December 2024 Residential Construction

We’re sort of in a holding period, here, I guess.

Construction employment continues to slowly grow in proportion with the broader labor market. Usually, construction employment either rises or falls. I’m not sure there is a historical precedent for the current market. I am expecting the next move to be higher. Is there any reason why “this time is different” and residential construction employment would have a cap at about 2.1% of total employment? From 2000 to 2006, it went from 2% to 2.5%.

Maybe we’re still waiting for the supply chain to catch back up.

The construction update is below the fold.