Despite an undeniable housing rebound, a recent report from the Bureau of Labor Statistics is revealing that residential construction jobs are shrinking. So why are we not seeing more construction jobs within a housing turnaround?
CNNMoney wrote Monday that housing starts in October rose 3.6% to an annual pace of 894,000 – the best rate in more than five years and 41.9% higher than a year earlier, according to the U.S. Commerce Department.
“Last week, Toll Brothers, the largest U.S. luxury homebuilder, reported that revenues jumped 48% during the quarter ending on Oct. 31. Fred Cooper, senior vice president of investor relations at Toll Brothers, says the company built 26% more homes in 2012 compared with the previous year. And in 2013, it expects to build 50% more homes,” the CNNMoney article stated.
With that being said, since the end of the Great Recession in June 2009, jobs in homebuilding dropped 14.5% from 633,000 to 552,800 in November, according to data from the U.S. Labor Department.
To read more about the lack of construction employment in the U.S., click here.