Jobs market not helping housing
Bright spot: Employment in residential construction up
4.5 percent from year ago
share this article
Jobs image via Shutterstock.Riding on rising home sales, residential construction employment has shot up 4.5 percent year over year, far outpacing the national employment growth rate of 1.7 percent, he said.
But a high unemployment rate is holding back housing demand, Kolko noted, saying 25 to 34-year-olds in particular are suffering from the still-weak jobs climate, with only 75 percent of that cohort employed.
Added Kolko: “job growth remains sluggish for young adults – who are key for household formation – and job growth is lagging in the “clobbered metros” hit hardest in the housing bust. That means the job market isn’t improving enough to give a strong boost to housing demand.”
More from Inman News
No comments:
Post a Comment