While home prices and sales figures are obvious indicators of the health of metropolitan area's housing market, there are a number of other economic factors that can have an affect on a region's residential sector. And, having emerged as one of the most sought-after municipalities in the United States following the Great Recession, the Queen City could stand to benefit considerably from the job growth that was recently observed nationwide. Those hoping to buy a house in Charlotte may want to begin the process in the near future, as conditions may continue on the upward trajectory seen in recent months.
Across the country in September, a total of 148,000 nonfarm jobs were created in construction, wholesale trade, transportation and warehousing, according to the latest release from the U.S. Bureau of Labor Statistics. While still strong, the recent figure wasn't as strong those from past reports, as during the last year to date, employment growth averaged about 185,000 per month.
Employment in construction improved by 20,000 positions last month, the bureau reported. After showing little change in the preceding six months, this change was promising, hinting that more homes could soon be built in housing markets nationwide. Wholesale trade employment increased by 16,000 in September, with transportation and warehousing also adding 23,000 jobs. Other sizable upticks were seen in professional and business services, the health care industry and the retail trade.
Adding to the good news, the recent government report detailed substantial increases in worker salaries. During September, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to total $24.09. Over the course of the last year, average hourly earnings have improved more than 2 percent, hiking 49 cents.
Unemployment rate dips amid job growth
In relation to the gains observed in the labor market, fewer individuals were unemployed last month.
According to a separate release from the U.S. Department of Labor, the unemployment rate dropped in the week ending Oct. 19. The advance figure for seasonally adjusted initial claims during this period amounted to 350,000, which was a decrease of 12,000 from the preceding week's figure. The total number of people that claimed benefits in the week ending Oct. 5 – which is the latest data available – was 3,856,740, showing a substantial decrease of 71,957 individuals from the week prior. Significant improvement is apparent year-over-year, as during the same time in 2012, about 4,923,220 persons claimed benefits in all programs.
These labor market developments could lead to considerable prosperity for the Queen City, as upticks in employment could benefit many residents involved in the local housing sector. Increasing numbers of construction professionals could see more homes built faster, as well as a greater amount of residential sales. This, in turn, could lead to growth in consumer confidence levels.
Whether looking to buy or sell a house in Charlotte, individuals can benefit by enlisting the assistance of Lodestone Real Estate's experienced workforce of knowledgeable professionals. Boasting unbeatable customer service and specialized marketing, this agency has grown to be regarded as an area authority.