4. Projected Recruitment and Retirement in the Real Estate Industry
● Given the pattern of recruitment that was seen between 2011 and 2021 for the real estate conveyance and the real estate development sectors (as seen in figures MS-1 and MS-2), Figures MS-7 and MS-8 show the aging and retirement of the current stock of people working in each sector along with the number of people that would need to be recruited to fulfill retirements and potential growth in demand for real estate services over the next two decades. ● Of 2021’s 22,060 workers in occupations related to real estate conveyance in the Mainland/Southwest region, patterns of aging and retirement would see this number decline to only 10,283 by 2041 (a 53 percent decline). In order to just maintain the size of this sector’s workforce at its current level, an average of 6,436 recruits would be needed each year to match the retirement of workers. Further, given a growing and changing population and their housing needs, in order to meet the projected growth in the real estate market over the next 20 years, a further 6,772 recruits would be required each year. Overall, a total of 13,207 additional workers would be required each year to fill both potential retirements and additional demand. This would see the sector grow from 22,060 workers in 2021 to 34,848 by 2041, a 12,788-worker, 58 percent increase. [Figure MS-7] ● In a similar vein, aging and retirement in the real estate development sector would result in the workforce declining from 2021’s 103,900 individuals to 75,144 by 2041, a 28 percent decrease. Given this pattern of change, an average of 14,572 workers would need to be recruited each year over the next 20 years in order to fill the spaces left by worker retirement. With the demand for real estate services expected to continue to grow, a further 30,238 workers would need to be recruited each year to keep up with demand, for a total of 44,810 additional workers needed each year to 2041. Growth of this magnitude would see the sector go from 103,900 workers in 2021 to 160,834 in 2041, a 56,934-person, 55 percent increase. [Figure MS-8]
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