New York City real estate employment got clobbered last month, with the real estate agent workforce in The Big Apple shedding more jobs than other sector except government, The Real Deal reported, citing a study released by Eastern Consolidated.

Why? The report doesn’t explain the drop in real estate employment — 1,200 jobs were supposedly lost in March alone — but the real estate investment firm’s chief economist expects those jobs will come back.

New York City real estate employment got clobbered last month, with the real estate agent workforce in The Big Apple shedding more jobs than other sector except government, The Real Deal reported, citing a study released by Eastern Consolidated.

Why? The report doesn’t explain the drop in real estate employment — 1,200 jobs were supposedly lost in March alone — but the real estate investment firm’s chief economist expects those jobs will come back.

The report wasn’t a complete downer for local market observers. It also found that construction jobs shot up, with the industry sprouting 900 jobs for the local economy, partly due to reconstruction in the wake of Hurricane Sandy, The Real Deal reported.

The positive news for New York City construction mirrors nationwide improvement in the sector that has steamed ahead, even as other sectors have struggled to add jobs.

Construction job growth hit a seven-year high in March, according to a recent jobs report. The 3.8 percent annual growth rate in construction jobs in March towered over the 1.4 percent overall jobs growth rate.

The industry has added 317,000 jobs to the economy in the last two years with over half of that increase occurring in the last six months, the White House said in a statement last month.

 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We are less than 1 week away from Inman Connect! Get your ticket for $99 before prices go up next week.GET YOUR TICKET×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription