Wednesday, June 6, 2018

Employment and Wages in Oregon’s Real Estate Industry

Oregon’s real estate industry encompasses far more activities than just land, home, and commercial property sales. Real estate has eight component industries. Its largest component industry, real estate property managers, averaged nearly 9,600 jobs in 2017 or 45 percent of the real estate group’s covered employment. Offices of real estate agents and brokers averaged close to 3,900 jobs (18.1%), followed by lessors of residential buildings with just over 3,800 (18.0%). The five remaining component industries together represented close to 19 percent of real estate’s covered employment, averaging 4,000 jobs.
Annual pay in the real estate industry, as reported by Employment and Wages, averaged $44,120 in 2017, well below Oregon’s $51,132 all industries average. Covered payroll in real estate reached nearly $974 million in 2017, an increase of about $270 million since 2007.

Two of real estate’s component industries paid in excess of $70,000 annually: 1) other activities related to real estate paid an average of $76,093 in 2017; and 2) lessors of nonresidential buildings shelled out $72,006. On the low end, wages paid by lessors of other real estate property averaged just $24,303, while mini-warehouse and self-storage unit operators earned slightly more, at $24,916. Offices of real estate agents and brokers surpassed Oregon’s all industries wage, averaging $56,747, while offices of real estate appraisers landed close behind, at $55,163. Real estate property managers ($41,010) and lessors of residential buildings ($36,407) both fell below the real estate industry’s 2017 average wage.

Learn more about Oregon's real estate industry in the article written by Regional Economist Dallas Fridley

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