Housing market recovery lays foundation for job growth

At the start of the economic downturn, one of the factors that brought our country into a recession was the burst of the housing bubble. Now, as the housing market slowly recovers, it’s helping to spur economic growth.

A new study by CareerBuilder and Economic Modeling Specialists Intl.* found that certain segments within the housing sector are rebounding and in turn are creating jobs.

“Several industry segments closely tied to the housing sector have experienced encouraging job growth over the last 12 to 18 months as home prices and sales inch up and the economy improves,” says Matt Ferguson, CEO of CareerBuilder. “While some segments may still be trailing pre-recession employment levels and may not fully recover jobs lost, we’re seeing signs of a rebound in everything from construction and mortgage banking to home furnishing stores.”

Housing segments experiencing growth
The construction industry is actively hiring again after facing job losses during the recession. Since 2011, the U.S. has added more than 187,000 construction jobs, an increase of 2 percent, and 7,794,077 people are currently employed in this segment.

Other housing-related industries outside of construction are building up their staff again. More than 59,000 additional housing supply chain** jobs have been added since 2011, an increase of 3 percent. There are 1,755,863 people currently employed in this segment.

Some specific segments within the housing supply chain that have seen job growth from 2011 to 2013 include:

Mortgage and nonmortgage loan brokers

  • Added 19,317 jobs since 2011, 30 percent growth
  • 84,759 people currently employed

Home centers and other home furnishing stores

  • Added 23,849 jobs since 2011, 3 percent growth
  • 823,496 people currently employed

Building materials dealers

  • Added 11,305 jobs since 2011, 4 percent growth
  • 317,987 people currently employed

Hardware, paint and wallpaper stores

  • Added 4,062 jobs since 2011, 2 percent growth
  • 184,017 people currently employed

Upholstered household furniture manufacturing

  • Added 1,828 jobs since 2011, 4 percent growth
  • 53,838 people currently employed