How popular is real estate in California? He got 99% jobs back – Lake County Record-Bee



The California real estate industry, backed by low mortgage rates, bustling shopping and construction, is almost back to pre-pandemic employment levels.

When my robust spreadsheet presented statewide employment data across 15 real estate-related categories, 2.92 million people were employed in April – just 43,500 people compared to February 2020, just before COVID-19 cooled the economy.

This means that real estate jobs across the state are recovering 99%, just below the employment rate at the end of winter 2020. Please note that many real estate workers are independent contractors and their work is not reflected in official employment estimates.

Compare this performance to how all of California’s other bosses have managed their staff. 13.3 million jobs in all other industries across the state fell 1.3 million in 14 months. This brings the rest of California to 91% employment before the pandemic.

The real estate industry is so high that there are more employees in its three job categories than in February 2020. They are all related to construction: architecture / engineering, building construction and building materials stores.

In addition to real estate, California’s industries that surpassed pre-pandemic jobs include transportation and warehousing, family services, electronics manufacturing, and grocery stores.

The worst-hit real estate sector was rent, reflecting the challenges that homeowners faced during the pandemic. However, its workforce is at 88% of the pre-virus level – far from weak growth in tourism, recreation and entertainment in California, where it is staffed two-thirds of February 2020.

It’s clear that real estate has played a big role in keeping the state’s economy afloat as it struggled to tame the killer virus. It will certainly be fascinating to see how real estate develops after the economy fully recovers after June 15th. One potential problem: a stronger national economy could raise interest rates and affect enthusiasm for real estate investment.

This is how 15 niches of real estate vacancies have done well since February 2020: share of previous employment, current workforce and 14-month changes (ranked in order of percentage recovery) …

Rental Property: 88% from February 2020 – 60,200 employees in April decreased by 7,900 in 14 months.

Furniture manufacture: 89% – 29,000 workers, a decrease of 3,600.

Furniture stores: 89% – 46.7 thousand workers, a decrease of 5.6 thousand people.

Real estate brokers: 92% – 50,400 workers, a decrease of 4,200.

Construction services: 95% – 239,400 workers, a decrease of 13,900.

Wholesale of building materials: 96% – 23,100 workers, a decrease of 1,000.

Property management: 97% – 109.6 thousand workers, a decrease of 3.2 thousand people.

Manufacture of wood products: 98% – 25,500 workers, less than 600.

Specialty Contractors: 98% – 581,000 workers, down 11,800.

Heavy construction: 98% – 90,500 workers, 1,500 fewer.

Building: 99% – 882,200 people, 9,700 less.

Lending: 100% – 242,200 workers, a decrease of 900.

Architectural Engineering: 101% – 189,000 workers, an increase of 1,200.

Building: 102% – 210.7 thousand workers, an increase of 3.6 thousand.

Building material stores: 113% – 138.6 thousand people, an increase of 15.6 thousand people.

Jonathan Lansner is a business commentator for the Southern California News Group. You can contact him at


Source link