The Impact of Employment Data on CRE, Construction and Multifamily

Changes in employment trickle down through real estate.

Economic reports from the federal government and some private third parties on construction spending and employment have implications for various aspects of commercial real estate, according to a report from Moody’s Analytics.

Start with construction spending, as on January 3, the Census Bureau announced that November 2022 construction activity of $1,807.5 billion was 0.2% over October’s $1,803.2 billion, which was revised downward by 0.2%. And, as these notes often say, the confidence interval around the November numbers was plus or minus 0.8%. Because the confidence interval included zero, the agency can’t tell whether there was an actual change or not.

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Erik Sherman

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