Thursday, April 06, 2006

Canadian Housing Market Crash Impacts on Construction Jobs

CIBC believes that while a housing market crash is not in the cards, even a gentle slowdown in the real estate sector will have a massive impact on construction jobs, which have experienced almost four times the employment gain seen in the economy as a whole in 2005.

Forty percent of all new jobs in the past 3 years were in either real estate or construction. This calculation doesn't even include the explosive mortgage industry, which unfortunately can't be isolated in the available data, but which might push the real estate-related share of recent jobs up to as much as 50 percent


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