Real estate employment sees its smallest increase since 2013 in Spain

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The number of real estate affiliates in Social Security continued to increase for the sixth consecutive year, although it registered the slowest growth rate in the economic cycle.

Employment in real estate continues to grow, although it has slowed down. Building construction, specialized construction, and real estate activities employed 1.3 million professionals in Spain in 2019, 2.6% more year-on-year, according to Social Security affiliation data provided by the Ministry of Labor, Migrations and Social Security.

Employment in the real estate sector continues to cool, since the growth registered in December is the lowest since November 2013, the last year in which it destroyed employment during the economic crisis.

Employment in real estate then began an exponential increase that reached 16.1% in 2016, and continued to grow at a good pace in 2017, with 7.3%, and in 2018, with 6.8%.

In 2019, the creation of jobs in the real estate sector continued to increase at the same rate until reaching its peak in March, when it grew by 7.8%. Since then, it has been decreasing month by month to 2.6% registered in the last month of the year. By segments within the sector, specialized construction activities were those that most professionals employed in 2019, with more than 730,000 workers, although It also registered the least growth, with 2.2% year-on-year.

In this sense, this segment has kept pace with the sector and in 2019 has registered its worst year-on-year data since 2013, when it closed the year with a 5.1% drop in the number of professionals.

For its part, the construction of buildings employed 457,000 professionals, 2.8% more than at the same time in 2018, the worst figure since growing 2.4% in 2014. While real estate activities employed 146,000 workers, 3.8% more than a year ago and the lowest growth since 2015, when it fell 2.5%.

In the Spanish economy as a whole, employment has moderated its increase, but has continued to rise. In the last year, Social Security has added 384,373 new employees, 2.02% more, leaving the total number of contributors at 19.4 million. This is the lowest rise since 2013. Registered unemployment, meanwhile, has barely been reduced by 38,692 people.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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