Real estate driving jobs growth
Like bees swarming a hive, agents patrol the neighborhoods of SW Florida looking for the next listing. As discussed in a previous post titled Realtor Ranks Rising Rapidly, the quantity of new entrants into the field of real estate is staggering.
On a national basis, our economy is truly evolving from a producer of goods to one highly concentrated on providing services. This chart, courtesy of PIMCO Bonds, details the dramatic upswing in real estate job growth vs. the loss of manufacturing jobs.
As of December 2004, National Association of Realtors® membership grew to more than 0.6% of the U.S. labor force, an increase of 37% over the past decade. Mike Panzner, author of New Laws of the Stock Market Jungle, provides this interesting chart on NAR membership growth vs. U.S. labor force and total U.S. population:
The situation is even more dramatic here locally. According to the Lee County Economic Development Office, only three percent of the non-agricultural jobs in Lee County are in the traditional manufacturing sector.
Source: Lee County Economic Development Office
Investment Outlook “Lunch” Time [PIMCO Bonds]
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