1. Growth and change in the real estate industry
● The most typical person working in real estate conveyance type occupations in the Mainland/Southwest region in 2011 was between the ages of 45 and 54. With 6,565 people in this age group in 2011, it represented approximately 28 percent of all people working in the sector. A decade later (by 2021) the most typical worker was still between the ages of 45 and 54, with this age group comprising 25 percent of the workforce related to real estate conveyance by 2021 (5,415 individuals). [Figure MS-1] ● Between 2011 and 2021 net recruitment to this sector resulted in the addition of 6,605 people to the under 55 age groups, with 2011’s 25 to 34, 35 to 44, and 45 to 54 cohorts growing by 456 percent, 24 percent, and 18 percent, respectively. However, the 55-64 and 65 plus cohorts experienced a net loss between 2011 and 2021 as people retired from the sector. The 65 plus cohort saw 105 percent of people retire, with a total loss of 5,885 people from the sector and the 55-64 age group lost 2,180 workers to retirement, a 33 percent decline from 2011. These changes saw the total number of workers in real estate conveyance occupations decline by 1,460 workers, from 23,520 in 2011 to 22,060 in 2021 (a six percent loss). ● The most typical person working in occupations related to real estate development in 2011 was between the ages of 45 and 54 (with this age group comprising 17,795 people) and 25 to 34 (having 17,750 people), each representing 25 percent of all workers in these occupations. Ten years later (2021) the most typical worker was still in the 25 to 34 group, with 26,045 people in this cohort (25 percent of all workers in these occupations) while the share of those aged 45 to 54 decreased to 19 percent (20,250 people). [Figure MS-2] ● While there was a net loss of workers in the 55 to 64 and 65 plus age groups between 2011 and 2021 – with 70 percent of 2011’s 65 plus cohort (6,765 people) retiring over this period and 1,820 retirements and attrition from the 55-64 age group (10%) – the younger age groups all saw net gains over the period. Specifically, 2011’s 25 to 34 cohort grew by 229 percent by 2021 (adding 18,130 people), the 35 to 44 cohort grew by 44 percent (7,840 additional workers), and the 45 to 54 group increased by 22 percent (adding 3,655 people). Overall this pattern of change resulted in a 32,575-person net increase in the number of people working in occupations related to real estate development between 2011 and 2021.
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