March added only 2,200 jobs from February – 36% slower than the seasonal norm.
Construction workers at Nova Power Bank are seen at the project site Tuesday, April 23, 2024, in Menifee. Southern California real estate bosses have dramatically cooled their hiring pace as high interest rates trim construction plans and home sales.
Another slowdown sign: In the last 12 months, real estate work grew locally by 7,400 positions, but the industyr’s hiring pace has averaged 13,800 a year since 2010. So, 2024 is running 46% below par on an annual basis. Don’t overlook real estate’s job-market clout, with its share of local employment at 9.5% in March 2024. The industry’s hiring equaled 11% of all new local jobs since 2010, the end of the Great Recession.
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