2 Key Factors Driving Single-Family Housing

Job growth and lower mortgage rates are the positive economic variables that will support near-term growth for single-family construction. In June, 224,000 jobs were added to the nation's workforce, as the unemployment rate held at just 3.7%. However, the low unemployment is further aggravating the scarcity of skilled laborers. In May, there were 369,000 unfilled jobs in the construction sector.Likewise, lower mortgage interest rates — averaging near 3.8% for a 30-year fixed-rate, according to Freddie Mac —