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July 10, 2005

Real estate job growth

NYT has interesting data points on jobs related to the real estate  sector. 

Encompassing everything from land surveyors to general contractors to loan officers, the sprawling sector has added 700,000 jobs to the nation's payrolls over the last four years..

Combined, the rest of the economy has lost nearly 400,000 jobs over the same span, which stretches back to the start of the most recent recession, in 2001.

Residential housing now makes up 16 percent, or $1.9 trillion, of the gross domestic product and is the economy's largest single sector, slightly bigger than the industries and services that supply health care, according to Economy.com

This shows how much more this real estate market can grow in India where its at around 7% of the GDP ! As Indian society moves towards ownership culture there will be significant ecosystem build-up around real estate.

Whereas here in the local market, don't expect any help for the first time buyer either as the lobby has it's reach all the way to the top:

The economic growth of the real estate industrial complex has only added to its longstanding political clout. The housing and construction industries gave $167 million to campaigns during the 2004 election cycle, more than the agribusiness, defense, energy and computer industries put together, according to the Center for Responsive Politics in Washington

July 10, 2005 in Silicon Valley | Permalink

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