The Sun Has Risen Again on the Construction Industry
After a shaky few years following the crash in the construction industry in 2007-2008, it is clear that the industry is finally back on the rise. Seven years ago, over 780,000 jobs disappeared in the construction and housing industry in the United States alone, and small businesses started crumbling right and left. In total, over 2.1 million jobs were lost between 2007 and 2010, but as is the case with every storm, the sun has finally come back out and it is shining brighter than ever. Data from the United States Department of Labor has encouraging news that supports the buzz that seems to be spreading like wildfire amongst builders and tradesmen everywhere: new construction jobs are coming out of the woodwork and employment in construction is increasing by the hundreds of thousands.
From December 2014 to March 2015, almost 27,000 new jobs have been reported in construction building, from 1,388,000 to 1,414,900 jobs. This data was reported from employer/establishment surveys and is certainly not all-inclusive. This accounts for only a small part of the over 500,000 new jobs that have emerged in the construction industry in the past four years and the 1.6 million jobs that are projected to be added by 2022 (Source: U.S. Dept of Labor). Wages are also on the rise, and it looks like the good news is just getting better.
One of the pros of all of this growth is that the American economy is experiencing a well-needed boost, helping to offset the heavy government spending that has been happening at an alarmingly high rate. Additionally, there are more jobs available and opportunities for people who are willing to work hard to get ahead. The con, if any, is that the growth seems to favor commercial building versus custom home-building. As a builder or subcontractor, this fact simply equates to smart business decisions and shifting company focus to accomodate the ever-fluctuating economy.
We are so lucky to live in a country where capitalism and free enterprise are still at the heart of our economy, and it is clear that the American dream is still alive and available to anyone willing to reach out and grab it.
As they say in the South, "Get while the gettin's good!"