The country’s population is rapidly increasing, making for a need of two things: places to live and jobs to work. While there has been concern that unemployment rates are still higher than ideal, there is some good news on the building front: job growth in the construction industry is growing faster than any other industry in the country.
What was the construction industry’s employment rate before?
It was reported that the industry’s unemployment rate rose to 9.4%. However, it’s job growth is actually rising as well. There were 105,000 construction hirings between September 2016 and January 2017 alone, which sets a very good precedent for the rest of the year. The industry as a whole had previously been concerned about a lack of growth, but these new hirings are signs of new hope.
Why is the construction industry’s job growth rising?
While we can assume that more people joined the industry’s job market in search of construction jobs, it can also be connected to hopes of working with a forthcoming infrastructure-led stimulus package. In addition, the industry’s growth faced an issue in which more jobs kept opening up, but were not filled. (This most likely stemmed from the construction industry’s habit of wanting to limit compensation.)
What does this say about construction companies?
Constructions firms seem to be trying harder to retain workers. It has become necessary to hold onto talented employees, and there is a sense of security that workers will be needed as more projects become available. Firms also are losing that practice of limiting compensation, which makes for better profit margins.
What does this mean for New Yorkers?
Signs point to several large-scale projects, including an expansion of the Javitz Center and renovations to Penn Station. While there will be a small dip in the residential projects, commercial markets are going to get stronger.
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