The number of Americans working residential construction jobs rose 5.8 percent year-over-year in 2015, more than twice the pace of annual growth in employment overall.
But, as Krishna Rao, director of Economic Product & Research at Zillow, notes, if that rate of growth continues, as impressive as it may be, it will take til 2020 to get back to "par" with the workforce. That would signify a lot of pain for builders trying to offer the volume and price they want to to activate the young buyer market. Rao writes:
- But even at that rapid rate, it will likely take the rest of the decade or more for construction employment to return to its pre-crash, 2008 levels.
- Total employment in residential construction remains more than 20 percent below 2008 levels, while overall employment is 3 percent higher over the same time.