Industries & Professions /
Real Estate Developers
The outlook for real estate developers is subject to the fluctuations of the general economy. In the late 1990s, economic conditions were excellent for real estate developers. Record-low interest rates roused many formerly depressed areas of the country to renewed economic vigor. In the beginning of the 21st century there was slow growth in the real estate industry, and that is expected to continue through the near future. Many attribute the recent financial crisis in the U.S. to the real estate bubble, which occurred when housing and real estate values increased at a rate that outpaced income levels. Real estate prices were then drastically reduced. But economic conditions are never fixed or stable. In addition, the real estate market can be quite strong in some parts of the country and weak in others. The U.S. Department of Labor does not provide information about real estate developers specifically, but does predict average employment growth for property, real estate, and community association managers. Because of the growing population, more people are living in developments managed by third-party property management companies. Opportunities are expected to be the best in the development of apartment buildings, condominiums, homeowner associations, and senior housing.