On the bright side, it can’t get much worse.
Boston.com: The sharp downturn has ended a prolonged building boom that was fuelled by easy credit and a strong housing market. Now, constraints on lending are preventing developers from getting money to start work. In January, one building permit was issued in Massachusetts for a residential complex with five or more units, according government housing data…
In the last three months, the number of construction jobs has dropped by more than 10,000 positions statewide, or nearly equal to job losses at financial firms in the past year, according to state employment data. Overall employment in the industry stands at 120,400 jobs, the lowest level in a decade.
(And, as Joe Weisenthal often points out, the lower housing starts go the better–because the fewer houses we build, the quicker we’ll clear the existing inventory.)