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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 Back
data
Jul.
2022
Aug.
2022
Sep.
2022
Oct.
2022

Employment (in thousands)

Employment, all employees (seasonally adjusted)

1,803.2 1,805.1 (p)1,815.4 (p)1,814.5

Employment, production and nonsupervisory employees

1,313.4 1,308.5 (p)1,302.6  

Unemployment

Unemployment rate

1.9% 2.9% 2.2% 2.9%

Footnotes
(p) Preliminary

(Source: Current Employment Statistics, Current Population Survey

Employment by Occupation

Data series Employment,
2021

Bookkeeping, accounting, and auditing clerks

49,610

General and operations managers

60,420

Landscaping and groundskeeping workers

27,200

Office clerks, general

98,730

Property, real estate, and community association managers

188,040

Real estate brokers

44,310

Real estate sales agents

141,630

(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 Back
data
Jun.
2022
Jul.
2022
Aug.
2022
Sep.
2022

Average hourly earnings

$32.36 $32.56 $32.53 (p)$32.91

Average weekly hours

35.1 35.1 35.2 (p)35.2

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

Data series Back
data
Jun.
2022
Jul.
2022
Aug.
2022
Sep.
2022

Average hourly earnings

$26.38 $26.79 $26.82 (p)$26.85

Average weekly hours

34.4 34.5 34.4 (p)34.4

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings by Occupation

Data series Wages, 2021
Hourly Annual
Median Mean Median Mean

Bookkeeping, accounting, and auditing clerks

$22.49 $22.31 $46,770 $46,400

General and operations managers

$45.60 $54.33 $94,840 $113,000

Landscaping and groundskeeping workers

$14.90 $16.67 $31,000 $34,670

Office clerks, general

$17.66 $18.35 $36,730 $38,160

Property, real estate, and community association managers

$27.38 $31.58 $56,960 $65,690

Real estate brokers

$29.76 $41.80 $61,890 $86,940

Real estate sales agents

$22.85 $27.94 $47,530 $58,120

(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 2017 2018 2019 2020

Fatalities

Number of fatalities

48 49 64 57

Blank cells indicate no data reported or data that do not meet publication criteria.

Data series 2021

Rate of injury and illness cases per 100 full-time workers

Total recordable cases

1.8

Cases involving days away from work, job restriction, or transfer

1.0

Cases involving days away from work

0.7

Cases involving days of job transfer or restriction

0.2

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 Back
data
2nd quarter
2021
3rd quarter
2021
4th quarter
2021
1st quarter
2022

Number of establishments

Private industry

387,117 393,473 402,617 (p)406,468

Local government

1,719 1,718 1,720 (p)1,713

State government

26 26 26 (p)27

Federal government

2 2 2 (p)2

Footnotes
(p) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: November 22, 2022