The total hours worked in real estate in the US increased steadily from 3.25 billion in 2013 to 4.0 billion in 2023. This represents a compound annual growth rate (CAGR) of 1.28% over the last five years. Key year-on-year variations included a significant increase of 5.96% in 2018, followed by more moderate increases such as 1.29% in 2023.
Looking ahead to 2028, the forecast suggests the total hours worked will reach 4.24 billion, indicating an expected CAGR of 0.92% from 2024 to 2028. This points to a progressive but slower growth rate compared to previous years, with an overall forecasted growth rate of 4.69% over the next five years.
Future trends to watch for include:
- Technological advancements reducing labor hours through automation.
- Changing market demands potentially influencing labor requirements.
- Regulatory changes impacting labor costs and hours.
