According to the Bureau of Labor Statistics, October saw steady job growth, but weak wage gains. An increase in both areas would help support housing demands for 2015. Last month home builders and remodelers added 8,000 jobs to the residential construction sector on a seasonal adjusted basis according to NAHB analysis of BLS data. Over the last 12 months, the industry has created 131,000 jobs. Since the low point following the Great Recession, the residential construction industry has gained 333,700 positions, although employment remains 1.132 million lower than the peak level seen in early 2006. Employment growth for the industry has been steady, adding on average just a little more than 10,000 jobs per month over the last six months.
Graph Credit: NAHB
Of course, housing demand depends on national employment conditions. According to the most recent BLS data, total non-farm payroll employment grew by 214,000 in October. Overall the economy added 673,000 positions over the last three months. In the separate household survey, the national unemployment rate fell from 5.9% to 5.8% in October. Real wage growth continues to struggle, only increasing by 0.1% in October after a 0.2% decline in September.