{"id":196,"date":"2006-04-21T10:30:00","date_gmt":"2006-04-21T17:30:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=196"},"modified":"2006-04-21T10:30:00","modified_gmt":"2006-04-21T17:30:00","slug":"construction-buoys-state-job-market","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/04\/21\/construction-buoys-state-job-market\/","title":{"rendered":"Construction Buoys State Job Market"},"content":{"rendered":"

Here’s a pair of mostly glowing articles about just how stupendous our state’s job market is<\/a>, and how much better it’s getting every day<\/a>.<\/p>\n

The roaring construction and aerospace industries helped Washington add 7,900 jobs last month, pushing the statewide unemployment rate back down to 4.6 percent.<\/p>\n

That matched January’s jobless rate, before an influx of new job-seekers bumped it up to 4.8 percent in February. The last time the state’s jobless rate was this low was November 1999.<\/p>\n

"Washington employers hired workers at a near-frantic pace in March," said Greg Weeks, director of the state Employment Security Department’s work force-data branch. "A lot of industries were growing. This is a very hot labor market."
…
However, the Seattle metro area is still about 5,800 payroll jobs shy of its December 2000 peak.<\/p>\n

The state’s construction industry continued to hit above its weight. Construction accounts for less than 7 percent of the state’s payroll jobs but generated more than a quarter of the new jobs added last month.<\/p>\n

However, most observers expect high prices and rising interest rates will cool the nation’s \u2014 and region’s \u2014 housing boom.<\/p><\/blockquote>\n

I’m certainly not going to say that having more jobs available is a bad thing. However, these jobs that are being added hardly seem like the kinds of jobs that are going to afford people houses in King County. Actually, a large amount of the new jobs continue to be in providing<\/i> houses:<\/p>\n

The construction industry reported the strongest growth, adding 2,100 jobs in March. New construction jobs statewide reflect the "surprising persistence" of the housing boom, Weeks said. Construction jobs increased by 3,600 in January and by 2,400 in February.<\/p>\n

"As an economist, I keep thinking the rise in interest rates will have an impact on the housing market, and I’m wrong," he [Weeks]<\/i> said.<\/p><\/blockquote>\n

Oh, I don’t think you’re wrong Mr. Weeks. I think the market is just making one last gasp before the frenzy finally dies. By the time construction is completed on all these houses and condos that these thousands of new jobs are building, I think we will be experiencing a very different market.<\/p>\n

(Drew DeSilver, Seattle Times<\/a>, 04.19.2006<\/i>)
(Dan Richman, Seattle P-I<\/a>, 04.19.2006<\/i>) <\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Here’s a pair of mostly glowing articles about just how stupendous our state’s job market is, and how much better it’s getting every day. The roaring construction and aerospace industries helped Washington add 7,900 jobs last month, pushing the statewide unemployment rate back down to 4.6 percent. 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