Southern California Real Estate Sees Biggest Hiring Spree in Seven Years

Real estate bosses in Southern California have defied the odds by experiencing their biggest hiring spree in seven years, despite facing the economic challenges of higher interest rates. According to recent data, property-related employment in Los Angeles, Orange, Riverside, and San Bernardino counties reached 803,800 in December 2023, marking a 3.1% increase over the previous year.

The surge in hiring was largely attributed to a construction boom, including significant public infrastructure projects, which created 24,300 new jobs in the real estate sector. This growth was the largest seen since 2017, with an average of 16,600 new jobs added annually since the end of the Great Recession.

While real estate employment saw a substantial increase, overall employment in all industries across Southern California also saw a rise of 141,200 workers over the year, representing a 2% gain. Real estate accounted for 9.8% of local employment in December 2023, but made up 14.7% of all new hires in the region for the year.

The hiring patterns within the real estate industry varied, with some sectors experiencing growth while others saw minor reductions in their workforces. Trade construction specialists saw a 5.6% increase in employment, while building services and various construction trades also saw gains. However, real estate services and lending sectors experienced slight declines in employment.

Geographically, Los Angeles County had the highest number of real estate jobs at 379,100, followed by Orange County with 232,900 jobs and the Inland Empire with 191,800 jobs. Each region saw increases in real estate employment, with the Inland Empire experiencing the highest one-year gain of 4.9%.

Overall, the real estate industry in Southern California has shown resilience in the face of economic challenges, with a significant uptick in hiring that bodes well for the region’s economic outlook.