What’s happening in housing is often an indicator of what’s happening in the economy. According to a report released today by the Department of Labor, the economy created 162,000 jobs in July, missing forecasted estimates. In other words, housing is helping jobs more than jobs are helping housing.
Trulia (TRLA) Chief Economist Jed Kolko noted that, despite a slow quarter for construction activity, residential construction employment continues to outpace employment overall. Year-over-year, residential construction is up 4.5% — ahead of overall national employment growth of 1.7% — an indicator that housing is putting more jobs on the market.
From its previous peak, construction employment is down 38%, while construction activity has dropped 56% from its previous peak.
However, job growth remains slugging for young adults, who are key to household formation, and job growth remains behind normal numbers in the metros that were hit hardest in the housing bust, aka the job market isn’t improving enough to give a strong boost to housing demand.
Housing helps jobs with increased construction employment | 2013-08-02 | HousingWire.
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
This website uses cookies.