10). The largest increase was seen in the office sector, rising from 5.9 in Q1 to 6.7 in Q2, while industrial confidence remained steady at 8.0. area’s average unemployment rate remained relatively steady-to-declining.
While office has remained moderately stable in our market, it can’t be called a rebound when there remains a high vacancy rate throughout the Janesville-Beloit MSA. Industrial properties remain strong, with almost 0% vacancy, but that will change with the construction of 3 speculative buildings in Janesville currently underway, driven by supply and demand issues. What remains constant is the demand for labor.