BLS Data Revision: Home Building Employment Up

New Bureau of Labor Statistics (BLS) data indicate that employment in the home building industry was stronger over the last two years than initial estimates suggested. 

We reported on the preliminary benchmark adjustment back in September. Due to the adjustment, the BLS estimates an additional 422,000 jobs were added to the economy as of March 2012. The revision occurs as the BLS annually supplements its estimates with more complete unemployment tax data.

Per the revised data, total employment in the home building sector (builders plus specialty trade contractors) was higher by 20,100 as of December 2012. 

BLS adj

 

Under the older, unrevised data, home building employment increased by 62,600 from the beginning of 2011 until the end of 2012. Under the revised BLS data, home building employment increased by 92,600 over the same period.

The net growth (20,100) from the revision differs from the 30,000 difference above because the revised data has total home building employment falling by 9,900 more lost jobs in 2010.

Under the new tally, home building employment is up 4.7% from the cycle low. Despite the uptick in the jobs estimate, an open question remains regarding the mismatch between the increase in housing construction and the relatively small increase in employment. Possible explanations include an increase in hours worked of existing workers, possible future upward employment revisions, or measurement error.

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10 Responses to BLS Data Revision: Home Building Employment Up

  1. [...] post BLS Data Revision: Home Building Employment Up appeared first on Eye on [...]

  2. [...] New Bureau of Labor Statistics (BLS) data indicate that employment in the home building industry was stronger over the last two years than initial estimates suggested. Due to the adjustment, the BLS estimates an additional 422,000 jobs were added to the economy as of March 2012. Per the revised data, total employment in the home building sector (builders plus specialty trade contractors) was higher by 20,100 as of December 2012. Under the older, unrevised data, home building employment increased by 62,600 from the beginning of 2011 until the end of 2012. Under the revised BLS data, home building employment increased by 92,600 over the same period. Under the new tally, home building employment is up 4.7% from the cycle low. [Read this article] [...]

  3. [...] benchmark revisions, monthly employment data for January 2013 (the employment count data from the BLS establishment [...]

  4. [...] After benchmark revisions, monthly employment data for January 2013 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that total employment in home building stands at 2.091 million, broken down as 575,000 builders and 1.516 million residential specialty trade contractors. [...]

  5. [...] adjustment from the Bureau of Labor Statistics (BLS). Using more accurate tax return data, the BLS reported an additional 20,120 jobs created in home building through the end of 2012 than was…and more than 400,000 jobs for the overall economy. Under the new tally, home building employment is [...]

  6. [...] every month, the U.S.  Bureau of Labor Statistics (BLS) produces estimates of employment in residential construction  (or at least it has since 2001, when it began to split jobs in the various trades into [...]

  7. [...] every month, the U.S.  Bureau of Labor Statistics (BLS) produces estimates of employment in residential construction  (or at least it has since 2001, when it began to split jobs in the various trades into [...]

  8. James Norris says:

    I have been seeing the Park City home builders and they do an excellent job. Keep up the great posts.

  9. […] every month, the U.S.  Bureau of Labor Statistics (BLS) produces estimates of employment in residential construction  (or at least it has since 2001, when it began to split jobs in the various trades into […]

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