Southern California’s real estate job market rebounded in May.
Veteran business columnist Jonathan Lasner said the region added 6,200 real estate jobs in May, from brokers to construction workers, 77% faster than normal for the region. Orange County Register. His research found that the industry added an average of 3,500 jobs between 2015 and May 2019.
Real estate employment in the region totaled 802,700, according to the California Employment Development Department.
Employment growth was fastest in construction, which added 5,200 workers. In May, 373,300 people worked in construction in the Southern California region. The construction services industry added another 900 jobs, and the building materials industry added 400 jobs. About 300 jobs are in real estate services, which process transactions. Jobs have also been lost in other industries, including real estate lending.
Geographically, Orange County has made tremendous progress. The real estate sector added about 2,200 jobs in May, compared with an average of 1,260 over the past five months. The Inland Empire also saw another huge gain, adding about 4,100 real estate-related jobs for the month.
In Los Angeles County, real estate jobs declined. Total employment in Los Angeles County fell 0.8% year over year, or 3,200 jobs. The industry lost 100 jobs in May in Los Angeles County, which employs 385,300 real estate workers.
The real estate loan industry remains weak. In the region, real estate finance supported 177,400 jobs, 13,300 fewer than before the pandemic. The industry lost 600 jobs in May and lost 1,200 jobs last year.
Lassner sees the job growth as an example of the real estate industry catching up after a wet winter and spring caused project delays. She also pointed to higher interest rates as one of the reasons for the slow growth in real estate jobs over the past year.
– andrew ashe
