Millions of Americans can benefit from blue-collar jobs to help them get back on their feet. There are tens of thousands of job opportunities available in the construction and professional trade industries right now, with even more planned in the coming year and decade.
Over the next ten years, the U.S. Bureau of Labor Statistics predicts a 5% increase in employment growth and job outlook in the construction industry. The current housing market boom and an expected infrastructure bill from Congress will most likely boost that development.
| 2020 Median Pay | $37,080 /year, $17.83 /hour |
|---|---|
| Number of Jobs, 2019 | 1,643,900 |
| Job Outlook, 2019-29 | 5% (Faster than average) |
| Employment Change, 2019-29 | 81,000 |
Many leading economic indicators show signs of improvement in the post-COVID economy, including declining unemployment, increased consumption, and growing consumer confidence.
Among the housing market boom, the construction industry added 110,000 jobs in March, reclaiming over 80% of the jobs lost during the COVID-19 pandemic.
| March 2021 | February 2021 | March 2020 | 1 Mo. Change | 12 Mo. Change | 12 Mo (%) | |
| Construction | 7,466,000 | 7,356,000 | 7,557,000 | 110,000 | -91,000 | -1.2% |
| Nonresidential | 4,436,100 | 4,363,000 | 4,614,800 | 73,100 | -178,700 | -3.9% |
| NonresBuilding | 816,600 | 809,000 | 843,600 | 7,600 | -27,000 | -3.2% |
| NonresContractor | 2,556,600 | 2,518,400 | 2,673,800 | 38,200 | -117,200 | -4.4% |
| Civil Engineering | 1,062,900 | 1,035,600 | 1,097,400 | 27,300 | -34,500 | -3.1% |
| Residential | 3,030,300 | 2,993,300 | 2,942,400 | 37,000 | 87,900 | 3.0% |
| ResBuilding | 872,700 | 862,500 | 832,700 | 10,200 | 40,000 | 4.8% |
| ResContractor | 2,157,600 | 2,130,800 | 2,109,700 | 26,800 | 47,900 | 2.3% |
Despite longer lead times for supplies and projects and higher material costs, this indicates a strong turnaround for builders in the months ahead, with a renewed sense of optimism for the construction industry following the COVID-19 pandemic.
Although home repairs and new home purchases have increased dramatically in recent months, there is still a housing shortage in the United States. According to a recent Freddie Mac report, nearly 4 million new homes would be needed to satisfy current demand, a 52% rise from 2018. Looking at the data, this provides an immediate opportunity for local builders that will also generate economic activity.
To summarize, there is hope!
- The post-pandemic environment has ushered in a slew of new business trends and opportunities.
- We’ve seen changes in the residential market as Americans and, in some cases, businesses relocating.
- While retail space is declining, warehousing needs have increased, prompting an increase in warehouse construction.
- The proposed infrastructure bill from the new administration supports housing activity by further expanding and improving communities around the country.
Ultimately, with so much progress, there is reason to be optimistic.
The construction sector is gaining traction, which is encouraging and excellent news for all of us.