As the workforce moves further away from the immediate economic impacts of the COVID-19 pandemic, one change seems like it’s here to stay: the widespread adoption of flexible and remote work.
According to the latest findings of the Chicago Fed Survey of Economic Conditions (CFSEC), businesses across various sectors have maintained a higher level of remote work compared to pre-pandemic times.
The survey classified industries “high-teleworkable” and “low-teleworkable” based on the potential for remote work. Results show that the median share of remote workers in high-teleworkable sectors surged to 80% at the peak of the pandemic and has stabilized at a level 15 percentage points higher than pre-pandemic figures.
In comparison, most low-teleworkable sectors have seen employees return to on-site work. However, it’s also worth mentioning that remote work levels for this category remain above pre-pandemic levels.
This updated data reveals significant long-term transformations in how and where people work — potentially impacting job satisfaction, productivity rates, and the overall commercial real estate market.
The survey, which gathered insights from business, nonprofit, and government leaders from July 2021 through March 2024, reveals that while the initial surge in remote work has stabilized, it remains substantially more prevalent than before the pandemic.
High-teleworkable sectors such as finance and insurance, information services, and professional services show a notable continuation of remote work practices. Meanwhile sectors like education and hospitality are seeing a more considerable return to on-site operations.
According to the insights published by the Federal Reserve Bank of Chicago, this enduring increase in remote work is supported by data from both the CFSEC and the U.S. Survey of Working Arrangements and Attitudes (SWAA). While the SWAA, which polls individuals directly, shows a higher incidence of remote work than CFSEC, both surveys highlight the fact that the new work practices persist.
