Growth Rates of Single-family Construction and Residential Construction Workers

The Mortgage Bankers Association points out that the October’s Employment Situation Report said 531k jobs were added over most sectors of the economy and the unemployment rate decreased further to 4.6%. There were around 44k construction jobs were added in October with a fourth of those being residential construction and residential specialty trade contractors. However, MBA says even though production has picked up, home builders are facing labor shortages, rising costs for building materials and low availability of these materials, limited lot availability, and more. A recent MBA “chart of the week” examines the growth rates of single-family construction and residential construction workers since the trough in home building activity in April 2020. Continue reading HERE...