We already know the number of permits drawn by builders has decreased and is going to continue to decline because of the cool-down in the housing market. We won't need as many construction workers.
More Quotes from Esmael Adibi:
The employment numbers are pretty decent. But the concern I have is that two of the sectors showing the most strength construction and financial activities are very interest-rate sensitive.Esmael Adibi
Right now, as long as the prices are steady and people have their jobs, I think they will do what is needed to make their payments and avoid the foreclosure process.
Esmael Adibi
Real estate is a big concern, and we're going to have to watch it carefully.
Esmael Adibi
I wouldn't be surprised, once the benchmark number comes in, that we're going to be much closer to 2 percent than the current growth of 1.3 percent.
Esmael Adibi
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