California’s real estate industry is almost back to pre-pandemic employment levels, supported by low mortgage rates, overeating home purchases, and driving construction.
Looking at state employment data in my credible spreadsheet, there were a total of 2.92 million workers in the 15 real estate categories in April, just 43,500 since February 2020, just before COVID-19 cooled the economy. The number of people has decreased.
That means real estate jobs across the state have recovered 99%, just below employment levels at the end of winter 2020. Please note that many real estate workers are independent contractors and their jobs are not included in the official employment numbers.
Compare its performance to how all other California bosses managed their staff. 13.3 million jobs in all other industries throughout the state fell by 1.3 million in 14 months. This brings 91% of pre-pandemic employment to other parts of California.
Real estate is very strong, with more workers in three occupations than in February 2020. All are construction related fields. Building / engineering, building construction, building materials store.
Other than real estate, California’s industries beyond pre-pandemic employment include transportation and warehousing, family services, electronics manufacturing and grocery stores.
The most hit sector of real estate was leasing. This reflects the challenges faced by the landlord during the pandemic. Still, its workforce is 88% of pre-virus levels, far from a weak recovery in California’s tourism, recreation and entertainment businesses, which have two-thirds of its staff in February 2020.
Obviously, real estate has played a major role in boosting the state’s economy because it struggled to tame the killer virus. It’s certainly fascinating to see how real estate works after the economy fully resumes after June 15. One potential problem: A stronger national economy can push up interest rates and change enthusiasm for real estate investment.
The status of the 15 real estate job niches since February 2020 is as follows: Previous employment, current workforce, and 14-month change share (ranked by recovery rate) …
Real Estate Rent: 88% in February 2020 — 60,200 workers in April decreased by 7,900 in 14 months.
Furniture manufacturing: 89% — 29,000 workers, down 3,600.
Furniture / Furniture Store: 89% — 46,700 workers, down 5,600.
Real Estate Agent: 92% — 50,400 workers, down 4,200.
Building services: 95% — 239,400 workers, down 13,900.
Building material wholesaler: 96% — 23,100 workers, down 1,000.
Asset management: 97% — 109,600 workers, down 3,200.
Manufacture of wood products: 98% — 25,500 workers, down 600.
Professional Trade Contractor: 98% — 581,000 workers, down 11,800.
Heavy structure: 98% — 90,500 workers, down 1,500.
construction: 99% — 882,200 workers, down 9,700.
lending: 100% — 242,200 workers, 900 down.
Architectural engineering: 101% — 189,000 workers, up 1,200.
Building construction: 102% — 210,700 workers, an increase of 3,600.
Building material store: 113% — 138,600 workers, up 15,600.
Jonathan Lansner is a business columnist for Southern California NewsGroup.He can reach at email@example.com
How hot is California real estate? It got 99% of its jobs back – Orange County Register Source link How hot is California real estate? It got 99% of its jobs back – Orange County Register