Belfiore: What a 50-year low unemployment rate means for housing, real estate

By Mike Sunnucks | Rose Law Group Reporter

The U.S. unemployment rate came in at 3.5 percent today. That is the lowest level since 1969.  There were also 136,000 new jobs created in September. That was below the 145,000 jobs expected by economists.

For real estate expert Jim Belfiore, the lowest unemployment rate in 50 years has some major impacts on housing and real estate.

“There’s nobody to do the jobs,” said Belfiore, who is president of Belfiore Real Estate Consulting.

Belfiore said home builders, developers and contractors continue to struggle to fill positions and work orders. That includes a shortage of truck drivers.

“They can’t get the materials to the site. There are not enough trucks,” Belfiore said.

The dynamic delays construction and that drives up costs in the region’s healthy housing market.

The labor shortage also means builders and contractors are paying more for the workers and subcontractors they do to find.

“It comes down to labor. It’s having enough people to do the jobs and that is putting tremendous upward pressure on home prices today,” Belfiore said.

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