Record U.S. Construction Jobs To Fuel Housing Market Recovery
Though having peaked in January at 935,800, those employed in construction are still going strong with data showing those who lost jobs have simply found another in the same field. As of April, residential construction job sector only dropped 6,000 to 929,900 employeed.
According to Quartz, with a slight rebound in both housing starts and construction spending, there’s a chance that this sector will never see the kind of layoffs that economists had expected from the contraction in the housing market, said George Pearkes, an investment analyst at Bespoke Investment Group.
“The actual production of new places to live doesn’t appear to have slowed that much given the size of the move of mortgage rates,” Pearkes said. “It’s a really good sign that the housing market can return to sort of more normalcy over the course of this year and next even if rates don’t come down dramatically.”
