Housing sales seem to be recovering to pre-bubble rates.

Source: The National Association of Home Builders

Condo and Coop sales (numbers on the right axis of the figure above) seem to be back to their established pre-housing bubble level. Single family home sales (numbers on the left axis) have been increasing since the low in mid 2010, and are nearly back to pre-bubble rates. The volatility seen from 2009 to early 2011 seems to have been damped. All in all, very good news.

I would guess that we will not see construction industry employment get back to the levels seen in 2006 at the peak of the housing bubble.