In this typically good month for housing, hires between 2015-19, averaged a gain of 3,460 positions.
Southern California bosses in real estate-related industries cut staff in March amid wet weather and a sluggish property market.
Real estate employment in Los Angeles, Orange, Riverside and San Bernardino counties was 763,100 in March, off 4,600 for the month and off 10,100 over 12 months – or a 1.3% one-year drop.
March is typically a good month for real estate hires. In pre-pandemic 2015-19, 3,460 jobs were added in this month on average.
Across Southern California, all other industries had 7.2 million workers – up 22,900 jobs from February. Over 12 months, non-real estate jobs are up 167,900, or a 2.4% gain. Real estate’s share of local employment was 9.6% last month.
Here are key real estate-related employment niches in Southern California and March jobs …
Construction: 359,200 workers in various trades – off 3,300 for the month and off 9,100 over 12 months, or a 2.5% drop. The average March had a 3,100-job increase. Wet weather can slow or halt construction projects.
Real estate services: 137,700 people handling transactions – off 1,200 for the month and up 1,000 over 12 months, or a 0.7% gain. The average March had 160 job losses. Buying and renting of properties has slowed.
Building services: 109,500 jobs in commercial property operations – up 400 for the month and up 2,600 over 12 months, or a 2.4% gain. The average March had 220 job losses. A return to office work helps this niche.
Lending: 103,800 folks in various credit work – off 1,000 for the month and off 4,100 over 12 months, or a 3.8% drop. Average March had a 340-job increase. Thanks to soaring mortgage rates, this niche remains 11,200 jobs below pre-pandemic levels.
Building supplies: 52,900 sellers of equipment and materials – up 500 for the month and off 500 over 12 months, or a 0.9% drop. Average March had a 640-job increase. Did slower construction lower supply purchases?
Here’s the breakdown, geographically speaking …
Los Angeles County: 360,600 real estate jobs – off 2,400 for the month and off 5,600 over 12 months, or a 1.5% one-year drop. An average March in 2015-19 had 1,040 hires. Property jobs equal 7.8% of all L.A. workers last month.
Orange County: 224,500 real estate jobs – off 200 for the month and off 1,500 over 12 months, or a 0.7% one-year drop. An average March in 2015-19 had 760 hires. Property jobs equal 13.3% of all O.C. workers last month.
Inland Empire: 178,000 real estate jobs – off 2,000 for the month and off 3,000 over 12 months, or a 1.7% one-year drop. An average March in 2015-19 had 1,660 hires. Property jobs equal 10.7% of all I.E. workers last month.
Source: dailynews.com
