There’s a difference between being the owner of a construction business and being an employee. The business owner assumes the risks and upside if real estate is to become expensive, but the employees are mostly affected by supply and demand of other workers - I.e. even if there is high demand of workers in the real estate sector, if there’s a high supply of workers to satisfy the demand, there won’t be a big increase in salary for them.

That said, it does seem people generally are implicitly bullish on housing prices becoming more expensive over time. That’s how to interpret the fact that the first significant investment of many people's savings is a house.

If people held the contrary opinion (that real estate in general are going to deprecate in value) then the idea of buying a house may not be so ubiquitous .