The industry saw a healthy increase in jobs in March, following a tougher month of 4,500 job losses. The U.S. as a whole also saw its greatest number of job gains since August.

The real estate industry added 10,000 jobs in March following a month that saw a loss of 4,500 jobs, according to new data from the U.S. Department of Labor released Friday.

Non-farm payrolls increased 10 percent for real estate between February and March, and they increased 1.7 percent for rental and leasing services.

Construction also saw substantial gains during March, adding 110,000 jobs following a loss of 56,000 jobs the month before, which had likely been a result of widespread severe winter storms. The sector’s gains were largely in specialty trade contractors with more than 50 percent of the sector’s gains resulting from new specialty trade contractor jobs.

Overall, the U.S. added 916,000 jobs in March on a seasonally adjusted basis, hitting its highest pace since August. The unemployment rate declined slightly to 6.0 percent from 6.2 percent in February to a total of 9.7 million unemployed persons.

As more and more of the country continues to get vaccinated, the job gains signal that the country is preparing for reinvigorated business operations, as consumers become more comfortable with the idea of spending on leisure activities like dining, shopping and travel again.

Most U.S. industries saw gains in March, led by 280,000 jobs added in leisure and hospitality.

“There’s a seismic shift going on in the U.S. economy,” Beth Ann Bovino, a Ph.D. economist at S&P Global, told the Wall Street Journal. “Fear is subsiding, and American households are sitting on a lot of cash” from saved stimulus checks and other money people would normally spend on travel or going out. “That’s going to support spending, especially in the services sector.”

Email Lillian Dickerson

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×