As we’ve all heard so often, the financial woes our country has been facing were brought on to a large extent by the subprime mortgage crisis. Since it was a mortgage crisis that helped bring on the recession, the housing market did not go unharmed during the financial crisis, rather, it came to a virtual halt. But now that we are in a recovery (tenuous though it may be), it is useful to look to that hard hit sector of our economy, housing, to give us an indication if our economy is healing, and how quickly. That being said, there seems to be some good news on the horizon.
The Commerce Department’s U.S. Census Bureau today released data on new residential construction in March 2011. Permits for new housing units increased 11.2 percent, significantly exceeding private-sector expectations of a 3.0-percent rise. Housing starts increased 7.2 percent, compared with private-sector expectations of a 10.0-percent rise. Recruiters may want to think about the different industries that will be positively impacted by this increase in building homes.
“Despite continued volatility, today’s numbers show welcome growth within the housing market,” U.S. Commerce Secretary Gary Locke said. “With 230,000 private-sector jobs added in March in industries from manufacturing to education to construction, there are positive signs for widespread growth throughout the economy and a stronger housing market in the coming year.”