Bureau of Labor estimated that 7.0 million Americans were employed in the construction industry (down from 7.3 million at the beginning of 2019, and down significantly from a peak of 7.6 million in 2007).
The agency also estimated that 1.7 million Americans were employed in the real estate industry as of early 2021 (essentially unchanged from 2020).
Unfortunately, the Coronavirus pandemic of 2020
created many challenges in the real estate sector.
Problems include homeowners who are unable to
pay their mortgages, construction projects that were temporarily halted to slow
the spread of disease and the closure of a large number of commercial
businesses, many of which may never reopen, therefore creating empty office and
shopping center space.
The actual
long-term results remain to be seen.
There was $16.8 trillion in outstanding
mortgage debt of all types in America at year-end 2020, up from $16.0 trillion
one year earlier, including homes and commercial projects.
This total included $11.6 trillion in home
mortgages, up from $11.2 trillion in 2019.
Home prices have risen to the point that bargains are hard to come by.
In mid-2021, there was very little inventory
of homes for sale in most U..
many non-U..
markets, leading to bidding wars
among buyers.
Construction of all types, including
commercial, has enjoyed a strong market in recent years.
About $1.42 trillion in new American
construction was expected to be put into place for
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