Real estate jobs start year with a chill
The usual start-of-theyear drop in Southern California real estate jobs this year was 14% larger than the norm.
My trusty spreadsheet found property-linked employment in Los Angeles, Orange, Riverside and San Bernardino counties was 754,500 in January 2024 — off 12,700 for the month. It’s largely a seasonal dip.
In pre-pandemic 201519, an average 11,120 jobs were cut in January. Note that many people who work in the real estate world are self-employed and not tracked by traditional government job counts.
However, real estate work in the past 12 months grew locally by 13,000 positions — a 1.8% increase. But that trails the 14,000-a-year hiring pace since the Great Recession ended.
Real estate’s big employer, construction, cut 9,900 workers in the month but was up 14,000 over 12 months, or a 4% gain.
Across Southern California, employment in all other industries was 7.15 million workers — off 114,500 jobs in a month. Over 12 months, non-real estate jobs are up 63,400, or a 0.9% gain.
Don’t overlook real estate’s job market clout. Since 2010, these real estate-linked workers have equaled 9.7% of all Southern California jobs and 11.2% of local hiring.
By the slice
Here’s how key real estate-related employment niches in Southern California fared …
TRADE CONSTRUCTION SPECIALISTS >> 248,400 employed by contractors — off 7,200 for the month but up 11,300 over 12 months, or a 4.8% gain. Average January in 2015-19 had 5,880 job loss.
BUILDING/CIVIL/CONSTRUCTION >> 119,500 workers in various trades — off 2,700 for the month but up 2,700 over 12 months, or a 2.3% gain. Average January had 1,580 job loss.
LENDING >> 88,700 folks in various slices of credit work — flat for the month and off 4,400 over 12 months, or a 4.7% drop. Average January had 560 job loss. This niche remains 3,200 jobs below pre-pandemic levels.
REAL ESTATE SERVICES >> 140,200 people handling transactions — off 1,400 for the month but up 2,100 over 12 months, or a 1.5% gain. Average January had 2,380 job loss.
BUILDING SUPPLIES >> 51,400 sellers of equipment and materials — off 600 for the month but up 100 over 12 months, or a 0.2% gain. Average January had 220 job loss.
BUILDING SERVICES >> 106,300 jobs in commercial property operations — off 800 for the month but up 1,200 over 12 months, or a 1.1% gain. Average
January 2024 had 500-job loss.
Geographically speaking
Here is real estate employment’s breakdown, by metro area …
360,400 real estate jobs — off 5,600 for the month but up 1,700 over 12 months, or a 0.5% one-year gain. An average January in 2015-19 had 5,120 cuts. Property jobs equal 7.9% of all L.A. workers in January.
LOS ANGELES COUNTY >>
213,900 real estate jobs — off 3,200 for the month but up 3,300 over 12 months, or a 1.6% one-year gain. An average January in had 2,960 cuts. Property jobs equal 12.7% of all O.C. workers.
ORANGE COUNTY >>
180,200 real estate jobs — off 3,900 for the month but up 8,000 over 12 months, or a 4.6% one-year gain. An average January had 3,040 cuts. Property jobs equal 10.7% of all IE workers.
INLAND EMPIRE >>