The scarring of the Great Recession on construction labor and housing supply
研究大衰退对住宅建筑就业的长期影响，发现房价跌幅大的地区建筑就业持续减少但工资增长，进而导致住房建设量下降。
Abstract This study examines the long‐term impact of the Great Recession on employment in residential construction, and consequently housing supply. Using regional variation in house price declines during 2006–2009, I find that more severely impacted areas experienced a persistent reduction in construction employment but higher wage growth postrecession, consistent with a downward shift in construction labor supply. This contraction has a causal negative effect on housing production output. A 10% decrease in house prices during the crisis induced a 17%–20% reduction in 2019 construction employment, which in turn led to a 3.0%–5.7% decline in housing construction.