March 24, 2017
Ten years ago, the U.S. economy was headed toward the Great Recession. According to the National Bureau of Economic Research (NBER), that massive economic downturn, fueled in part by the collapse of the subprime housing market, officially started in June 2007
Commercial real estate organization AIR CRE decided to take a then-and-now look at job numbers throughout the Southern California region, comparing Bureau of Labor Statistics figures from January 2007 and January 2017.
Though there were signs a plenty that things weren’t going too well in the housing market, jobs were still being added to the economy, with unemployment hovering at 4.8% in the Los Angeles MSA. Also, the metro had added 65,600 jobs (on an annualized basis) from January 2006-January 2007. As a basis of comparison, the L.A. MSA added 79,400 jobs in January 2017, and reported a 4.8% unemployment rate.
For comments, questions or concerns, please contact Amy Sorter