Tiny house housing construction job creation in the US continues to outpace other sectors of the economy, according to the latest data from the Federal Reserve.
The housing industry’s job creation and job growth has accelerated in recent years, as builders and builders of new homes have expanded their construction operations in the face of rising construction costs, according the Federal Home Loan Bank’s (FHBL) annual report.
While the housing industry was a critical driver of job growth in the United States during the recession, the recent recovery has brought much-needed economic stimulus to the country.
“The housing sector continued to experience an unprecedented recovery in the wake of the global financial crisis,” the report said.
“This recovery has seen a significant increase in construction activity as builders seek to provide more affordable housing options to the American public.”
The report noted that the housing sector’s job growth also helped fuel the US housing market during the financial crisis.
“During the financial downturn, the housing market experienced a rapid decline in job opportunities,” the FHBL said.
“As the economy recovered in late 2009 and early 2010, the number of job openings increased by 1.5 million and 4.5 percent, respectively, between December 2009 and September 2010.”
While many companies that previously were dependent on construction were able to hire workers through new financing programs, those firms also had to find a way to meet increased demand.
The FHBl reported that this meant that new construction had been largely replaced by “rebuilds,” which were often more expensive.
The report found that while the construction industry grew by about 700,000 jobs in the fourth quarter of 2009 and the final quarter of 2010, it added about 4.1 million jobs between January and March, and by the end of March it added 7.9 million jobs.
The sector also added jobs in manufacturing and other sectors, and the FHSB report said the sector added an estimated $1.9 trillion in new output and $1 trillion in economic activity in the third quarter of the year.
However, as of December, the report noted, construction jobs were down by more than half from a year earlier.
The US construction industry has experienced a decline in the number and quality of housing units in recent months, as construction companies have moved to accommodate higher demand for smaller homes.
As a result, the FHBBL said, the construction sector “continues to experience a decline relative to the overall housing market, with job growth for the construction labor force decreasing by nearly 3 percent in the first quarter of this year, compared with the same quarter a year ago.”
The US housing industry has been a driver of the housing recovery, but has experienced many job losses in recent decades.
The FHSL said that during the 2008-09 financial crisis, the US construction sector lost more than 500,000 construction jobs.
In 2015, construction employment declined by about 3.2 million jobs, the first time the sector has lost jobs in two years, according it report.
The current recession has also made the construction boom difficult for small companies, which typically hire workers in small, temporary construction jobs that can be filled through other employment opportunities, such as apprenticeships or as part of other forms of employment.
But construction firms have been able to find ways to keep construction jobs available, as the number one job in the construction field, construction manager, is becoming increasingly more difficult to fill.
“Construction employment is still growing, and it is still rising fast,” the Federal Housing Finance Agency (FHFA) reported in its latest annual report on housing, which also highlighted the job growth of the construction workforce.
“Despite the construction market continuing to show modestly stronger job growth, construction employers continue to be challenged to find qualified and experienced construction workers for the growing number of new projects and job openings.”
The construction industry’s unemployment rate, which the FHA has defined as the percentage of construction workers that are either employed or looking for work, rose from 4.3 percent in September to 5.9 percent in November.
The unemployment rate in 2016 was 4.9%.