Housing, the best is yet to come?
In the housing sector... the engine for 40% of all new jobs in the last 5 years....
In 2006 building permits -23.5%, while spending -12.4%, employment -1.4% from 3.38M to 3.34M.
The 47,000 home building jobs lost in 2006 contrasts the 638,000 added in the previous three years. Only 47K lost, not bad you say?
Homes take roughly six months to complete on average, there are still 1.26M homes under construction employing 3 Million people.
Based on the 2006 drop of 23.5% in building permits, and the six month latency period...
Another 20% reduction in the 2007 work load would disoccupy at least 600,000 construction workers.
Add to this 10% of the 3 Million manufacturing jobs tied to housing, another 300,000, making 900,000 less jobs in 2007.
This does not include real estate, escrow, title, mortgage banking and lending jobs which would be lost.
In 2006 building permits -23.5%, while spending -12.4%, employment -1.4% from 3.38M to 3.34M.
The 47,000 home building jobs lost in 2006 contrasts the 638,000 added in the previous three years. Only 47K lost, not bad you say?
Homes take roughly six months to complete on average, there are still 1.26M homes under construction employing 3 Million people.
Based on the 2006 drop of 23.5% in building permits, and the six month latency period...
Another 20% reduction in the 2007 work load would disoccupy at least 600,000 construction workers.
Add to this 10% of the 3 Million manufacturing jobs tied to housing, another 300,000, making 900,000 less jobs in 2007.
This does not include real estate, escrow, title, mortgage banking and lending jobs which would be lost.
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