Employees Won’t Decide When to Return to Office
- 21% worked from home in March, down from 35.4% last May
- San Francisco tax base set to drop as techies work remotely
This article is for subscribers only.
Working from home for more than a year may revolutionize some parts of business, but the impact on municipal credits is likely to be muted and highly concentrated. I think most people will be back at their desks in September.
Let’s talk numbers. Of the 150 million or so people who were employed in March, 31.6 million telecommuted, according to the U.S. Bureau of Labor Statistics, or about 21% of the pie. I refer specifically to the BLS’s “Supplemental Data Measuring the Effects of the Coronavirus Pandemic on the Labor Market.”