Up 6,500 workers for June vs. pre-pandemic 2015-19’s 4,200 average.
Construction workers lay the foundation of the Mt. Vernon bridge in San Bernardino on Friday, April 19, 2024. Southern California’s real estate bosses seemingly ignored pricey mortgage rates in June, hiring at a pace that was 55% faster than the seasonal norm.
Still, hiring is cooling, as expected, while the Federal Reserve continues to throttle an overheated economy with high interest rates. Real estate work grew locally by 7,400 positions in the past year – an 0.8% increase – compared with a 12-month hiring pace averaging 17,100 since the Great Recession. That’s 57% less.
We’ll note that many people who work in the real estate world are self-employed and are not tracked by traditional government job counts.
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