Southern California Real Estate Job Market Booms in October
The real estate industry in Southern California is booming, with a significant increase in jobs in October. According to recent data, real estate bosses in the region added 10,200 jobs, a hiring rate that was 139% faster than the pre-pandemic seasonal norm.
This surge in employment has pushed property-linked employment in Los Angeles, Orange, Riverside, and San Bernardino counties to a post-Great Recession high of 805,200 jobs in October 2023. This marks a substantial increase of 16,300 positions over the past 12 months, representing a 2.1% gain.
Despite high interest rates affecting residential transactions and real estate projects, the industry continues to thrive. Construction work is also on the rise, thanks to major infrastructure projects in the region. Additionally, other property-related work remains stable, with many real estate workers being self-employed and not counted by state employment trackers.
Overall, employment in all industries across Southern California hit a post-crash high, with 7.3 million people on the payroll. Non-real estate jobs saw an increase of 88,200 jobs in a month and 118,100 jobs over the past 12 months, representing a 1.6% gain.
Real estate’s job-market clout in Southern California was 9.9% in October 2023, with the industry’s hiring accounting for 10% of all new local jobs for the month and 12.1% of Southern California hires for the year.
Key real estate-related employment niches in Southern California also saw growth in October, with building, civil, and construction jobs reaching a post-Great Recession high of 125,500 workers. Trade construction specialists and lending professionals also experienced increases in employment.
The breakdown of real estate employment by metro area in October shows that Los Angeles County, Orange County, and the Inland Empire all saw significant job growth in the industry. With the real estate market thriving in Southern California, the future looks bright for the region’s economy.