Job creation has grown consistently in recent years and so too has the housing market. That’s no surprise, writes Realtor.com staffer Booby Calvan, as “where the job market goes, the housing industry follows.”
Tara Sinclair, the chief economist for Indeed.com and Realtor.com chief economist Jonathan Smoke said during a joint press briefing in Washington, D.C. that 2016 was looking like a strong year for employers. “Very early in my career, I had some wise old people tell me that the most important statistic to follow was job creation,” Smoke said. “Where the jobs are is where real estate is most in demand.”
Overall, the unemployment rate has been steadily falling since fall 2009. It’s now at 5%—and is expected to further dip in 2016. Over the past 12 months, the invigorated economy has created 2.6 million jobs, according to the Bureau of Labor Statistics.
And as a sign of better times in the
housing industry, construction jobs have continued to rise in the aftermath of
the housing collapse that left much of the industry unemployed.