California’s real estate industry — powered by low mortgage rates, a homebuying binge and a construction push — is nearly back to its pre-pandemic employment levels.
When my trusty spreadsheet looked at state jobs data, 15 property-related categories had a total 2.92 million workers in April — down only 43,500 from February 2020, just before COVID-19 chilled the economy.
That means real estate jobs statewide are at 99% recovery, just shy of employment levels of late winter 2020. Note that many real estate workers are independent contractors and their jobs are not captured by official employment counts.
Compare that performance to how all other California bosses managed their staffing. The 13.3 million jobs in all other industries statewide fell by 1.3 million in 14 months. That puts the rest of California at 91% of pre-pandemic employment.
Real estate’s been so robust that three of its job categories have more workers than they did in…