The United States construction industry is as strong as ever and will likely remain quite robust for the foreseeable future. As an example, nearly every single construction contractor recently surveyed by the United States Chamber of Commerce Commercial Construction Index indicated it is likely to enjoy the same or a slightly higher profit margin in the year ahead. Signs indicate the industry surplus value will be reinvested in the workforce and equipment, ultimately benefiting the greater good.
Opportunities Abound in the Construction Industry
Recruiters and others relevant to the construction industry employment quandary are doing their part to help fill open roles. Wages through the first nine months of the year grew faster than they did in nearly the entirety of the previous four decades. The influx of opportunities and spiking wages will take a chunk out of corporate profits and also worsen the inflation problem.
The benefit of the construction industry boom is additional financial compensation for hardworking, blue-collar men and women who sacrifice their bodies for the use of the community. Construction industry wages are up 6% yearly, representing the fastest wage growth in four decades.
Americans Can’t Get Enough Houses
The residents of the United States are not interested in multifamily zoning within suburbs and even some areas bordering the country’s urban centers. As a result, there is a growing push for the construction of more single-family homes in cities, suburban areas, and rural parts of the country. The homebuilding sector is adding workers and increasing compensation. This will set the stage for the construction of affordable housing that will greatly benefit a nation that has endured a housing shortage for decades.
Construction Will Likely Continue to Boom
The United States Bureau of Labor Statistics reports the construction sector added an impressive 60,000 positions in the month of February. Furthermore, financial compensation for positions that are not supervisory increased at the fastest rate in 40+ years. The industry’s average hourly compensation has also increased faster on a year-over-year basis than any year since 1982.
The lack of labor supply combined with the rise in demand has created an imbalance resulting in extraordinarily high wage increases across the construction industry. Financial compensation for construction industry laborers, foremen, supervisors, managers, executives, and other contributors has recently increased. This will likely continue to grow in the years ahead, potentially indefinitely.
The laws of supply and demand suggest that higher wages will motivate job-seekers to work, helping the collective whole build the homes and other structures necessary for societal functionality. Aside from houses, construction labor is also necessary to build:
The growing need for construction labor should also be construed as a net positive for society. This is because it will also steer more women into the field, helping to balance an industry that men have dominated throughout history.
In summary, construction salaries will likely continue to boom for the foreseeable future, creating opportunities for hardworking men and women. Recruiters are playing a pivotal role filling those roles, benefiting both workers and employers, setting the stage for efficient construction and timely project completion.
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