Many analysts believe the housing market is on the mend.  The Department of Housing and Urban Development reports a 6.9 increase in new housing construction this past June, and the Wall Street Journal has officially stated that “the U.S. housing bust is over.”

If this is true, it means good news for the unemployment rate.  According to CNN Money, the construction industry was one of the hardest hit industries when the housing market crashed.  It is estimated that 2.3 million jobs were cut, representing nearly ¼ of all American jobs lost in the financial crisis.  The impact is still hard felt.  Last month’s unemployment rate for construction workers was 12.3%, far surpassing the 8.3% unemployment rate for the national population.

With an increase in housing production, construction workers are getting back to work.  Nearly 6,000 homebuilder jobs were added in July, a figure that matches job creation at the height of the housing boom.

CLF is doing its part to create jobs right here in the Lowcountry.  Since 2005, 2,757 jobs have been created through CLF’s lending programs.  Most recently, CLF’s loan to BCD Affordable Housing created 6 units of affordable housing as well as provided employment opportunities for 10 construction workers from the nearby neighborhood.

To learn more about CLF’s lending, please visit http://sccommunityloanfund.org/services/lending.