A slew of new real estate jobs were added in Southern California last month, at a rate more than double that of seasonal hiring in pre-recession times, according to the OC Register, which cited data from California’s Employment Development Department.
More than 10,000 industry jobs – including lending, construction and real estate services – were added in October in Los Angeles, Riverside, Orange and San Bernardino counties, bringing total regional industry employment to 805,200. From 2015 to 2019, an average of just 4,260 jobs were added in October – a difference of 139 per cent.
Real estate work in the region grew by 16,300 jobs over the past 12 months, a 2.1 percent increase, while non-real estate work grew by 118,100 jobs over the same period, a 1.6 percent increase, according to the OC Register. The boom comes despite high interest rates that make some development projects financially unviable.
Property-related jobs accounted for 9.9 per cent of all jobs in the region in October this year, while hiring in the sector accounted for 10 per cent of all new jobs for the month and 12.1 per cent for the year. Since 2010, real estate occupations have accounted for 9.7 percent of all jobs in the region and 12.7 percent of local hires.
Los Angeles County reached a post-Great Recession high of 379,300 real estate jobs – an increase of 3,300 for the month and 6,700 over 12 months, or an annual increase of 1.8 percent. Real estate jobs accounted for 8.1 percent of all L.A. workers in October.
The Inland Empire also reached a post-Great Recession high with 194,100 real estate jobs – up 4,100 for the month and 7,900 over last year for a yearly gain of 4.2 percent. Real estate jobs accounted for 11.4 percent of all Inland Empire workers in October. Meanwhile, Orange County is home to 231,800 real estate jobs – up 2,800 for the month and 1,700 over last year – while employment in the industry accounted for 13.3 percent of all Orange County workers in October.
Specialty trade contractors make up the largest share of real estate jobs in the region with a post-Great Recession high of 267,000 contractor jobs, up 5,200 for the month and up 8,300 over the past year for a 3.2 percent gain. Real estate services is the second largest group with 141,500 jobs, up 800 for the month but down 300 over the past 12 months.
“Construction” and “building services” are also at post-Great Recession highs, with 125,500 jobs in miscellaneous trades and 115,900 jobs in building services. Finally, credit and finance accounts for 103,100 jobs – up 700 for the month and 1,000 over 12 months. However, employment remains 15,400 jobs below pre-recession levels due to high interest rates.
