Andrey Kamenov, Ph.D. Probability and Statistics
According to the County Business Patterns 2013 data, the real estate subsector has shown relatively small growth in total employment numbers. Once we take a closer look, however, it becomes apparent that there are some changes to the distribution of jobs within the sector itself.
As seen on the chart below, both small (less than five employees) and medium-sized (five to 20) businesses have extended their growth from the previous number of jobs, gaining slightly more than 11,000 new jobs each in the last year. The same amount was lost at the same time by the larger companies (20 or more employees).
Actually, both small and medium companies are now back to the pre-2008 employment levels, while 85,000 jobs (more than 12 percent) have been lost by large real estate businesses.
And naturally (in part due to the fact that starting positions accounted for most of the jobs lost), larger companies have shown somewhat larger growth in the average payroll year-over-year (3 percent, not inflation-adjusted).
Geographically, only negligible change was registered in most of the major states. Oregon and Nevada are the states housing a significant number of new jobs, while Utah and Iowa stand out due to the significant negative change in employment in the sector.
Source: the US Census Bureau County Business Patterns data
About Andrey Kamenov
Andrey Kamenov, Ph.D. Probability and Statistics
Andrey Kamenov is a data scientist working for Advameg Inc. His background includes teaching statistics, stochastic processes and financial mathematics in Moscow State University and working for a hedge fund. His academic interests range from statistical data analysis to optimal stopping theory. Andrey also enjoys his hobbies of photography, reading and powerlifting.
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