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 * Economy


THE BUILDING BOOM IS PROLONGING MARKET PAIN


CONSTRUCTION EMPLOYMENT IS HIGHER THAN EVER—UNDERMINING BETS THE FED WILL SOON
PIVOT

U.S. GOVERNMENT OUTLAYS HAVE HELPED TO SPUR THE PRESENT CONSTRUCTION REBOUND.

Photo: Joe Raedle/Getty Images
By
Ryan Dezember and
Will Parker
April 30, 2023 5:30 am ET

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The building boom has helped push unemployment to around its lowest level in
more than 50 years. That is perplexing investors who want to see the Federal
Reserve switch course on interest rates.

Construction spending and employment have risen to new records this year,
boosted by government outlays for infrastructure, a domestic manufacturing
renaissance and a wave of apartment building that got off to a slow start during
the pandemic when prices for building materials, such as lumber, were sky high. 


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