When the country shut down nearly four years ago, millions stayed home instead of going to the office. The shift to remote work set off a chain reaction. It changed how Americans work, affected the real estate market, and influenced population trends.

Remote work has fallen from its pandemic highs but is still three to four times more frequent than in 2019. Nearly half of workers still want to work from home at least part-time.

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Kory Kantenga, a senior economist at LinkedIn, says, “The pandemic proved we can all work from home.” “It was proof of concept.”

Yet, not everyone can work remotely. Remote jobs often gather in certain fields. These jobs usually require skilled workers who can operate without meeting in person. The tech sector dominates remote work, with almost 50% of job listings featuring flexible work arrangements. The finance, professional services, and utilities sectors also have a high share of remote workers.

Remote work is more common for highly educated workers. About 40% of people with advanced degrees have hybrid or remote jobs.

As industries adapt to digital transformation, sectors like blockchain and the best crypto casino platforms are also benefiting from the rise of remote work. Blockchain technology makes work secure and clear. Many industries are leading the way for fully decentralized work environments. This shows that remote work is not a trend; it’s a lasting change in the global economy.

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Some workers in manufacturing or service jobs must be on-site.

“You can’t make carpet from your basement,” says Sandra Moran, the chief marketing officer at Workforce Software. This global company assists businesses in using technology to manage their large teams.

According to LinkedIn’s Global State of Remote and Hybrid Work report, remote job listings peaked at 20.3% in April 2022. That was over double the share in January 2021. It was also much higher than the 3% to 5% estimate many used for the pre-pandemic period.

The Bureau of Labor Statistics found that about 1 in 5 workers teleworked last August. That compares to 17.9% to 20% from October 2022 to August 2023.

“Remote work has made jobs more flexible and attractive. It draws in more applicants and allows companies to tap into a larger talent pool,” says Julia Pollak, Chief Economist at ZipRecruiter.

Fewer people are working remotely now—about 9% to 10%. Many have switched to hybrid schedules, including a few weekly office days or visits once every few months.

“The big change is in what we call remote,” says Nick Bunker, who directs North American research at Indeed. “We’re shifting into a new equilibrium with more people working remotely a few days a week. Hybrid work is now the most lasting and widespread form of remote work.

“Companies are shifting to hybrid models,” Layla O’Kane from Lightcast notes. “People don’t like commuting.”

A new study from Oxford University found that remote work has led to several changes. It has boosted productivity and raised housing prices. At the same time, it has lowered office rents and widened income inequality.

Other research shows remote workers pay less for commuting and office services. Yet, they often spend more on home office equipment and fun activities. Goldman Sachs predicts these spending shifts will likely last long-term.

Remote work has changed real estate. Office rents fell 8% in city centers. Meanwhile, housing costs rose 14% downtown and 25% in the suburbs. Many have moved to less crowded areas for more space, a home office, and outdoor living.

These trends began before COVID-19. The pandemic sped up the move to a more flexible work-life balance.

Over time, businesses have adjusted by setting up operations closer to where employees live. This marks a big change from when people used to go to cities to earn their pay.

Brad Case, chief economist at Middleburg Communities, says remote and hybrid work are key factors driving housing demand. This shift will have a bigger impact on suburban areas than city centers. If you work fully remote, downtown hubs like San Francisco and New York may no longer be ideal. “The real kicker is this encourages the jobs themselves to move.”

Conclusion

A Zillow survey shows that more people are moving to affordable housing markets, which have growing job opportunities. Popular destinations include Charlotte, Raleigh, Orlando, Jacksonville, Houston, and San Antonio, all attractive to remote workers.

The 2023 Talent Attraction Scorecard ranked Florida and Texas as the top states for attracting and keeping workers. Vermont also jumped to No. 3 after launching a program to pay people to move there.

During the pandemic, many people left New York and California and headed to Texas and Florida. Housing costs were lower there, and the rules were easier. “People started prioritizing more space in their living environments,” says University of Utah’s Ghent.

Yet remote work has challenges. Some companies are making workers return to the office. They say it’s important for mentorship and teamwork. Experts fear that remote work may increase income inequality. It mostly favors high-skilled workers who can take part.

Still, remote work isn’t going away. Data from the Economic Innovation Group shows that it is stable and growing. This shift is here to stay.