Builders Increase Workforce In July Due To Reduced Real Estate Hiring

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Builders nearly doubled their hiring rate in early July, although employment growth in other real estate categories has slowed slightly.

Builders added 8,300 employees to their staffing tables last month after just more than doubling their number last month, according to data last digits from the Bureau of Labor Statistics. This monthly increase in July represents an almost full seasonally adjusted percentage point increase.

Meanwhile, real estate firms that employ brokers, sales agents and other related positions added a seasonally adjusted 5,400 jobs in July, up 0.3 percent from the previous month. These companies had a workforce growth of 0.5% the month before.

The growth of the real estate workforce was part of the national employment report it exceeded most hiring expectations. From June to July, the United States added 943,000 non-farm jobs, an overall increase of over 0.6 percent. US stocks opened higher on Friday on the news.

These numbers were collected in the first weeks of July, before Delta variant coronavirus has led to an increase in the number of infected in many states.

Since then, the uncertainty about the trajectory of the virus has diminished. led to lower yields on US Treasury bonds… Mortgage rates followed suit, continuing to fall in recent weeks. But lower rates has not yet stimulated the corresponding growth in new purchase credits, which declined in the last week of July.

However, in the weeks leading up to these events, home construction companies accelerated their hiring rates amid strong demand for homes and a market that saw a sharp decline in home furnishings.

In housing, seasonally adjusted employment rose more than 8 percent from last July, when the industry was still well below normal following layoffs and layoffs that accompanied wider economic uncertainty in the early weeks of the pandemic.

Brokerage and other real estate firms were also busy last year, with employment rising nearly 5 percent year on year on a seasonally adjusted basis.

As a result of the recent increase in jobs, the total number of workers in the housing construction industry exceeded 882,000. These numbers do not include residential contractors, an employment group that remained roughly stable from June to July.

Real estate employers who have added fewer jobs to the larger workforce have reached a workforce of over 1.75 million.

Write to Daniel Houston



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