Construction and Mortgage Employment Down In California For June, 2007
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The loss of 5,700 finance jobs across California and layoffs in the building industry created the lowest job gain report in recent history. While this is not a surprise it signifies that the real estate slowdown is starting to affect the rest of the economy.
Hiring in California was hit by a bad case of June gloom last month as the effects of the real estate slowdown seeped into the job market, according to data released yesterday by the California Employment Development Department.
Statewide, employers added only 400 jobs in June, after adjusting for seasonal fluctuations, compared with a jump of 29,700 in June 2006. Sharp declines in home construction and financial activity – such as mortgage lending – put a crimp in last month’s job growth. via SignOnSanDiego.com
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Comment by Marc Brinitzer on 22 July 2007:
So far the media and the pundits are hanging on to commercial construction as the lifesaver for real estate jobs. While it’s true that commercial construction remains busy, commercial developers are pulling the plug on new projects at an alarming rate.
Sacramento office vacancies are rising as real estate, mortgage. title, engineering and related businesses contract. The Industrial sector is soft from the decline in demand from small contractors. And the slowdown in residential and the emptying of consumer’s wallets is making it harder to pencil new shopping center projects.
The first blush of layoffs hit in an invisible way. Read my post:
http://www.lendingclarity.com/2007/05/01/employment-the-housing-bubble-and-the-hidden-work-force/
I think we’ll soon see the slowdown appear more dramatically and obviously in the official numbers.