Southern California added 21,700 real estate workers in the past year, a hiring pace faster than the overall job market.
My trusty spreadsheet found property-linked employment in Los Angeles, Orange, Riverside, and San Bernardino counties was 803,700 in November 2023. That’s off 1,200 for the month, but in pre-pandemic 2015-19, 2,020 jobs were cut on average in November.
Real estate work grew locally by 21,700 positions over 12 months, or a 2.8% gain while all other industries added 115,300 – or a 1.6% gain.
The sector’s big employment niche, construction, added 300 workers in the month and was up 18,800 over 12 months, or a 5% gain. (Note that numerous people who work in the real estate world are self-employed and are not tracked by traditional government job counts.)
Property-related jobs were 9.8% of local employment in November 2023, but accounted for 15.8% of Southern California hires for the year. Since 2010, the end of the Great Recession, real-estate-linked jobs have equaled 9.7% of all Southern California jobs and 12.2% of local hiring.
By the slice
Here’s how key real estate-related employment niches in Southern California fared …
Construction trade specialists: 266,400 employed by contractors – tying a post-Great-Recession high – after being flat for the month and up 13,700 over 12 months, or a 5.4% gain. Average November 2023 had 1,200 jobs lost.
Construction on buildings, civil projects: 125,800 workers in various trades – post Great Recession high – up 300 for the month and up 5,100 over 12 months, or a 4.2% gain. Average November 2023 had 460 jobs lost.
Lending: 102,600 folks in various slices of credit work – off 100 for the month and up 100 over 12 months, or a 0.1% gain. Average November 2023 had 100 job losses. This niche remains 14,800 jobs below pre-pandemic levels.
Real estate services: 141,800 people handling transactions and leasing – up 300 for the month and off 500 over 12 months, or a 0.4% drop. Average November 2023 had 60 job losses.
Building services: 114,500 jobs in commercial property operations – off 1,900 for the month and up 3,800 over 12 months, or a 3.4% gain. Average November 2023 had 140 job losses.
Supplies: 52,600 sellers of equipment and materials – up 200 for the month and off 500 over 12 months, or a 0.9% drop. Average November 2023 had 60 job losses.
Geographically speaking
Here is the real estate employment breakdown, by metro area …
Los Angeles County: Post-Great Recession high of 380,400 real estate jobs – up 1,400 for the month and up 9,800 over 12 months, or a 2.6% one-year gain. An average November in 2015-19 had 500 cuts. Property jobs equaled 8.1% of all LA workers last month.
Orange County: 231,600 real estate jobs – off 100 for the month and up 3,300 over 12 months, or a 1.4% one-year gain. An average November in 2015-19 had 520 cuts. Property jobs equaled 13.3% of all OC workers last month.
Inland Empire: 191,700 real estate jobs – off 2,500 for the month and up 8,600 over 12 months, or a 4.7% one-year gain. An average November in 2015-19 had 1,000 cuts. Property jobs equaled 11.2% of all IE workers last month.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
