Posted in Industry News
Rise in Employment Means Good Things for Housing
As the economy shifts from summer to fall, recent data from the Bureau of Labor Statistics (BLS) points to good things on the horizon for the housing market. According to the latest BLS survey, almost 300,000 jobs were created in September, and both August and July’s total job tallies were revised for the better.
The BLS also conducted a separate household survey, which showed the unemployment rate declined from 6.1 percent to 5.9 percent in the month of August, although about a fourth of the drop was a result of the labor force shrinking. Regardless, improving job market conditions are an optimistic sign for both owner-occupied and rental housing demand.
On the whole, current employment rates now stands at around 2.3 million, with 678,000 builders and 1.63 million residential specialty trade contractors. Since the housing market reached its lowest employment rate in the late 2000’s, more than 320,000 jobs have returned to the construction sector.
Read the full article from NAHB here.
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