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Homebuilding low in the United States is bad news for migrants

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The BBC is reporting this morning that the number of new homes and apartments being built in the United States sank to a 17-year low during July, spelling trouble for Latin American migrants living and working in the United States for whom the construction industry is a major source of employment.

Economists have been studying forward-looking information for signs that the U.S. housing slump was past its worst. However, the Commerce Department data made for grim reading, with the number of construction permits issued - seen as a reliable sign of future activity - down 17.7% on an annual basis. And the number of new homes being constructed last month was down by 39.2% compared with July 2007.

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As the Pew Hispanic Center’s labor report showed in June, the unemployment rate for Hispanics in the U.S. rose to 6.5% in the first quarter of 2008 mainly due to the slump in the construction industry.

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-- Deborah Bonello in Mexico City

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