Hiring in Southern California’s real estate-related industries essentially halted in April, at the start of the usually robust springtime sales period.
Rising mortgage rates have slowed everything from new construction to renovations to the pace of real estate transactions. Consider that over the last 12 months, local real estate work shrank locally by 1,700 positions – an 0.2% drop. Compare that with the average 12-month hiring pace of 13,500 new jobs since the 2010, the end of the Great Recession.Rates have been rising for two years.
Don’t overlook real estate’s job-market clout. Its share of local employment at 9.7% in April 2024 and its hiring equaled 10.6% of the region’s job growth since 2010.248,100 employed by contractors – down 1,600 for the month but up 2,000 over 12 months. Average April in 2015-19 had 3,480 job increase. It’s 10,200 below the post-Great Recession peak set in October 2023.120,400 workers in various trades – down 400 for the month and off 700 over 12 months. Average is 1,200 job increase.