Southern California Real Estate Hiring Surges 55% Above Average in June 2024

Construction workers in Southern California are staying busy despite rising mortgage rates, with hiring in the real estate industry outpacing expectations. In June 2024, property-linked employment in Los Angeles, Orange, Riverside, San Bernardino, and San Diego counties reached 917,500, an increase of 6,500 jobs for the month. This hiring spree is 55% faster than the average seasonal norm, showcasing the resilience of the real estate market in the region.

However, the hiring trend is starting to cool as the Federal Reserve implements high interest rates to control the economy. Real estate work in Southern California grew by 7,400 positions in the past year, a modest 0.8% increase compared to the 17,100 jobs added on average annually since the Great Recession. Despite the slowdown, the industry remains a significant player in the job market, accounting for 9.6% of total employment in the five-county region.

Trade construction specialists, project construction workers, lending professionals, real estate service providers, and building supplies sellers all saw increases in employment in June. The Inland Empire, with 183,800 real estate jobs, experienced a 0.8% one-year gain, while Orange County led the pack with a 0.9% increase in real estate employment.

Overall, the real estate industry continues to be a driving force in Southern California’s economy, contributing significantly to job growth and economic stability in the region. Despite challenges posed by high mortgage rates, construction workers and real estate professionals are forging ahead, laying the foundation for a strong and resilient market.