Social Security adds 92,327 members in September: migrant regularisation boosts employment and construction grows by 6.5%

07/10/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

The labour market is one of the variables that most conditions housing demand: without stable employment there is no household formation or capacity to access credit or rental. The September 2026 figures, published on 2 October by the Ministry of Inclusion, Social Security and Migration, show affiliation rising strongly, with an extraordinary component: the incorporation into the system of people from the migrant regularisation process begun in April.

The figure of the month: 92,327 more members

Social Security gained 92,327 members in September, an increase the financial press has described as a record for a September. In seasonally adjusted terms, CaixaBank Research puts the gain at 108,832 people and BBVA Research estimates it at around 103,000. In year-on-year terms, affiliation grows by 3.4%, according to CaixaBank Research. It is the largest monthly gain in the recent series in a month that, owing to seasonality, tends to be favourable because of the return to educational and service activity after the summer.

The role of the extraordinary regularisation

The extraordinary migrant regularisation process has added around 420,000 people to affiliation since April, of whom some 83,000 registered in September. Foreign workers grow by 17.7% year on year, account for 16.2% of total members (compared with 14.2% a year ago) and explain around 74% of the annual increase in affiliation, according to CaixaBank Research. Part of the statistical improvement therefore reflects the surfacing of existing employment in an irregular situation and not only the creation of new jobs, a nuance worth bearing in mind when interpreting the figure.

Construction, the most dynamic sector

By sector, construction records the highest year-on-year growth, at 6.5%, and agriculture accelerates to 2.4%. By region, the Valencian Community and the Balearic Islands lead with 4.5% year on year, while Extremadura stands at 1.1%. Employment in construction is a relevant indicator for the residential market because it reflects new-build and refurbishment activity, and because the shortage of labour is among the factors developers cite as limiting housing supply.

Registered unemployment rises for the third consecutive month

The other side of the data is registered unemployment, which increased by 23,587 people in September to 2,379,505, according to Ministry figures reported in the press. It is the lowest level for a September since 2007 and represents 42,160 fewer unemployed than a year ago. BBVA Research notes that registered unemployment rises for the third month in a row, mainly among people with no previous job, and that unemployment among foreign workers is increasing while that among Spaniards is falling. Female unemployment stands at 1,428,405 people, its lowest level for a September since 2008, and youth unemployment (under 25s) at 189,141.

What it means for housing demand

More members imply more households with regular income and, in the medium term, more potential demand for housing, especially rental, which is the usual route of access for new residents and young households. The incorporation of hundreds of thousands of workers in six months adds to a rental stock whose average price, according to idealista data for August 2026, is already 15.1 euros per square metre per month, up 5.8% year on year. At the same time, the financial environment remains tight: the Euribor closed September at 3.247% according to the Banco de España and headline inflation reached 4.9% in September, which makes mortgage financing more expensive and limits purchasing capacity.

Investor takeaway

These figures should be handled with caution. Affiliation is an administrative employment statistic, not a measure of disposable income or savings capacity; the regularisation is a one-off effect whose continuation in the coming months is uncertain; and the relationship between employment and housing demand depends on factors such as wages, credit and the supply available in each region. Past results are no guarantee of future results, and all real-estate investment carries risks of illiquidity, default and total or partial loss of capital.

At European level, the activity of crowdfunding platforms is governed by Regulation (EU) 2020/1503 and, in Spain, by the implementing and supervisory rules of the CNMV. The above describes an observed market dynamic and does not constitute a recommendation.

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