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Real Estate: NAICS 531

About the Real Estate subsector

The real estate subsector is part of the real estate and rental and leasing sector.

Industries in the Real Estate subsector group establishments that are primarily engaged in renting or leasing real estate to others; managing real estate for others; selling, buying, or renting real estate for others; and providing other real estate related services, such as appraisal services.

This subsector includes equity Real Estate Investment Trusts (REITs) that are primarily engaged in leasing buildings, dwellings, or other real estate property to others.

North American Industry Classification System

The real estate subsector consists of these industry groups:

Lessors of Real Estate: NAICS 5311
Offices of Real Estate Agents and Brokers: NAICS 5312
Activities Related to Real Estate: NAICS 5313

Workforce Statistics

This section provides information relating to employment and unemployment in real estate. While most data are obtained from employer or establishment surveys, information on industry unemployment comes from a national survey of households. The following tables present an overview of the industry including the number of jobs, the unemployment rate of those previously employed in the industry, data for occupations common to the industry, and projections of occupational employment change.

Employment and Unemployment


Data series	Aug. 2024	Sep. 2024	Oct. 2024	Nov. 2024
Employment (in thousands)
Employment, all employees (seasonally adjusted)	1,890.2	1,891.8	(p)1,892.8	(p)1,894.0
Employment, production and nonsupervisory employees	1,385.4	1,373.4	(p)1,383.9
Unemployment
Unemployment rate	2.1%	0.9%	0.9%	1.5%
Footnotes (p) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Employment by Occupation


Data series	Employment, 2023
Bookkeeping, accounting, and auditing clerks	52,730
General and operations managers	69,230
Landscaping and groundskeeping workers	27,740
Office clerks, general	94,240
Property, real estate, and community association managers	229,840
Real estate brokers	46,320
Real estate sales agents	162,020

(Source: Occupational Employment and Wage Statistics)

Projections

For projected (future) employment estimates, see the National Employment Matrix, which includes employment estimates by industry and occupation for real estate.

(Source: Office of Occupational Statistics and Employment Projections)

Earnings and Hours

This section presents data on employee earnings and weekly hours. The latest industry averages of hourly earnings and weekly hours are shown. In addition, recent hourly and annual earnings are shown for occupations commonly found in real estate.

Earnings and Hours of All Employees


Data series	Jul. 2024	Aug. 2024	Sep. 2024	Oct. 2024
Average hourly earnings	$34.30	$34.45	$34.82	(p)$34.94
Average weekly hours	35.7	35.9	36.4	(p)35.6
Footnotes (p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees


Data series	Jul. 2024	Aug. 2024	Sep. 2024	Oct. 2024
Average hourly earnings	$28.39	$28.60	$28.85	(p)$28.74
Average weekly hours	35.0	35.2	35.7	(p)35.0
Footnotes (p) Preliminary

(Source: Current Employment Statistics)

Earnings by Occupation


Data series	Wages, 2023
	Hourly		Annual
	Median	Mean	Median	Mean
Bookkeeping, accounting, and auditing clerks	$23.59	$24.70	$49,060	$51,380
General and operations managers	$49.27	$63.20	$102,490	$131,460
Landscaping and groundskeeping workers	$17.60	$18.55	$36,610	$38,590
Office clerks, general	$19.27	$20.72	$40,080	$43,100
Property, real estate, and community association managers	$29.56	$35.28	$61,480	$73,380
Real estate brokers	$30.32	$41.68	$63,060	$86,700
Real estate sales agents	$24.36	$31.08	$50,670	$64,640

(Source: Occupational Employment and Wage Statistics)

Work-related Fatalities, Injuries, and Illnesses

This section presents data for the industry on the number of workplace fatalities and the rates of workplace injuries and illnesses per 100 full-time workers in real estate. An injury or illness is considered to be work-related if an event or exposure in the work environment either caused or contributed to the resulting condition or significantly aggravated a pre-existing condition.


Data series	2019	2020	2021	2022
Fatalities
Number of fatalities	64	57	58	61
Blank cells indicate no data reported or data that do not meet publication criteria.


Data series	2023
Rate of injury and illness cases per 100 full-time workers
Total recordable cases	1.7
Cases involving days away from work, job restriction, or transfer	0.9
Cases involving days away from work	0.7
Cases involving days of job transfer or restriction	0.3
Blank cells indicate no data reported or data that do not meet publication criteria.

(Source: Injuries, Illnesses, and Fatalities)

Workplace Trends

This section presents data on the number of establishments in real estate.

Establishments


Data series	3rd quarter 2023	4th quarter 2023	1st quarter 2024	2nd quarter 2024
Number of establishments
Private industry	427,952	431,967	(p)433,411	(p)435,669
Local government	1,703	1,711	(p)1,702	(p)1,706
State government	33	34	(p)36	(p)37
Federal government	1	1	(p)1	(p)1
Footnotes (p) Preliminary

(Source: Quarterly Census of Employment and Wages)

Productivity

This section presents productivity and related data for the industry, presented as the percent change from the previous year. Measures of total factor productivity (TFP) compare growth in output to the growth in a combination of inputs that include labor, capital, energy, materials, and services. Measures of labor productivity, or output per hour, compare the growth in output to the growth in hours worked.


Data series	2020	2021	2022	2023
Total factor productivity (TFP)	-1.4	3.4	1.9	0.2
Output	-1.3	11.2	1.7	2.9
Combined inputs	0.1	7.5	-0.2	2.6
Capital input	2.5	1.8	1.8	1.2
Labor input	-1.0	6.2	5.0	0.4
Labor productivity, output per hour	0.8	4.3	-3.5	3.0

(Source: Productivity)

Data extracted on: December 13, 2024