Even though construction employment is rebounding more slowly than construction activity, there are more construction jobs per unit under construction than normal
In the monthly employment report for March, the Bureau of Labor Statistics (BLS) reported this morning that residential construction jobs increased 3.8% year-over-year. (We include both “residential building construction” and “residential specialty trade contractors” – here’s why.) That’s faster than the overall employment increase of 1.4% – reflecting that housing is now a critical part of the economic recovery.
A quick glance suggests that construction jobs aren’t keeping up with construction activity. Even though residential construction employment growth is outpacing overall employment growth, it’s puny relative to the rebound in construction activity, measured in housing units or dollars:
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The Housing Recovery: Jobs, Housing Units, and Dollar Value |
||
|
% Change |
% Change since bottom |
|
| Residential construction jobs |
3.8% |
7.0% |
| New housing units under construction |
28% |
39% |
| Dollar value of residential construction (new construction only) |
34% |
50% |
| Dollar value of residential construction (new construction plus improvements) |
18% |
32% |
| Note: Jobs data through March 2013, from BLS; units under construction and dollar values through February 2013, from Census. Dollar values are adjusted for inflation and reflect the cost of labor, materials, contractor’s profit, and more. “Bottom” was January 2011 for jobs; Aug 2011 for units; May 2011 for dollar value (new only); and July 2011 for dollar value (new plus improvements). | ||
Rents rose just 0.1% year-over-year on single-family homes and 2.9% on apartments. Locally, rents on single-family homes are flat or falling in Las Vegas, Phoenix, and Atlanta
The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what’s really happening to asking prices and rents. Because asking prices lead sales prices by approximately two or more months, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed.
Prices Up 7.2% Year-over-Year, Rising in 91 of 100 Largest Metros
In March, asking home prices rose 1.1% month-over-month, seasonally adjusted. That’s an annualized growth rate of 14%. Quarter-over-quarter, prices are up 3.5%, seasonally adjusted. Year-over-year, prices are up 7.2% nationally and are higher than one year ago in 91 of the 100 largest metros.
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March 2013 Trulia Price Monitor Summary |
|||
|
% change in asking prices |
# of 100 largest metros with asking-price increases |
% change in asking prices, excluding foreclosures |
|
| Month-over-month, seasonally adjusted |
1.1% |
Not reported |
1.4% |
| Quarter-over-quarter, seasonally adjusted |
3.5% |
90 |
4.0% |
| Year-over-year |
7.2% |
91 |
8.0% |
Neighborhoods near Major League Baseball stadiums cost more – especially if the team has a better shot at winning the 2013 World Series.
Baseball’s 2013 season begins Sunday night, when the Texas Rangers go to Houston to take on the Astros. Most other teams kick off the season on Monday. To mark the annual start of America’s national pastime, we looked at home prices in the neighborhoods near major-league stadiums.
If you want to live close enough to the ballpark to hear the crowd and see the lights from home–and of course, walk to the game–it’ll cost you. We examined asking home prices from the past year on Trulia in the neighborhoods within a mile or two of each stadium (excluding Toronto). It costs most to live near AT&T Park, home of the San Francisco Giants: $653 per square foot. Living near Atlanta’s Turner Field or Kansas City’s Kauffman Stadium costs only one tenth as much:
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Top 5 Most Expensive Baseball Stadium Neighborhoods |
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| # | Team | Stadium | Median price per SQFT | Stadium area price relative to metro price |
| 1 | San Francisco Giants | AT&T Park |
$653 |
1.3 |
| 2 | Boston Red Sox | Fenway Park |
$584 |
2.6 |
| 3 | San Diego Padres | PETCO Park |
$435 |
1.9 |
| 4 | Washington Nationals | Nationals Park |
$392 |
2.3 |
| 5 | Los Angeles Dodgers | Dodger Stadium |
$387 |
1.6 |
|
Top 5 Least Expensive Baseball Stadium Neighborhoods |
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| # | Team | Stadium | Median price per SQFT | Stadium area price relative to metro price |
| 1 | Kansas City Royals | Kauffman Stadium |
$28 |
0.3 |
| 2 | Atlanta Braves | Turner Field |
$64 |
0.9 |
| 3 | Milwaukee Brewers | Miller Park |
$72 |
0.7 |
| 4 | Pittsburgh Pirates | PNC Park |
$85 |
0.9 |
| 5 | Texas Rangers | Rangers Ballpark |
$86 |
1.1 |
Note: median price per square foot in the neighborhood approximately one or two miles around the stadium. Final column is the ratio of stadium-area median price to metro median price. Values above 1 mean the stadium area is more expensive than the metro area overall.
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