It's often said that a healthy real estate market will drive an economy. We all know that the US real estate market has been tumultuous over the past several years. If we watch hiring trends in this industry, will an increase in job ads signal that the market is getting better?
First of all, hiring seems to be increasing. After a decline in hiring demand during November and December (likely a seasonal trend), more than 9,300 job ads were posted online for jobs within the real estate industry in January 2012. This represents a 20% increase compared to the same month in 2011. Hiring has also increased compared to previous years – up 43% from January 2010 and 48% from January 2009. However, the volume of ads has not reached the highs seen pre-recession and is still down about 29% from January 2008.
Hiring Demands in the Real Estate Industry – 4 Year Hiring Trend
Within real estate, hiring at Real Estate Agents and Broker offices account for almost half the jobs that were posted during January. More than 4,100 job ads were posted online in this part of the industry, a 15% year-over-year increase. Residential Lessor offices placed the second highest volume of job ads, at a 37% increase. Commercial Real Estate offices placed the third highest volume of jobs, also seeing an increase of about 23% compared to last year.
New York, which has seen one of the more stable real estate markets over the past several years, also saw the highest hiring demand during January. There were more than 700 job ads posted online in this area, a 73% growth compared to 2011. Los Angeles, Washington (DC), Chicago, and Dallas were other cities with the highest number of job ads. Hiring in Los Angeles and Chicago increased compared to last year, while real estate companies in Washington, DC and Dallas placed fewer ads.
Hiring Trends in the 5 Cities with Most Real Estate Job Ads
With all the increased demand by the real estate industry, will recruiting be easy or difficult? Our Hiring Scale™ shows that these jobs are likely to be moderately difficult to fill nationwide. Despite hiring in New York growing so significantly over the past year, Recruiters here are likely to experience conditions in-line with national averages. On the other hand, Los Angeles is likely to see one of the most difficult conditions across the country. Although both New York and Los Angeles have seen considerable growth in hiring, the talent pool of qualified potential candidates in New York is larger. There are about 6,600 potential candidates currently working in the real estate industry in Los Angeles. In comparison, the pool of candidates is 2.5 times as large in New York. This means Recruiters sourcing for job openings in the New York area have more candidates to choose among, leading to more favorable recruiting conditions than will be seen in the Los Angeles area.
Hiring Scale for the Real Estate Industry in New York
Hiring Scale for the Real Estate Industry in Los Angeles
Are you sourcing candidates for an opening in the real estate industry? Try our free online Hiring Scale™ to see how difficult it will be to find candidates in your area, average salary ranges for any position, and who your competition for talent is.
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February 13, 2012 - realestateceu.com
If Real Estate Drives the Economy, Is Increased Hiring a Signal of … | Real Estate