{"id":40736,"date":"2016-01-08T07:52:48","date_gmt":"2016-01-08T15:52:48","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=40736"},"modified":"2020-10-06T17:08:23","modified_gmt":"2020-10-07T00:08:23","slug":"more-construction-jobs-more-homes-healthier-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/more-construction-jobs-more-homes-healthier-housing-market\/","title":{"rendered":"More Construction Jobs, More Homes, Healthier Housing Market"},"content":{"rendered":"
\n
\"housing
Photo credit: Garreth Wilcock<\/a> via Visual hunt<\/a> \/ CC BY-SA<\/a><\/figcaption><\/figure>
\n<\/figure>\n

The economy added 292,000 jobs in December, more than anyone <\/span>predicted<\/span><\/a>, pushing 2015 into a robust year for employment growth. Builders in particular reported a spurt of hiring, a good sign for housing.<\/span><\/p>\n

The good news<\/span><\/h2>\n

We\u2019ve had two really strong back-to-back years for job creation. Wages are up 2.5 percent from a year ago, and more people joined the labor force in December, according to today\u2019s <\/span>report<\/span><\/a> from the Labor Department. The economy is on solid footing.<\/span>
\nHousing is playing a starring role. Builders added 45,000 jobs in December after a 48,000 increase in November and construction workers put in longer hours last month.<\/span>
\n\u201cWarm weather drove construction employment higher for the third month in a row in December,\u201d Redfin chief economist Nela Richardson<\/a> said. \u201cThis was a boon to the huge increase in jobs overall and it bodes well for housing starts in the first quarter. The lack of workers has been a big impediment to new construction.\u201d<\/span><\/p>\n

\"housing
Source: Bureau of Labor Statistics; Census Bureau<\/figcaption><\/figure>\n

The rest of the news<\/span><\/h2>\n

All those new construction jobs might have something to do with warm weather in much of the country and could be short lived. And wage growth is still slow compared to other economic recoveries, which doesn’t help the housing market.<\/span>
\nAnd the surprising jump in employment suggests the Fed might move more quickly to raise interest rates<\/a> than we first thought. While the central bank doesn\u2019t control mortgages, we can expect home loans to get more expensive this year as the economy improves.<\/span>
\n\u201cMarkets are desperate for good news, and now have it, but it comes with a caveat because better employment growth means the Fed will raise rates faster,\u201d said Beth Ann Bovino, U.S. chief economist at Standard & Poor’s Ratings Services.<\/span>
\nAs of this morning, analysts and economists say there\u2019s about a <\/span>40 percent chance<\/span><\/a> the Fed will raise interest rates at their March meeting. <\/span><\/p>\n

The upshot<\/span><\/h2>\n

Builders slowly are coming out of their funk, which eventually will help homebuyers frustrated with a lack of choice. Mortgage rates<\/a> will rise this year, and we\u2019d still like to see paychecks get bigger, faster. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Builders are coming out of their hiring funk, which should help homebuyers. Mortgage rates will rise and paychecks still aren’t growing fast enough. <\/p>\n","protected":false},"author":13355,"featured_media":40752,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-40736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nMore Hiring and More Houses a Win for Housing Market<\/title>\n<meta name=\"description\" content=\"Builders are coming out of their hiring funk, which should help the housing market. 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