Last week several sources released reports about the increase in housing market numbers. Housing is one of the first signs that the construction market overall is coming back, and with that the expectation is that commercial, industrial and other sectors will also grow.
According to the US Census Bureau and the Department of Housing and Urban Development, October 2012 saw 894,000 construction starts. This is 41.9% higher than October of last year.
Read more on the new housing market construction numbers:
- “Housing Starts Rose in October,” New York Times
- “Another Oustanding Month for U.S. Housing Starts in October,” Reed Construction Data
- “Home Prices in 20 U.S. Cities Rose 3% in Year to September,” Bloomberg Businessweek
Will this boost the economy? A big part of the answer to this question is the quality of jobs that return with this boost in economic activity. Are these low-skill, short-term, and temporary jobs, or are they long-term careers? The construction industry is cyclical, with extreme booms and busts. To make sure the next downcycle does not look like the last, it’s important to learn from the mistakes of the past economic downturn and build the industry back stronger.
Graphic by the California Construction Academy
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