For almost all of 2015 we had an unusual state of affairs — the housing market looked great, because the filings for new permits kept looking great; but at the same time, housing starts didn’t manage to keep up, and sometimes even fell. The Fiscal Times has an interesting take on this that I hadn’t considered before: housing starts aren’t happening because contractors can’t hire enough workers. It’s interesting, because the labor market has unquestionably shrunk, but perhaps we’re back above full employment again.


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