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Sustained Growth in Employment in the Real Estate Sector: Surpasses 1.5 Million Workers in November

In a marked rebound, employment in the real estate sector experienced significant growth of 2.9% in November, reaching the historic figure of 1.5 million workers in Spain, according to the latest data from the Ministry of Inclusion, Social Security, and Migration, published this Monday.

This rise, representing a 0.5% increase compared to October, reflects the addition of 6,898 professionals to the sector during the tenth month of the year. After a summer period characterized by a decrease of more than 20,000 jobs between July and August, November consolidates as the third consecutive month of positive growth, adding to the inclusion of 1,978 workers in September and 12,335 in October.

The increase in employment in the real estate sector is primarily attributed to the growth in building construction, which recorded a year-on-year increase of 3%, adding 4,612 new affiliates compared to the previous month. Regarding specialized construction activities, the segment experienced a growth of 2.6%, with an increase of 2,135 professionals compared to October.

Building construction, on the other hand, increased its workforce to 524,801 affiliates, while specialized construction activities reached 812,703 workers. Within the scope of real estate activities, a modest increase of 152 employees was recorded in November, bringing the total number of affiliates to 163,178 people. This 4.1% increase compared to November 2022 positions itself as the largest relative increase within the entire real estate sector.

Despite these positive indicators in the real estate sector, the Spanish economy experienced a decrease in the average affiliation figure in November, declining by 11,583 people compared to October. Despite this decrease, Spain maintains a total of 20.8 million affiliates, marking the highest figure in the original series in a November month. It is important to note that the decline in affiliates in November of this year represents the worst record in this month since 2019, emphasizing the need to continue monitoring and adapting to fluctuations in the labor market in the future."