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IRVINE, CA—The expansion of construction jobs is clearly an indication of expansion in the housing stock—the more starts, the more jobs, First American Financial Corp.'s chief economist Mark Fleming tells GlobeSt.com. In commenting on a recent jobs report, Fleming said, “Today's jobs report for February is very good news for the economy. The increase of 235,000 non-farm payroll jobs soundly beat the already high expectation of 195,000 jobs.”
Fleming also said the ISM manufacturing and non-manufacturing employment indices For February already indicated a 215,000 non-farm payroll jobs increase. “This, combined with drop in the unemployment rate to 4.7% and 2.8% year-over-year growth in wages are all signs of a strong labor market.”
For the housing market, construction employment has continued to add jobs—177,000 over the last six months. “It's interesting that specialty trade contractors, and heavy and civil engineering job categories were highlighted—a sign of growing demand for home improvement and infrastructure development, perhaps,” said Fleming.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
