The housing recovery is boosting the job market, but the job market isn’t returning the favor, according to Jed Kolko, chief economist at Trulia.
Riding on rising home sales, residential construction employment has shot up 4.5 percent year over year, surpassing the national employment growth rate of 1.7 percent.
But a high unemployment rate is holding back housing demand. 25- to 34-year-olds, are still in danger from little to no job availability, with 75 percent of society currently employed.
Job growth remains slow for recent grads and young adults — who are key for household growth. In conclusion, this means the job market isn’t improving enough to give a strong boost to housing demand.