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December 3, 2010

Jobs Move Real Estate

December 3, 2010

Jobs Move Real Estate

The past and future of jobs in California: the number of people employed:


October 2010
13,938,200
September 2010
13,838,400
October 2009

13,963,000

Current, detailed employment numbers for California’s biggest counties:

To understand the real estate market, look first at state employment.

  • In the one month period from September 2010 to October 2010, 99,800  jobs were gained in California.
  • A total of 251,800 jobs have been gained in CA in the since January 2010.
  • The total number of jobs lost in CA since the start of recession in December 2007 is 1,410,000.
  • Employment trends point to a recovery beginning in Orange County. This is especially good news for apartment owners, REO lenders, MLS agents(in sales) and income property owners in the area. On the other hand, jobs stabilization is not good news for the county’s many commercial tenants who have another year or two before they work out their lease renewals or relocation negotiations (more jobs means better occupancies and more stable rental conditions for income property owners).  Industrial property and housing in Western Riverside County will also benefit from Orange County’s prosperity.

The quantity of jobs in California directly impacts homeownership statewide. Without a paycheck, nobody can afford to rent an apartment, or buy a house, unless they are subsidized by the government or possess substantial independent wealth. The basis for an individual’s creditworthiness, essential if they are to borrow money for housing, is the paycheck, self-employed earnings from a trade or business, or income from investments.

Copyright © 2010 by first tuesday Realty Publications, Inc
P.O. Box 20069, Riverside, CA 92516
Used with permission