Before the majority of people can buy or rent a home, they need stable access to an income — in most cases, a work.
Moreover, without labor to provide jobs, businesses do not need to occupy and use commercial space. Thus, employment is the number one factor influencing all aspects of real estate market.
After the 2008 recession, it took eight years for California to recover all lost jobs. Counting interim demographic gains, California’s labor market didn’t really recover until 2019 – just in time for the recession 2020 to eradicate six years of job growth in just two months.
How to do you do you think jobs have fared since the 2020 recession?
Make your best guess by clicking on the red dot in the table below and dragging the line to where you think the jobs are today. When you’re done, click Reveal Graph to see how the works actually worked.
Source: California Department of Employment Development
How did you do? Has California’s jobs recovery so far exceeded or fallen short of your expectations? Share your experience in the comments below and learn more about the California job market and its impact on real estate in our job board.