Real estate employment in Southern California was 38% faster than the seasonal norm due to a construction hiring spree in the spring. In April, there were 796,600 property-linked jobs in Los Angeles, Orange, Riverside, and San Bernardino counties, up 10,400 for the month. However, it was down 2,800 over 12 months, or a 0.4% drop. Construction added the most jobs, with 367,900 workers in various trades, up 7,600 for the month but down 4,000 over 12 months. Real estate services added 600 jobs, building services added 1,900, lending remained flat, and building supplies added 300. Los Angeles County had 384,600 real estate jobs, Orange County had 227,900, and the Inland Empire had 184,100.
Citing a recent report by Daily News, Southern California’s real estate job market saw a significant increase in April. The surge in hiring was attributed to the construction industry, which added 7,600 jobs in various trades. Additionally, large infrastructure projects and homebuilders rushing to complete contracted sales also contributed to the hiring spree.
To complete the picture, property-linked employment in real estate industries in Los Angeles, Orange, Riverside, and San Bernardino counties was 796,600 in April. This is up 10,400 for the month, but down 2,800 over 12 months, resulting in a 0.4% drop. Despite this decline, the job growth rate was significantly higher than the pre-pandemic average of 7,540 new real estate workers for April in 2015-19.
While the construction industry saw the highest increase in employment, other real estate-related niches also experienced growth. Building services, for example, saw a gain of 1,900 jobs in commercial property operations, resulting in a 4.3% one-year gain. Real estate services also saw a slight increase of 600 jobs for the month and 200 over 12 months, resulting in a 0.3% one-year gain.
However, not all real estate niches experienced growth. Lending, for instance, remained flat for the month and was down 2,900 over 12 months, resulting in a 1.6% drop. Building supplies also saw a decline of 1,100 jobs over 12 months, resulting in a 2% drop.
Geographically speaking, Los Angeles County had the highest number of real estate jobs at 384,600. This is up 2,000 for the month but down 3,400 over 12 months, resulting in a 0.9% one-year drop. Orange County, on the other hand, saw a slight increase of 3,000 jobs for the month and 200 over 12 months, resulting in a 0.1% one-year gain. Inland Empire saw the highest growth rate of 5,400 jobs for the month and 400 over 12 months, resulting in a 0.2% one-year gain.
Despite the To complete the picture decline in real estate jobs over 12 months, the surge in hiring in April is a positive sign for Southern California’s real estate industry. The increase in construction jobs and home sales can be attributed to the region’s strong housing demand and low inventory, which has created a competitive market for homebuyers. As a result, the real estate industry is expected to continue to play a significant role in Southern California’s economy.
