As a result of a strong economy, commercial construction and development are nearing record levels across the United States. As of the last quarter of 2016, the number of jobs, sites and other key industry indicators are all going to cyclical highs. There is bad news, however, the job shortage continues to distance the never ending stream of commercial construction starts. Read on to learn all about it!
- In fact, as of the fourth quarter of 2016, the volume of jobs, projects and other key industry indicators are all reaching cyclical highs.
- The dwindling pool continued to drive down unemployment among U.S. construction workers to 7.4 percent in December 2016 from 7.5 percent in December 2015.
- In addition, the potential for immigration reform under the new administration could have a negative impact on the labor supply, which is sure to spur wage increases even further.
“During the global financial crisis, many skilled construction workers left the industry due to lower construction rates, which has resulted in a labor pool that is 23 percent smaller today than it was in 2007.”