Southern California added 21,700 real estate workers over the past year, a faster hiring pace than the overall job market.
According to my trusty spreadsheet, there were 803,700 real estate jobs in Los Angeles, Orange, Riverside, and San Bernardino counties in November 2023. That’s 1,200 fewer jobs per month, compared to an average of 2,020 jobs cut in November from 2015 to 2019 before the pandemic. .
Real estate jobs grew by 21,700 locally over the 12-month period, or 2.8%. Meanwhile, all other industries increased by 115,300, or 1.6%.
Construction, a large employment area in the sector, added 300 employees in the month, an increase of 18,800 or 5% over the 12-month period. (Note that many people working in the real estate industry are self-employed and are not tracked in traditional government employment numbers.)
Real estate jobs accounted for 9.8% of local employment in November 2023, but 15.8% of Southern California employment in the same year. Since the end of the Great Recession in 2010, real estate jobs represent 9.7% of all jobs in Southern California and 12.2% of local jobs.
slice by slice
Here’s how Southern California’s leading real estate employment niche worked out…
Construction industry experts: Contractor payrolls totaled 266,400, tying a post-Great Recession record, but up 13,700 jobs, or 5.4%, over the 12-month period, after being flat the previous month. On average, 1,200 jobs were lost in November 2023.
Building construction, civil engineering projects: The number of employees across various industries was 125,800, the highest level since the Great Recession, an increase of 300 for the month and 5,100 for the 12-month period, or 4.2%. On average, 460 jobs were lost in November 2023.
Rental: 102,600 people were engaged in various credit transactions, a decrease of 100 per month and an increase of 100 per 12 months, or an increase of 0.1%. The average number of employees in November 2023 was 100 people. Employment in this niche market remains 14,800 jobs below pre-pandemic levels.
Real estate services: Trading and leasing had 141,800 people, up 300 over the month and down 500 over the 12 months, or 0.4%. Average employment in November 2023 was 60 people.
Architectural services: Employment in commercial real estate operations was 114,500, down 1,900 for the month and up 3,800 over the 12-month period, or 3.4%. The average number of employees in November 2023 was 140 people.
Supplies: There were 52,600 equipment and materials sellers, an increase of 200 companies over the month and a decrease of 500 companies over the 12 months, or a decrease of 0.9%. Average employment in November 2023 was 60 people.
geographically speaking
Here’s a breakdown of real estate jobs by metropolitan area…
Los Angeles County: The number of real estate job openings was 380,400, the highest since the Great Recession, an increase of 1,400 for the month and 9,800 for the 12 months, or a 2.6% increase for the year. The average number of reductions in November from 2015 to 2019 was 500. Last month, real estate jobs accounted for 8.1% of Los Angeles’ total workforce.
Orange County: Real estate jobs totaled 231,600, down 100 jobs for the month and up 3,300 jobs over the 12 months, or 1.4% over the year. The average number of reductions in November from 2015 to 2019 was 520. Last month, real estate jobs represented 13.3% of all OC employees.
Inland Empire: Real estate job openings totaled 191,700, down 2,500 for the month and up 8,600 over the 12 months, or 4.7% over the year. The average number of reductions in November from 2015 to 2019 was 1,000. Last month, real estate jobs represented 11.2% of IE’s total workforce.
Jonathan Ranzner is a business columnist for Southern California News Group. Please contact us at jlansner@scng.com.