Improved Hiring Numbers For Construction
After one of the worst recessions in the history of our country, the immediate future of the construction industry looks promising after recent employment numbers were released by the U.S. Labor Department earlier this month.
According to the Labor Department’s report, contractors added 48,000 jobs in December 2014 and 290,000 overall last year, a nine-year high. Those increases helped push overall payroll growth to 252,000 last month as the rate of unemployment dropped from 5.8% to 5.6%, according to a story in the USA Today.
The spike in numbers can likely be attributed to modest growth in single-family home construction and a boom in multifamily building. Additionally, factories, rail lines, hotels, warehouses, power plants, and pipelines have “sprouted” as the economy continues to improve. According to USA Today, construction spending was up 5.7% the first 11 months of 2014 compared to the year before.
So what does this mean for the next 12 months? According to Ken Simonson of Associated General Contractors, it has been projected that construction companies will add between 250,000 and 350,000 jobs in 2015, a huge number for an industry that has recovered just 30% of the more than two million jobs lost during the sub-prime mortgage crisis from 2006-2010.
Let the rebound continue!
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