*from www.money.cnn.com, Mar. 8, 2013 (To view original article click here.)
Take Away #1: The recovery in the housing market is driving a turnaround in the labor market as well, especially in construction.
Key Facts and Figures:
- The better-than-expected February jobs report got a big lift from 48,000 new jobs in the construction industry.
- Builders added 151,000 jobs over the last five months, the sector’s best hiring surge since the 2006 housing bubble.
- Employment levels in construction are still very low compared to the housing boom years.
- However, the National Association of Home Builders forecast that residential construction hiring in 2013 will be about five times the pace of last year.
- According to the Association, “Our members are hiring so much that they’re starting to get worried about finding enough labor out there.”
Take Away #2: The employment numbers are reiterating that there is a housing market recovery as found by housing reports.
Key Facts and Figures:
- Home prices are up, as are home sales.
- Near record low mortgage rates and a drop in foreclosures have created a much better market for builders.
- In January, builders filed the greatest number of building permits since 2008.
Take Away #3: The jobs report also showed a pick-up in real estate hiring and building supply stores.
Key Facts and Figures:
- The real estate sector added 13,400 over the last three months, the best three-month rush of hiring in the sector in seven years.
- Building supply stores added 4,300 workers in February, making it one of the hottest retail segments to add workers.
*To view original article from www.money.cnn.com click here.