Brokers and other real estate companies added 6,300 new jobs in March, a payroll growth rate that exceeded that of the United States as a whole.
Most real estate companies continued to outpace national hiring numbers in March, although homebuilders eased off.
Brokers and other real estate service providers hired 6,300 seasonally adjusted new workers last month, up 0.4% from February employment levels, according to the US Department of Labor. latest jobs report.
Real estate job growth came in another month as the U.S. economy added 431,000 new jobs to nonfarm payrolls on a seasonally adjusted basis. The 0.3% monthly increase is slightly below consensus expectations, Odeta Kushi, deputy chief economist at First American Financial Corp., said in a statement.
The national pace of hiring in March would put the country on track to reach its pre-pandemic employment levels by July, Kushi said.
Hiring by homebuilders slowed slightly last month, but that decline was more than offset by an increase in hiring by specialty residential contractors.
“Globally, [there was] a net gain of 7,600 residential construction jobs, which is good news for this labor-intensive industry and the prospect of greater housing supply,” Kushi said in the statement. .
Residential construction hiring has been strong in recent months, making up for lost ground in the spring and summer of 2021.
Overall payrolls across all non-agricultural sectors were 4.5% higher in March than at the same time last year. Payrolls for homebuilders rose 3.6% during this period, while employment for residential contractors rose 3.3%.
But the category that includes real estate brokers posted a strong year of hiring throughout the year. These payrolls have increased by 4.7% over the past 12 months, exceeding the national rate.
Employment in DIY and garden stores held roughly in line with expectations in March. After adjusting for seasonal factors, employment at these retailers fell slightly from the previous month.
These gains have been supported by a young population that has become increasingly active in the labor market. This share of prime-age adults participating in the labor force rose from 82.2% in February to 82.5% in March.
“Still below the pre-pandemic period, but it’s great to see some upward movement,” Kushi said. “It’s a promising sign for more labor supply in March.”
The report comes as the economy continues to grapple with uncertainty related to Russia’s invasion of Ukraine and ensuing sanctions, wildly fluctuating commodity prices and supply chain disruptions. supply that have greatly affected the residential construction industry and beyond.
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