Housing Industry Workers...
October 10, 2008
– Comments (4)
... time to retrain to a new occupation permanently. In my Scotland's Bank post last week I pointed out some key differences in housing in Britain compared to here, the fact that they share housing, one person per bedroom in a home.
With a down turn economy and struggling to make ends meet there is huge room for North America to increase household size, and I was saying that has to come. I worked on the census in 97 and at that time you found 3 uncoupled single adults sharing a single bedroom apartment because they could only find part time work.
Today Financial Armageddon has an excellent piece with housing data and how increased household size will create housing demand destruction for years. There is also some great data on what those 18 million empty homes in the USA look like, and it looks like 14 million of them ought to be occupied as only 4 million are cabin or vacation type properties. They are just sitting there doing what, waiting for a better time to sell?
My read on the housing industry is that it is going to be bad for years and wages are going to go way down, if you can find a job in the industry...
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