A Real Estate Jobs Bubble?
By Inman News, Tuesday, February 6, 2007.
A Real Estate Jobs Bubble?
According to a Dow Jones report at SmartMoney.com: there was a loss of 47,000 home-building jobs in 2006, compared to 638,000 added in the previous three years, and a couple of economists expect things to get much worse.
David Rosenberg, chief North American economist for Merrill Lynch, estimated in a research note that residential construction employment will drop about 20 percent in 2007 -- which represents about 600,000 jobs. And he estimates that about 300,000 additional jobs in manufacturing that are tied to housing could also be lost this year, according to the report.
Steven Wieting, an economist for Citigroup, stated in a separate research note that he expects job losses related to the housing market to "easily exceed a half million," according to the article.
–Glenn Roberts Jr., Inman News All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
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