16,700 construction jobs were added in November, 2014 for the residential construction sector. On average, the new home construction industry had been adding 11,000 jobs per month with a total of 348,300 positions after the “posted” end of the Recession. These latest statistics showed that over the last 12 months, the construction industry as a whole has created 122,000 jobs. Employment nationwide hit its 4th highest increase during the month of October according to the BLS Job Openings and Labor Turnover Survey (JOLTS), bringing the hiring rate to 3.6% of total employment. Since 2011, the hiring rate has bounced around from 3.1% to 3.5%, but it has now risen above that number because employment in the United States in November rose unexpectedly to top out at 321,000 jobs added during the month. The average number of overall jobs added to the economy each month has been around 233,000, so this number showed strong economic growth for the month.
The positive upward flow of job additions in the overall economy is directly helping the real estate industry in that family income is on the rise as well as household wealth. With construction lending easing up, builders are able to finance more and more loans to build new homes for sale. With this increase in construction activity comes a shortfall of construction workers. As of the end of October, there were approximately 136,000 open, unfilled, construction sector jobs, also according to the BLS JOLTS and the National Association of Home Builders (NAHB) Analysis. This number was up from 112,000 total open positions in September. An overall look at construction employment shows that 2.332 million people are employed doing construction work with 677,000 builders and 1.655 million contractors and residential specialty trade workers.
With an increase of demand for homes for sale, Bedico Creek Preserve in St. Tammany Parish has experienced phenomenal growth throughout the year 2014. We have added and are continuing to add 7 new Neighborhoods with both lots for sale and homes for sale. We have also welcomed approximately 8 – 10 more builders to our community throughout the year who are constructing new homes for sale priced from the high $200’s to over $1 million +. If you have not had an opportunity to visit this new home, master planned subdivision in St. Tammany Parish, you will want to Take a Tour of our homes and lots. Call 985-845-4200 or E-mail Info@LiveBedico.com to schedule your visit today!