A survey of more than 3,000 U.S. workers found 2.4% relocated for a job in the first quarter of 2024. This figure is up from a record low of 1.5% in the last quarter of 2023, with many workers unwilling to relocate amid high interest rates and low housing inventory.
Despite this uptick, the 2.4% relocation rate is still the third lowest quarterly rate recorded since the first quarter of 2018, when rates peaked at 10.6%.
“Currently, companies are in cost-savings mode and conducting layoffs, particularly of higher wage-earners. We’re also seeing several employers recalling workers to the office. The combination of these factors is resulting in a higher rate of workers moving for jobs,” Andrew Challenger, senior vice president and economic expert for Challenger, Gray & Christmas, said in a May 16 news release.
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