There is a lack of experienced workers in the real estate sector, precisely at a time when the market is rebounding at breakneck speed.
Pasadena, CA (PRWEB) April 25, 2013
Pasadena, CA – Residential housing sales were up 1.5 percent in March, based on figures released Tuesday by the Commerce Department. The housing recovery has spurred job growth beyond the construction and real estate sector, according to employment data on Hound.com.
March was another strong month in the housing recovery, according to newly released figures by the U.S. Department of Commerce. Sales for new single-family homes were at a seasonally adjusted rate of 417,000, up 1.5 percent over the revised numbers for last month. When compared with the figures from a year ago, the vast improvement of the housing market is put into sharp relief: last month’s rate represented an 18.5 percent increase over the March 2012 sales of 352,000. Taken together with the previous week’s housing numbers, in which building permits, housing starts, and housing completions all rose in March, the picture has been one of a steadily improving market.
As the housing market has continued its upward trend, this has translated into new jobs created in both industries directly and indirectly connected to the housing sector. There are the obvious improvements in construction and manufacturing, as well as the return of many of the real estate jobs that were eliminated at the worst of the economic downturn. While many of the jobs are concentrated in these sectors, the production and sale of new homes are a reliable source of tax revenue for local municipalities as well. This translates into extra funds for schools, city law enforcement, and communities in general, which can lead to further job creation in those areas.
The latest Commerce Department figures reflected employment trends on Hound.com, a leading job search website. The industries most directly related to the housing market have, for obvious reasons, fared the best. Construction registered over 4,000 jobs, and real estate and land jobs listed over 4,200 jobs at the time that this release was written. Many of the jobs were property management-related, but a significant portion of the listings were for brokers and real estate agents, as well.
Growth in the housing sector has also carried over to a greater need for real estate finance attorneys to handle the more complicated transactions involving home sales. Since the housing crash resulted in much of the real estate-related work drying up from 2008 – 2010, many of the attorneys who would normally have practiced in that area were moved to other practice groups. The result has been a pent-up demand for attorneys with real estate experience, especially in light of the booming demand. This trend echoes across other industries that were hit hard by the economic recession; there is now a lack of experienced workers in the real estate sector, precisely at a time when the market is rebounding at breakneck speed.
“The story of the housing recovery is really one of a trickle-down effect,” said Harrison Barnes, CEO of Hound.com. “Job creation has not been limited to the typical housing-related areas, but has really rippled out to benefit entire cities and communities where the construction of these homes is taking place. It’s a win-win for the American economy and job-seekers benefit most from it.”
Hound.com is a job site based in Pasadena, CA. It was purchased by the Employment Research Institute in 2005, which is owned by A. Harrison Barnes.