The latest jobs report indicates that nonfarm payroll employment rose by 225,000 in January, shattering market expectations of 165,000. The real surprise, however, was the growth of construction-related jobs, which rose by 44,000 alone.\u00a0BUILDER<\/i>\u00a0Magazine says most of the gain occurred in specialty trade contractors, with increases in both the residential (+18,000) and nonresidential (+17,000) components. Construction added an average of 12,000 jobs per month in 2019.<\/p>\n
In January average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $28.44. Over the past 12 months, average hourly earnings have increased by 3.1%. Average hourly earnings of private-sector production and non-supervisory employees were $23.87 in January, little changed over the month (+3 cents).<\/p>\n
This is a positive development for housing, as the home building sector has been challenged by labor shortages and high costs for several years. \u201cWages grew at 2.9% on a year-over-year basis in December 2019, but firmed to 3.1% in January,\u201d says\u00a0BUILDER<\/i>. \u201cIncreasing wage growth is a welcome sign for households looking to buy a home this spring.\u201d<\/p>\n
The National Association of Realtors\u2019 chief economist Lawrence Yun, wrote, \u201cThe unemployment rate remains at super-low levels across all ages, all ethnic groups, and every other grouping of workers. That\u2019s due to the unrelenting 20 million net job additions for over a decade since 2010.\u201d He goes on to say that even in commercial real estate, vacancy rates have tilted down, implying more construction is needed.<\/p>\n
Source: NAR, BUILDER, TBWS<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
The latest jobs report indicates that nonfarm payroll employment rose by 225,000 in January, shattering market expectations of 165,000. The real surprise, however, was the growth of construction-related jobs, which rose by 44,000 alone.\u00a0BUILDER\u00a0Magazine says most of the gain occurred in specialty trade contractors, with increases in both the residential (+18,000) and nonresidential (+17,000) components. […]<\/p>\n","protected":false},"author":2,"featured_media":9038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-8863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-intelliloan"],"_links":{"self":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/comments?post=8863"}],"version-history":[{"count":1,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8863\/revisions"}],"predecessor-version":[{"id":9052,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/posts\/8863\/revisions\/9052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/media\/9038"}],"wp:attachment":[{"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/media?parent=8863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/categories?post=8863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/intelliloan.com\/insights\/wp-json\/wp\/v2\/tags?post=8863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}