Feature article originally published in The Appraisal Journal Spring 2013 issue.
14 pages, PDF Download
This article provides a cross-sectional view of employment in the US real estate industry during 2001–2011, with special attention given to employment in the appraisal profession.
The disintegration of the housing and financial markets in the recession affected all professionals in the real estate industry. This article shows that when the housing bubble burst, the real estate appraisal industry experienced a significant loss in jobs. The authors present data that provides an informative picture of the appraisal profession, which can be used as a benchmark for future assessment of growth. The data show that as a component of the real estate industry, the appraisal profession ranks as the smallest in employment, is highly correlated to movements in employment in the brokers and agents professionals, and relies on commercial banking, credit, and real estate lessors and managers to deliver its products.
J. Reid Cummings
Donald R. Epley, PhD, MAI, SRA
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