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Improving Jobs Market Could Benefit Housing Recovery

Posted in Industry News

Improving Jobs Market Could Benefit Housing Recovery

For the first time since 2008, the unemployment rate in the United States fell below six percent, according to a new article from Market Watch. A few key analysts feel that this is good news for the housing recovery as well.

“This was one of the best jobs reports for housing this year,” says Jed Kolko, chief economist at real estate website Trulia. “Construction jobs increased solidly, and employment improved both for young-adults and in clobbered metros.”

In September alone, 248,000 jobs were added to the economy, bringing the unemployment rate down to 5.9 percent from 6.1 percent the month before. This is the lowest unemployment rate this country has seen since July 2008, right after the housing market peaked.

Jobs in the residential construction sector, on the other hand, increased by 11,000 in September over August, and by 36,400 compared to June — the highest since January 2014. Construction employment is still catching up though, as these jobs account for around 1.6 percent of total jobs, which is down from a high of 2.54 percent in early 2006.

Read the full article from Market Watch here.

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