The rental of real estate is picking up speed in August despite delta spreads

Real estate firms quickened their hiring pace in August, although the spread of the Delta variant was starting to make itself felt Federal government number of digits.

Firms that employ real estate agents, sales representatives and similar positions created 10,600 seasonally adjusted jobs in August, about twice as many positions as in the previous month.

The hiring of builders, meanwhile, slowed significantly as the number of jobs in residential construction fell from 897,400 to 894,200 in August.

The decline in the number of builders roughly corresponded to the typical seasonal patterns. The Bureau of Labor Statistics called this a seasonally adjusted increase of 100 jobs. These home builder recruitment figures also do not include a significant increase in the hiring of home builders.

These figures are based on the latest information from the Department of Labor Job report, which showed employers added 235,000 non-farm jobs from July to August after taking seasonal factors into account.

The report appeared to disappoint investors as stock indices opened lower on the news on Friday. In the previous month, employers created 943,000 seasonally-adjusted jobs outside of agriculture nationwide and are on their way to a more robust recovery from the coronavirus pandemic economic consequences.

But the spread of the delta variant of the coronavirus has shaken hopes for a speedy recovery from new cases and hospital admissions keep beating up states in the south and creep back higher in the west and midwest.

Nationwide, non-agricultural employers increased their payrolls by less than 0.2 percent from July to August, with data collected mainly in the first few weeks of each month.

Real estate firms have hired at a healthier pace than the country as a whole, with their workforce increasing 0.6 percent over the same period. In the previous month, real estate employment rose by 0.3 percent.

At the beginning of August, a total of just under 1,785,600 people were employed in this property category. The employment figures in the industry were almost 5 percent higher than at this time of the previous year.

While house builders has scaled back its hiring growth In recent months, a more expansive category of housing contractors has created a multitude of new jobs. This category, which includes workers inside and outside the construction sector, grew by a seasonally adjusted 0.8 percent from July to August.

The numbers reflect a residential market that more robustly set than the overall economy last year. The number of people employed outside agriculture rose by 4 percent year-on-year in all sectors, compared with 5 percent in real estate and 7 percent in residential construction.

Email to Daniel Houston

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