Before the majority of people can buy or rent a home, they need stable access to income — in most cases, a job.
Further, without work to provide jobs, businesses have no need to occupy and use commercial space. Thus, employment is the number one factor which influences all aspects of the real estate market.
Following the 2008 recession, it took eight years for California to recover all jobs lost. When counting the interim population gains, California’s jobs market didn’t truly recover until 2019 — just in time for the 2020 recession to eradicate six years of job growth in the span of just two months.
How do you think employment has fared since the 2020 recession?
Make your best guess by clicking on the red dot in the chart below and dragging the line to where you believe jobs are today. When you are finished, click Reveal graph to see how jobs have actually performed.
Source: California Employment Development Department
How did you do? Has California’s jobs recovery so far exceeded or fallen below your expectations? Share your experience in the comments below and read more about California’s jobs market and how it impacts real estate at our jobs chart.
