Real Estate Jobs that are not counted by the FED (Patreon)

Thanks Sanjay for sharing this chart.

Hey Team

An example of how higher rates have crushed certain industries - Real Estate Industry employs 3,940,656 people employed in the Commercial Real Estate industry (source IBIS World) in the US as of 2023 and another 2 million plus in Residential Real Estate (Chat GPT). 

When you examine the pink line above things look pretty dire.  Rem most are paid on commissions - and there are a lot less commissions to be had these days. 

Here is a graph of new listing from Realtor.com’s March 2023 Monthly Housing Market Trends Report showing new listings were down about 20% year-over-year in March. New listings are at a record low for March, the year-over-year decline was larger in March than in February. From Realtor.com:

In March, the number of homes newly-listed for sale declined by 20.1% compared to the same time last year. This is a higher rate of decline than last month’s 15.9% decrease and new listings remained 29.7% below pre-pandemic 2017 to 2019 levels.

You may still have a job, but you are certainly not making as much as you were back in the old days. 

By the way, re Commercial Real Estate - sadly things are about to get a lot worse once people start turning in the keys.  It is said it is going to be worse than 2009!

If we have any RE professionals here - let me know if this is correct.  I do know hot places like FL TX and NV are still doing well.