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Hiring spree skips construction industry2

Posted by The Aramco Group on Mon, Jun 5, 2017 @ 14:06 PM

Employment reports from the Bureau of Labor Statistics show that the number of unemployed Americans is at its lowest point in nearly a decade. Non-farm payrolls rose by a seasonally adjusted 211,000 from March to April – bringing the unemployment rate to 4.4 percent.

Despite the stellar decline in joblessness, the housing and construction sector's figures were called a "disappointment" by First American Chief Economist Mark Fleming.

"Home builders are reporting that the lack of construction workers is hampering their ability to increase production," said Fleming. "In fact, we have been underbuilding residential housing relative to demand since 2009."

Just 5,000 construction jobs were added to the economy last month, a mere 2.6 percent more than the same period last year.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.

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