Jobs Market Not Helping Housing

Neighborhood at Sunset

The housing recovery is juicing the jobs market, but the jobs 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, far outpacing the national employment growth rate of 1.7 percent, he said.

But a high unemployment rate is holding back housing demand, Kolko noted, saying 25 to 34-year-olds in particular are suffering from the still-weak jobs climate, with only 75 percent of that cohort employed.

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