Employment in North Carolina’s construction industry – considered an economic indicator – is on a see saw, says the Washington, D.C.-based Associated General Contractors of America.
The Charlotte Business Journal reports as of April, the state had 173,300 workers in construction jobs, down 2,100, or 1.2 percent, from April 2011. It was one of 28 states that shed building jobs over year. Meanwhile, 19 states added jobs and three remained static. North Carolina added 100 construction jobs during March but lost 2,500 in February.
The close balance between job gainers and losers among states reflects the sluggish growth in construction nationally,” says Ken Simonson, AGC of America chief economist. “Private nonresidential and multifamily projects have been increasing by double-digit percentages in much of the country. Single-family homebuilding is finally coming back to life in selected locations. But public construction is declining nearly everywhere.”
The low interst rate environment continues to support the housing market. In its report, the Mortgage Bankers Association said mortgage applications rose 9.2 percent in the week ended May 11, the most since January.
Locally, the Charlotte Regional Realtors Association recently reported strong home sales in April. There were 2,170 closings in the Charlotte market in April, up 15.3 percent from a year earlier. Local average and median sale prices climbed last month as well, to $214,779 and $159,995 respectively. That’s up 5.6 percent on average and 4.6 percent for the median price. Read More.