Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Housing jobs boosting national economic recovery

The growth of housing jobs is more than double the national employment growth rate, which could continue to improve and outpace other sectors in 2013.

construction jobs

housing jobs

Housing jobs contributing to the economy

It was long said that 2013 would be the year that construction jobs would actually add to the American economy and help kickstart it back up, but according to Trulia, it’s not just construction employment that is contributing, but a plethora of housing jobs, despite a 2.1 percent drop in construction spending in January .

The real estate media company said that “During the housing recovery, residential construction employment is up 125,000 (trough to current), while employment in related industries – like building-materials manufacturing, home-improvement stores, and mortgage brokers – is up an additional 184,000 jobs.”

Additionally, they cite that residential construction jobs rose 3.1 percent year-over-year, including general contractors, specialty contractors, and spec builders. This number is more than double the national employment growth rate, which is 1.5 percent.

Total jobs in construction plus related industries in manufacturing, trade, finance, and real estate grew by 2.7 percent year-over-year, yet Trulia’s Chief Economist, Dr. Kolko says housing-related employment is far below its peak. Residential construction jobs are still 39 percent below their peak during the bubble, and overall housing-related jobs are down 28 percent from their peak.

Advertisement. Scroll to continue reading.

Housing jobs are more than just construction

“The housing recovery is also creating jobs outside of the construction sector,” said Dr. Kolko, “including the manufacturing firms that make lumber and concrete; stores that sell building materials and construction supplies; mortgage and other housing-related financial firms; and real estate agents, brokers, and other real-estate-related businesses. In all of these housing-related industries, employment is growing faster than for the U.S. economy overall.”

The challenge for the housing sector remains tight housing inventory levels, and trade groups continue to assert that builders are still struggling with obtaining financing under overly-tight lending conditions. Economists state that these two could ease this year, which means that it is foreseeable that housing jobs could continue to outpace the national employment growth rate and contribute to the national GDP.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Click to comment

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Economic News

(BUSINESS NEWS) Ben Carson's initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?

Housing News

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as...

Housing News

(Housing News) If you own a home or are thinking of buying, you should know the factors that give you an advantage with your...

Housing News

(Housing) Realtors are tasked with being up to date on endless information, and attending the annual REALTORS Conference and Expo is a fast way...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.