Sunday, March 04, 2007


From the Sacramento Bee:

Chris Thornberg, an economic consultant in Los Angeles, said he thinks the economy will really feel the effect of the housing slowdown this year. "Housing really hasn't hit the ropes yet," said Thornberg, head of Beacon Economics. "You're going to start to see the weakness in construction jobs."

The numbers show Sacramento's job market already is being affected by the housing market's downturn. The region lost 2,700 construction jobs in January -- despite weather that was conducive to home building -- the fifth straight monthly decline.
From the Modesto Bee:
Food processing and construction jobs also took a hit because of winter weather and seasonal crop changes, [Liz] Baker [EDD labor market analyst] Baker said. The construction industry lost about 200 jobs in the last year [in Stanislaus County], she said, and the depressed housing market may have long-term effects on jobs in the region.

Spring typically is when the housing market picks up, Baker said, so it will be an important indicator to see what happens in the coming months to construction jobs and positions in the financial sector, such as real estate.
San Joaquin did suffer larger losses in the construction industry, with a decline of 1,000 jobs year-to-year.

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