For Housing Demand And Construction To Recover To Normal Levels, Employment Must Still Grow.

Fairfax, VA - For housing demand and construction to recover to normal levels

, employment must still grow. While job prospects are increasing, the pace of hiring has slowed based on recently published government data.

March payroll employment data from the Bureau of Labor Statistics indicate of the fact that unemployment rate dropped to 8.2 percent: a marginal decline. However, the autumn was due to 164,000 discouraged individuals dropping out of the labor market. In March, net payroll employment grew by only 120,000, which fell short of market expectations given the recent improving trend.

Additional labor market data reveal that hiring in the development market slowed in early 2012. The hiring rate for the arena fell to 5.6 percent of total employment, with net sector job creation for the year thus far at only 11,000 positions.

Nonetheless, the job openings rate for the overall economy continues its upward post-Great Recession trend. The openings rate now stands at 2.6 percent of total employment, which is the very best rate since the middle of 2008.

Housing data are also consistent with a small pause amid numerous positive indicators. Private residential construction spending in February was essentially unchanged. Spending on single-family homes was down 1.5% from upwardly revised January numbers. Nonetheless, single-family construction expenditures are up 22.4 percent since industry bottom in 2009.

Multifamily expenditures continued growing in February, up 2 percent as the arena continues to lead the industry. Remodeling spending was down for the second straight month, but best home improvements expenditures were larger than single-family construction totals to the 16th time in the last 17 months.

The Case-Shiller house price data indicated a small monthly decline for the January reading, but the information continue to tell a varied story depending on the metropolitan area. Among the 20 component cities, three cities posted positive gains in January. Many declines were embedded in strong seasonal patterns, while 12 cities remained above earlier troughs.

The NAHB/First American Improving Markets Index grew again in April, rising from 99 to 101. The index now classifies 1 / 4 of all metropolitan areas as improving. However, the speed of growth with the index has recently slowed. And future readings with the measure may not be steady as local house price and employment variables reflect recent trends.

April is New Homes Month, so Eye on Housing has also presented a variety of analytical articles concerning new construction. Data with the American Housing Survey confirm that new home are less expensive to keep that older homes. Moreover, the info indicate that new homeowners prefer their neighborhoods than other homeowners.

NAHB also examined what to expect from pent-up housing demand. As labor markets improve, data through the American Housing Survey suggest that about 70 percent of recent household formations is going to be renters, which in turn will affect rental vacancy rates and rents, and encourage some existing renters to become homeowners.

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