Real Estate

Despite housing rebound, construction jobs shrink

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.

3d rendering of a row of luxury townhouses along a street

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