What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
Trulia: Strong Jobs Report Bodes Well for Housing Market
✉️ Want to forward this article? Click here.
Good news in the job market means eventual good news for the housing market.
Trulia’s Chief Economist Jed Kolko perused the February jobs report released by the Department of Labor recently, and found a couple of indicators that bode well for housing: unemployment rates amongst young people have gone down, and construction employment rates have gone up.
Looking at the rate of change, Kolko found that construction employment, which makes up 4.2 percent of total employment in the country, was up 2.5 percent versus three months ago, outpacing overall employment growth (2.2 percent). While still down from the height of the housing boom, the numbers are headed in the right direction.
![Trulia: Strong Jobs Report Bodes Well for Housing Market: Figure 1](https://assets.urbanturf.com/dc/images/blog/2012/03/truliaconst550.jpg)
Courtesy of Trulia Insights
While the U.S. added 227,000 jobs last month (though the overall unemployment rate stayed at 8.3 percent), Kolko zeroed in on the stats for young people (between the ages of 25 and 34). He found that the unemployment rate for this group dropped to 8.7 percent in February, down from 9 percent in the previous month. Now, 74.7 percent of 25- to 34-year olds are employed, up by almost one percent from a year ago.
As has been a frequently covered topic recently, many young people have been waiting out the recession from the comfort of their parents’ homes. Now that job prospects are looking a little brighter, we may see a new population of home buyers and renters.
While the jobs report didn’t zoom in on DC, a report from the Center for Regional Analysis estimated that 1 million new jobs will come to the area in the next 20 years, overwhelming the current housing stock. Our high construction activity may stay that way for a while.
See other articles related to: center for regional analysis, construction, housing reports, job growth, trulia insights
This article originally published at https://dc.urbanturf.com/articles/blog/strong_jobs_report_bodes_well_for_housing/5271.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro