The job market is booming! According to a report from the U.S Bureau of Labor Statistics, there are now more jobs in the United States than ever before. This is great news for workers, as it means that they have more opportunities than ever before. It’s also great news for businesses, as it means that they have a larger pool of potential employees to choose from. In this blog post, we will explore some of the top industries that are creating these jobs and what types of jobs are being created.
With more jobs being created in new industries every day. This is good news for the real estate industry, which is seeing a huge surge in interest from buyers and sellers. More people are able to afford a home now that they have a good job, and this is driving prices up across the country.The job market is also good news for the retail industry, which is seeing increased sales YOY. More people have money to spend now that they’re earning a good wage, and this is driving prices up for consumer goods also. (not the best news when it comes to inflation)
Here are the top industries creating these jobs (which are discussed in detail in the video):
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Leisure and Hospitality
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Professional and Business Services
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Manufacturing
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Transportation & Warehousing
The unemployment rate is at its lowest point in decades. With this, more jobs are being created for people who have higher levels of education. It’s important to note that this trend isn’t just happening here in America- it’s global! With more educated people, we can expect to see new industries created and a very low unemployment rate for high level jobs. According to the U.S Bureau of Labor Statistics the unemployment rate for folks with a bachelor’s degree or higher is only at 2.1%.The future looks bright for those who are educated and ready to work!
The unemployment rate has been steadily decreasing since 2010 when it peaked at nearly 11%. In December of 2021, the Bureau of Labor Statistics reported an unemployment rate of only 3.9%. The median household per capita income has gone higher in the last two years and experts predict this trend will continue as more jobs are created.
Now what does all of this mean for the Real Estate industry?
We will see continued demand for housing, more than ever before. This means we will see a rise in construction all throughout the country as construction companies ramp up efforts to meet the demand. The higher demand in housing will cause positive appreciation in home equity and home prices, which is great news for current homeowners and not the best news for buyers who are looking to get a deal! But for our active buyers, there is some good news. The feds have increased mortgage interest rates and are determined to do more increases before the end of the year. This may bring the demand for housing a little down as some buyers that were qualified for a mortgage may not qualify now. Yes your monthly mortgage payments will go up but it may make it easier to get your offer accepted ( I know it is rough out there right now..)
If you are a buyer or a seller, rest assured that there are no imminent signs of a recession at this point in time. Let’s stay focused on what we have at hand and make the best decisions for our families! I hope this was insightful to you. Thank you for watching and reading!!
Until next time…
