Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Demand for Housing Increasing with Jobs on the Rise

Jobs increase the number of household formations, which increases the need for homes. A household formation is when a married couple, an individual, roommates, or partners set up a new home. It does not matter whether that home is being rented or was purchased. Jobs increase the number of household formations, increasing the need for homes as jobs provide people with not only the financial means to be able to afford new housing, but the confidence to go out and find a new living situation.

The Bureau of Labor Statistics reported that the number of payrolls (not including farm employment) added in the month of July was 180,000. Then, in August, that number totaled to 248,000.

There are several indicators that jobs are on the rise, including when:

  1. More people are seeking building permits
  2. Less people are claiming for unemployment insurance
  3. Stock prices are up for local companies
  4. Consumer confidence is increasing
  5. More people want help advertising
  6. And the national economy has increased

How is San Diego doing in meeting these criteria?

  1. The number of people receiving building permits has decreased in comparison to around the same time last year. This could be due to a lack of land available to make new buildings.
  2. The number of people seeking unemployment insurance has decreased.
  3. In the last few months the stock prices have decreased for San Diego companies. However, the stock prices of a few companies like S&P 500 and Dow Jones Industrial Average increased.
  4. Consumer confidence is on the rise, having increased every month this year.
  5. More people want advertising.
  6. And the national economy has been up the last few months.

San Diego County is looking to have added 30,000 jobs by the end of this year. If they reach this goal, it will be the greatest job growth in the county since the years 1997-2000, where 40,000 jobs were added each year. With new jobs, come new homes. The housing trends in San Diego are looking positive for the future months!

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