The Impact of the Housing Recession on Jobs in Real Estate, Finance and Construction

When the volume cycle dries up for the reasons we've just discussed in a housing down market, it has an impact on jobs. And historically, it's been manufacturing and construction is where most of the job loss occurred. But three or four recessions ago, retail didn't play much for a role at all. It does now because of the internet. No firms are realizing this bricks and mortar business isn't so unprofitable anymore.