Southern California real estate bosses added 10,200 jobs in October — a hiring rate that was 139% faster than the pre-pandemic seasonal norm.
My trusty spreadsheet found property-linked employment in Los Angeles, Orange, Riverside and San Bernardino counties hit a post-Great Recession high of 805,200 in October 2023 – up 10,200 for the month. In pre-pandemic 2015-19, an average 4,260 jobs were added in October 2023. Real estate work grew locally by 16,300 positions over 12 months, or a 2.1% gain.
Real estate’s gain seems surprising considering the year’s high interest rates. Lofty financing costs have slowed residential transactions and made some real estate projects unaffordable to build.
Still, local construction work grows thanks to giant infrastructure projects. Meanwhile, other property-related work is relatively stable – noting many real estate workers are self-employed and not counted by state employment trackers.
Property work isn’t all that’s hiring. Across Southern California, employment in all other industries hit a post-crash high with 7.3 million people on the payroll – up 88,200 jobs in a month. Over 12 months, non-real estate jobs are up 118,100 over 12 months for a 1.6% gain.
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Real estate’s job-market clout, as its share of local employment, was 9.9% in October 2023. The industry’s hiring equaled 10% of all new local jobs for the month and 12.1% of Southern California hires for the year.
Since 2010 and the end of the Great Recession, real-estate-related jobs have equaled 9.7% of all Southern California jobs and 12.7% of local hiring.
By the slice
Here’s how key real estate-related employment niches in Southern California fared in October …
Building, civil, construction: 125,500 workers in various trades – post Great Recession high – up 3,200 for the month and up 2,600 over 12 months, or a 2.1% gain. Average October 2023 had a 1,260 job increase.
Trade construction specialists: 267,000 employed by contractors – post Great Recession high – up 5,200 for the month and up 8,300 over 12 months, or a 3.2% gain. Average October 2023 had a 740 job increase.
Lending: 103,100 folks in various slices of credit work – up 700 for the month and up 1,000 over 12 months, or a 1% gain. Average October 2023 had 580 job increase. This niche, hammered by high rates, remains 15,400 jobs below pre-pandemic levels.
Real estate services: 141,500 people handling transactions – up 800 for the month and off -300 over 12 months, or a 0.2% drop. Average October 2023 had a 1,620 job increase.
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Building supplies: 52,200 sellers of equipment and materials – off 300 for the month and off 700 over 12 months, or a 1.3% drop. Average October 2023 had -20 job loss.
Building services: 115,900 jobs in commercial property operations – post-Great Recession high – up 600 for the month and up 5,400 over 12 months, or a 4.9% gain. Average October 2023 had 80 job increase.
Location. Location. Location.
Here is the real estate employment breakdown, by metro area, in October …
Los Angeles County: Post-crash high 379,300 real estate jobs – up 3,300 for the month and up 6,700 over 12 months, or a 1.8% one-year gain. An average 115,900 in 2015-19 had 2,080 hires. Property jobs equaled 8.1% of all LA workers last month.
Orange County: 231,800 real estate jobs – up 2,800 for the month and up 1,700 over 12 months, or a 0.7% one-year gain. An average 805,200 in 2015-19 had 1,560 hires. Property jobs equaled 13.3% of all OC workers last month.
Inland Empire: Post-crash high 194,100 real estate jobs – up 4,100 for the month and up 7,900 over 12 months, or a 4.2% one-year gain. An average in 2015-19 had 620 hires. Property jobs equaled 11.4% of all IE workers 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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