The pandemic era’s economic gyrations has not been kind to loan-making.
economic gyrationsMy trusty spreadsheet, filled with state job figures, found 103,900 workers at lending institutions in December in Los Angeles, Orange, Riverside and San Bernardino counties. That’s 8.8% off the industry’s recent employment peak of 113,900 jobs in March 2020 – a loss of 10,000 workers.
As a historical note, today’s local lending workforce is 32% smaller than its record employment of 1990. Why the drop? A key factor was the demise of the nation’s mortgage-making savings and loan industry, which was huge in Southern California.Look at local construction. Bosses had 374,400 workers in December, just 2.3% off the industry’s all-time high employment hit in October 2022.
The number of workers at firms that rent, sell and manage real estate hit 153,000 workers in December, an all-time high.has been a growing business in the pandemic era. Real estate sales were brisk before slowing sharply late last year.
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