Report projects optimism for construction sector

It appears as though more properties will soon be in need of a home appraisal, as a recent housing market outlook suggests construction firms are ready to get back to work.

It appears as though more properties will soon be in need of a home appraisal, as a recent housing market outlook suggests construction firms are ready to get back to work.

According to Freddie Mac's U.S. Economic and Housing Market Outlook for July, the unemployment rate among builders and construction workers was nearly 13 percent, with nearly half out of work for six months or more.

Despite joblessness being considerably higher than the national average, hiring in the construction sector has swelled on a year-over-year basis, with the unemployment rate dipping nearly 3 percent since June of last year, the report revealed. Financial experts indicate the U.S. economy should recover somewhat in the second half of the year, which could increase the pace of construction job growth to an average monthly rate of 150,000.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated the construction sector is ripe for recovery.

"While housing may not have played its traditional role coming out of the Great Recession, at the end of the day, it has turned a very large corner and now it's time to get this sector back to work whether through construction jobs, remodeling, or home brokerage," said Nothaft.



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