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Daily News reports Southern California’s real estate hiring 55% above average


Real estate employment in Southern California saw a significant increase in June, defying the high mortgage rates. The industry added 6,500 jobs, a 55% faster pace than usual. Despite this growth, there has been a slowdown compared to previous years, with a 0.8% increase over the past year, lower than the average pace since the Great Recession.

Real estate continues to have a strong presence in the job market, accounting for 9.6% of employment in the five-county area. In June, the industry contributed to 25% of all new local jobs, highlighting its significant impact.

Construction specialists saw a modest increase in employment, while lending-related jobs experienced a slight decline. Real estate services and building supplies also saw gains, with the commercial property operations sector reaching a record high in employment.

Geographically, Los Angeles County has the highest number of real estate jobs, followed by Orange County, the Inland Empire, and San Diego County. Each region experienced job growth in June, contributing to the overall positive trend in the industry.

Overall, real estate employment in Southern California remains strong, despite the challenges posed by high mortgage rates and the Federal Reserve’s efforts to cool the economy. With continued growth and expansion in various sectors of the industry, the future looks promising for real estate professionals in the region. Jonathan Lansner, the business columnist for the Southern California News Group, can be contacted for further information on this topic.

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Photo credit www.dailynews.com

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