CareerBuilder and EMSI Research Reveals How the Housing Market Recovery Has Influenced New Job Creation in the U.S.
CHICAGO, June 6, 2013 /PRNewswire/ -- The fact that more people are gainfully employed in the U.S. today has helped to bolster the housing market, but how much has the housing recovery in turn helped employment? CareerBuilder and Economic Modeling Specialists (EMSI) answer this question with a new study tracking labor trends in the U.S. The study uses EMSI's vast labor market database, which pulls from over 90 national and state employment resources and includes detailed information on employees and self-employed workers.1
"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," said 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."
After experiencing heavy job losses during the recession, the construction industry is building up its headcount again. Since 2011, the U.S. has added more than 187,000 construction jobs, an increase of 2 percent.
- 7,794,077 people currently employed in this segment
Housing-related industries outside of construction have also produced a steady stream of new jobs. Since 2011, the U.S. has created more than 59,000 additional housing supply chain2 jobs, an increase of 3 percent.
- 1,755,863 people currently employed in this segment
Looking at a sample of specific segments within the housing supply chain, there has been an upward trajectory for job creation from 2011 to 2013:
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
Similar growth trends are apparent among Metropolitan Statistical Areas (MSAs) that are showing notable increases in home values and housing market activity3:
- Added 191,343 total jobs since 2011, 3 percent growth
- Added 22,318 construction jobs, 8 percent growth
- Added 3,138 other housing supply chain jobs, 5 percent growth
- Added 69,622 total jobs since 2011, 5 percent growth
- Added 6,243 construction jobs, 8 percent growth
- Added 904 other housing supply chain jobs, 6 percent growth
- Added 118,617 total job since 2011, 5 percent growth
- Added 13,963 construction jobs, 13 percent growth
- Added 465 other housing supply chain jobs, 2 percent growth
- Added 75,281 total jobs since 2011, 4 percent growth
- Added 11,414 construction jobs, 11 percent growth
- Added 1,097 other housing supply chain jobs, 5 percent growth
- Added 33,370 total jobs since 2011, 4 percent growth
- Added 2,524 construction jobs, 6 percent growth
- Added 255 other housing supply chain jobs, 4 percent growth
1EMSI data is collected from more than 90 federal and state sources, such as the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, and state labor departments. EMSI removes suppressions often found in publicly available data and includes proprietors, creating a complete picture of the workforce.
2For the purpose of this study, EMSI included the following in the definition of housing supply chain jobs: home centers and other home furnishing stores; building materials dealers; hardware, paint, and wallpaper stores; mortgage and nonmortgage loan brokers; and miscellaneous home and household furniture manufacturing.
3Hot housing markets based on 24/7 Wall St.'s review of Zillow data, April 2013. Employment data supplied by EMSI.
Economic Modeling Specialists Intl. (EMSI) is a CareerBuilder company that provides industry-leading employment data and economic analysis via web tools and custom reports. EMSI turns vast amounts of labor market data into easy-to-use information that helps organizations understand the connection between economies, people, and work, and ultimately build a better workforce. EMSI's web tools - Analyst and Career Coach - are used by thousands of professionals in higher education, workforce and economic development, and the private sector. EMSI has also produced more than 1,200 comprehensive impact analyses for colleges and universities in the U.S. and internationally.
CareerBuilder is the global leader in human capital solutions, helping companies target and attract great talent. Its online career site, CareerBuilder.com®, is the largest in the United States with more than 24 million unique visitors, 1 million jobs and 50 million resumes. CareerBuilder works with the world's top employers, providing resources for everything from employment branding and talent and compensation intelligence to recruitment solutions. More than 10,000 websites, including 140 newspapers and broadband portals such as MSN and AOL, feature CareerBuilder's proprietary job search technology on their career sites. Owned by Gannett Co., Inc. (NYSE: GCI), Tribune Company and The McClatchy Company (NYSE: MNI), CareerBuilder and its subsidiaries operate in the United States, Europe, South America, Canada and Asia. For more information, visit www.careerbuilder.com