Something fishy with official US employment data
![US residential construction employment & private sector housing starts 2024-07-05 v condensed version](https://growthrater.com/gr_web_m1/wp-content/uploads/US-residential-construction-employment-private-sector-housing-starts-2024-07-05-v-condensed-version-220x169.png)
US residential construction can slightly lag private housing starts, but never to this extent. Either the US residential construction industry has become a lot less efficient (as in the ratio of employees needed to build the average house), or there’s something increasingly fishy with the official BIS employment data.
![](https://growthrater.com/gr_web_m1/wp-content/uploads/US-private-housing-starts-and-residential-construction-employment-2024-07-05-1.png)