Arizona's construction industry continued to add jobs in November
Although interest rates are driving up the cost of mortgages, a new report shows Arizona's construction industry continued to add jobs in November.
The industry added 800 new workers, which is higher than the average for the last decade.
The reason for the growth appears to be developers finding new opportunities.
Many have shifted their focus to multi-family homes as the hopes for a single-family one becomes harder for many to afford.
Doug Walls with the Arizona Office of Economic Opportunity pointed out that in February, 20% of permits for new private housing were for buildings with five or more units.
Now that number is up to nearly 50%. The trend closely follows the series of sharp interest rate increases.
The median price for homes fell to about $460,000 in November.