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October Saw Modest Job Growth

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October Saw Modest Job Growth

As 2014 draws to a close, the economy continues to produce jobs at a steady rate, according to a new report from the National Association of Home Builders. Recent labor market reports from the Bureau of Labor Statistics show that wage increases still remain weak, but improvements in both areas should translate to higher housing demand for owner-occupied and rental units in 2015.

In October, 8,000 jobs were added to the residential construction sector by home builders and remodelers. Over the last year, the housing industry has created over 131,000 jobs.

Following the Great Recession and the lowest point of housing market employment, the residential construction sector has earned back 333,700 jobs. Still, total employment comes in at about 1.132 million lower than the peak level last seen in early 2006. Job growth in this area over the last six months has been steady, though. On average, roughly 10,000 positions have been added to the residential sector every month since May.

Read the full article from NAHB here.

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