LoginThere's mixed news on the housing construction job front, with demand for houses down and and an increase in permits for apartments across the country.
The Associated Press reports that the number of permits to build apartments hit a three-year high in October, and an overall increase of 63 percent during the past year.
James Marple, senior economist at TD Economics, told the news agency the overall home market still remains depressed, but the surge in demand for apartments is helping to create some jobs.
"You're not going to see apartments as an economic driver," Marple noted. "But it's renters who are clearly going to drive the demand for housing."
Meanwhile, construction of single-family homes rose 4 percent last month. The single-family home construction sector makes up about 70 percent of the residential housing market, according to the New York Times.
The National Association of Home Builders estimates that each new home built creates an average of three jobs for a year and generates $90,000 in taxes.
Overall, demand for permits for all residential housing, a key indicator of future construction, rose nearly 11 percent in October.