The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics report on employment conditions in November:
“November marked another impressive month for the labor market, adding up to now over 2 million net new jobs over the past 12 months. From the deep recession in 2010, 17 million new jobs have been created. In fact, current employment levels are way above the pre-recession levels by nearly 10 million.
That means an abundance of new potential homebuyers in the near future. Yet, the construction employment is still slow in coming. Even the though the latest month’s job growth rate in the construction sector of 2.7% is twice as fast as the overall growth rate, total construction jobs are still well below the pre-recession levels by roughly 20%. Without more skilled construction workers and more hiring in the sector, the housing shortage will continue well into 2018.”