The Housing Economy...

Kash Mansouri writes:

Angry Bear: Taking a look at the industry shares of employment gains over the past year illustrates that construction has regularly accounted for nearly one out of five new jobs in the US economy. In percentage terms the growth rate of jobs in the construction sector was higher than for [almost] any other industry in 2005.... Unsurprisingly, all of this confirms what we already knew: the US economy is steadily shifting away from producing tradeable goods, toward producing non-tradeable goods. And that underlies most of the concern many people have about how painful an adjustment in the US's current account deficit might someday be.Kash