A springtime construction hiring spree pushed Southern California real estate jobs to a pace that was 38% faster than the seasonal norm.
Property-linked employment in real estate industries in Los Angeles, Orange, Riverside and San Bernardino counties was 796,600 in April – up 10,400 for the month but off 2,800 over 12 months, or a 0.4% drop. It was a busy month with job growth running well above the pre-pandemic average of 7,540 new real estate workers for April in 2015-19.
Construction got some help from large infrastructure projects and homebuilders rushing to complete contracted sales. Workers returning to some offices boosted staffing building services. But higher mortgage rates were a drag on employment for transaction handlers.
Which Southern California industry added the most jobs in April?
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Here’s a look at key real estate-related employment niches in Southern California and how they did in April …
Construction: 367,900 workers in various trades – up 7,600 for the month and off 4,000 over 12 months, or a 1.1% one-year drop. Average April had a 4,680 job increase.
Real estate services: 77,800 people handling transactions – up 600 for the month and up 200 over 12 months, or a 0.3% one-year gain. Average April had a 640 job gain.
Building services: 120,500 jobs in commercial property operations – up 1,900 for the month and up 5,000 over 12 months, or a 4.3% one-year gain. Average April had a 1,800 job increase.
Lending: 177,200 folks in various credit work was flat for the month and off 2,900 over 12 months, or a 1.6% drop. Average April 2023 had a 240 one-year job loss. This niche remains 13,500 jobs below pre-pandemic levels.
Building supplies: 53,200 sellers of equipment and materials – up 300 for the month and off 1,100 over 12 months, or a 2% drop. Average April had a 660 one-year job increase.
Here’s the breakdown, geographically speaking …
Los Angeles County: 384,600 real estate jobs – up 2,000 for the month and off 3,400 over 12 months, or a 0.9% one-year drop. An average April in 2015-19 had 2,680 hires. Property jobs equal 8.3% of all L.A. workers.
Orange County: 227,900 real estate jobs – up 3,000 for the month and up 200 over 12 months, or a 0.1% one-year gain. An average April in 2015-19 had 1,900 hires. Property jobs equal 13.3% of all O.C. workers.
Inland Empire: 184,100 real estate jobs – up 5,400 for the month and up 400 over 12 months, or a 0.2% one-year gain. An average April in 2015-19 had 2,960 hires. Property jobs equal 11% of all I.E. workers.
PS: Across Southern California, all other industries had 7.2 million workers in April – up 41,700 jobs. Over 12 months, non-real estate jobs are up 162,900. That’s a 2.3% gain. Real estate’s share of local employment was 9.9% last month.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Source: Orange County Register
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