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Construction Jobs Soar on Housing Recovery

*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.

Filed in: Economy, Latest

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