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Spot The Housing Recovery: Building Construction Workers At One Year Lows
This chart probably needs no explanation. Number of employees engaged in the construction of buildings just dropped to 1,217,000 down from July's 1,220,000, and the lowest number in a year. Just as telling is that the number was a mere 5,600 workers above the depression lows of 1,211,400 recorded in May of 2011.
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.....and it's gone.
The One is coming into St. Pete College today. They've had the groundskeepers and clean up crews working overtime to get ready. Which probably means they pretty much leave it a pile of crap for the students any other day.
Well, at least someone is working...
Two caveats to the thesis:
1) the majority of that decline is in nonresidential structures, so it's not really a commentary on housing.
2) the figures quoted are seasonally adjusted annualized rates; the number of employed persons actually increased, according to the non-seasonally adjusted figures. Seasonal trends have been a bit broken since we've been dragging along the bottom so long.
But IOUs for houses are at trillion year highs!
He's not done yet !
it will go lower
And he'll say 'Bush built that, all by himself!'...amazing how determined he is to break any records, even if they are all-time lows...
But,but,but I just read an article yesterday, that said the New housing market could not find enough WORKERS!!.
I think they meant ILLEGALS.
What a crock of mierda.
...nowhere to go but up....bullish i say..
Tyler, no you must have missed this...CNBS said the other day (all day) that homebuilders simply can't find enough workers to build all the houses they need to...those workers have all gone on to new careers, according to CNBS the authority on the real world.
http://www.cnbc.com/id/48926517
Sorry, I don't subscribe to the Comedy Channel.
I am rarely surprised by the bullshit I see if I pass by CNBS at any point in the day, but that headline was a gem.
saw that too-was amazed. I did see it was in Houston which is booming from Benny's $95 a barrel oil.
We can't find QUALIFIED employees to do the little bit of work we do have. I spent the summer starting a new construction company. We had three projects to complete and the list of problems we (and our subs) had with the employees is endless.
There was:
A drunk demolition crew that threatened to kill us when we told them to leave.
Heroin addict that left to go get high claiming he was off the the hospital for kidney stones.
One thrown in jail for back child support.
Two drywall men that couldn't build a straight bulkhead without being 3/4 inch out in only four feet.
A fire alarm tech that violated the fire codes 7 times INSIDE THE COUNTY CODE OFFICE we were renovating.
A terrazo floor man that brought all the wrong materials, spent three days patching a few feet of floor and still didn't match the existing color.
Electricians that wired 250 of the same devices 136 different ways and had to correct over half of them.
Excavators that blew up undergroud powerlines even though they were marked.
While your problems are certainly problems and reflective of the deep and intense issues with those who have been grasping for a livilihood in an industry dying a slow death for half a decade, they actually don't point to a lack of workers to meet demand. A lack of qualified workers maybe, but not a lack of people looking for a job.
Reaping the rewards of America's super-duper public schools no doubt.
Welcome to the world of construction. Forgot due dilligence in your business plan?
Let me guess. Importation of Mexican construction workers is the answer?
The left is consistent and they do understand business and economics, contrary to what some have said.
It's just that they don't control everything, yet.
And I'll bet half of them just show up to the site with their hard hats and fart around looking busy.
The FIRE economy is dead....now seems a good time to FIRE BARRY !
Yes, getting Mittens - or whatever the right hand puppet is called - into the WH will DEFINITELY solve all problems!!11eleventyone1!one
Lighten up Francis. I'd vote for a kitten.....over the last 4 Presidents....can't really say I'm a party guy.
http://www.youtube.com/watch?v=syV2LkGpQB0
The great socialist ronald raygun had a solution for this. It looked pretty much the same as obama's, and bush's, and...
Raygun's solution wasn't original, just a follow-on effort to the cold war infrastructure build-out; it's really bad pr for one's arms industry to expatriate in search of replacement revenue.
As long as there is just one person employed in house construction then the housing recovery is underway.
my 60 year old golfing neighbor told me the economy was booming.
......Yeah, stock market just doubled... Economy must be booming. FORE! fuks sake
Golf courses are geting lots of play from bored construction workers.
I am not so bad off. I hedged my house price plunge by buying GLD and SLV a few years ago.
Gold and silver are up over 240% while my house price keeps dropping.
No one (excpet Shiff, Rogers, Bass, Sprott, and many others) saw this coming.
they are building a few houses here again in SW Chi-town burbs in $225K shitbox range. I don't understand who is writing loans now and who would qualify. they must be govt employees-ie- cops, fireman etc- you know- people that "deserve" to never lose their jobs. I just wish the whole thing would fall apart
Give it time ... if you build it, they will come ...
That worked well in China. The US is broke but they have room for ghost towns.
Relax, in China, they just haven't came yet ... Have to give it time .. once they lift the 'one child' rule .... FREE CITIES FOR EVERYBODY!
One person I know owes $317,000 but the house is worth $270,000. They decided they needed a bigger house so they will rent that house and they purchased a house for $390,000, with little down.
Risky loans have been going on for the last 3 years again. The government doesn't care. They just want transactions,. Fannie Mae is building up future defaults again.
The Free Stuff is up. Food Stamps, Section 8, free cell phone usage keeps climbing. Even big companies are realizing the shift to socialized liviving.
There's a new housing development near me that has, I would guess, 50 units. Around 15 TH's at around 500k and 35 SFH at around 700k. By my estimate, they've sold maybe 5 units in the last 9 months. Not surprising as you can by a 30 year old comp for 200k less.
Good read if you haven't seen it and still own a home.
http://www.businessinsider.com/prepare-for-the-coming-housing-collapse-2012-9
good read. Romney claims he will " let the market clear" He is already back-pedling on his claim to "replace Bernanke" (Banksters had a talk in 'quiet rooms'?
The PC "Holidays moritorium" from Oct-Feb has GOT TO END! Evict the damn squatters, going on 5 yrs free rent.
Forward!
The construction curve look eerily like the MBA Purchase Application curve.
http://confoundedinterest.wordpress.com/2012/09/05/mba-mortgage-refinancing-and-purchase-applications-decrease-house-asking-prices-rise-in-august-rents-slow/
Give a jackass builder easy financing, he will OVERBUILD(anything, anywhere)>now RENTALS, looks like it didn't take long.