Southern California reportedly added a large number of new real estate jobs last month, more than double the number of seasonal jobs before the pandemic. OC registerciting data from the California Employment Development Department.
In October, Los Angeles, Riverside, Orange, and San Bernardino counties added more than 10,000 industry jobs, including lending, construction, and real estate services, bringing the total number of regional industry jobs to 805,200. Ta. From 2015 to 2019, an average of only 4,260 jobs were added in October, a difference of 139%.
According to , real estate jobs in the region increased by 16,300, or 2.1%, over the past 12 months, while non-real estate jobs increased by 118,100, or 1.6%, over the same period. OC register. This boom occurs despite high interest rates that make some development projects financially unsustainable.
In October this year, real estate jobs accounted for 9.9% of all jobs in the region, 10% of all new jobs in the month and 12.1% for the year. Since 2010, real estate occupations have accounted for 9.7 percent of all employment in the region and 12.7 percent of local employment.
Los Angeles County real estate jobs hit a post-Great Recession high of 379,300, an increase of 3,300 for the month, 6,700 for the 12-month period and 1.8% for the year. In October, real estate jobs accounted for 8.1% of LA workers.
The Inland Empire also recorded 194,100 real estate jobs, the highest level since the Great Recession. This is an increase of 4,100 cases over the month, an increase of 7,900 cases over last year, and an increase of 4.2% over the year. In October, real estate jobs accounted for 11.4% of the Inland Empire’s total workforce. Meanwhile, Orange County has 231,800 real estate-related jobs, an increase of 2,800 jobs per month and 1,700 jobs compared to last year, but industry employment accounted for 13.3% of all Orange County workers in October. is occupying.
Trade construction professionals account for the largest portion of real estate jobs in the region, with 267,000 contractor jobs at the highest level since the Great Recession, an increase of 5,200 jobs in the month and in the past year. 8,300 cases, an increase of 3.2%. Real estate services were the second largest group with 141,500 jobs, an increase of 800 jobs in the month, but a decrease of 300 jobs in the 12 months.
The “architecture, civil engineering, and construction” industry and construction services are also at their highest levels since the Great Recession, with 125,500 jobs across various industries and 115,900 jobs in construction services. Finally, lending and finance jobs totaled 103,100, an increase of 700 for the month and 1,000 for the 12-month period. However, employment remains 15,400 below pre-pandemic levels due to high interest rates.
Nick Trombola can be contacted at: NTrombola@commercialobserver.com.