June jobs report is great news for the housing market Residential building construction outpaces its pre-COVID 19 levels

Didier Malagies • July 7, 2021


Hiring in the U.S. picked up steam in June, as employers added 850,000 jobs amid declining COVID-19 cases and a reopening economy, the Bureau of Labor Statistics reported on Friday. After a lackluster April and May, June’s employment gains totaled 100,000 more jobs than economists originally predicted. The gains were so great that some housing industry economists believe construction job gains could relieve housing market supply constraints.


President Biden addressed the significant gains in a press conference Friday morning. Biden noted more than three million jobs have been created since he took office ― the most of any president in the first five months of their term. Of course, Biden’s presidency also began at a time when the U.S job market was 9.5 million jobs short of its pre-pandemic levels, so room for growth was inevitable.


Approximately 70% of the jobs lost at the start of the pandemic have been recouped. If monthly gains continue at the June pace, economists predict the U.S. could return to the pre-COVID employment peak by February 2022 – the same year some economists predict the housing market could regain its inventory footing.


“This is historic progress, pulling our economy out of the worst crisis in 100 years,” Biden said. “Put simply: our economy is on the move, and we have COVID-19 on the run.”


The unemployment rate, which is calculated from a different survey of households, ticked up to 5.9% from 5.8%, though it is important to note the details. Fewer workers reported working part-time for economic reasons, suggesting that they may now have full-time jobs. 


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The number of workers reported as “job leavers” also increased, lining up with the higher quit rate seen in other data, noted Mike Fratantoni, Mortgage Bankers Associations’ senior vice president and chief economist.


“There is a fair amount of churn in the job market right now as workers seek the best match, moving to jobs and sectors that are paying more due to the severe shortages in some segments of the both the job and housing market,” Fratantoni said.


As expected, gains were concentrated in the service-providing segment – which added 642,000 jobs – and in the leisure and hospitality sector, with 343,000 jobs gained. Those sectors of the economy were hit hardest by the pandemic.


As for the housing market, residential construction employment (including specialty trade contractors) rose by 15,200 last month, a more robust pace than in recent months, and a positive indicator for a sector facing severe supply constraints.


In May, the overall construction sector actually lost 20,000 jobs, though it was mostly concentrated among nonresidential specialty trade contractors. According to the BLS statistics, residential construction employment rose by a measly 1,900 jobs in May.


Residential building employment rose nearly 0.3% in June.

Construction employment is a non-substitutable input necessary to increase the both pace of housing starts and the housing stock, said Odetta Kushi, deputy chief economist at First American.

“More hammers, more homes” Kushi noted.





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By Didier Malagies • September 10, 2025
Excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations.  Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

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By Didier Malagies • September 10, 2025
We're excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. Didier Malagies nmls212566 DDA Mortgage nmls324329 

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