The Construction Industry is not the Only One Badly Hit When There is a Decline in Home Building
Workers are laid off while some construction companies go bankrupt are two things that happen when there is a decline in home building. But if you think that they are the only ones affected, think again because it creates a domino effect.
Aside from those working in the construction company, those who supply the construction materials like the lumber yards and steel mills are also affected because they will not be able to sell that much compared to the last month or even last year which is why they could pose little or no growth at all when it is time to report their corporate earnings.
On a national level, there has been an increase in the number of people who are unemployed which happens to be its highest in 7 years. Just last month, 159,000 people lost their jobs and 22% of them came from the construction industry.
Naturally, such massive job losses will affect consumer spending since people will tighten their belts even further rather than buying something they like from the store.
If a house is going to be built, the homeowner is required to...
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