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More home building also pushed up construction spending in May by the largest amount in five months. Many people still have difficulty qualifying for home loans or can't afford larger down payments required by banks. The economy is growing only modestly and job creation has slowed sharply in the past three months. U.S. employers added an average of 75,000 jobs in that time, down from a pace of 226,000 in the first three months of the year. Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to data from the home builders association.
[Associated
Press;
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