Residential Construction Employment Steadily Rising in 2016
As the national employment rate has steadily been dropping because of increases in available jobs nationwide which have also been sporadically been increasing since 2012, jobs in the construction industry have reached a critical level. For once, this level is critical in a positive way instead of a negative one. The residential construction employment industry is lacking the manpower of subcontractors and employees to complete new homes being built.
Builders are happily trying to meet the new demand for housing, as there has been a decrease in availability of existing homes for sale. However, with a backlog of jobs available to be completed for qualified subcontractors,
builders are caught waiting for weeks, sometimes months to be able to finish homes ready for sale.
The National Association of Home Builders (NAHB) reported that the Bureau of Labor Statistics (BLS) showed an increase in the unemployment rate in March, 2016, because of employment available in the construction industry. However, the percentage increased because there were more potential employees in the labor pool than ever before because of the availability of these new jobs as well. It has not turned into an “employer’s market” as of yet, but with the availability of construction jobs, and the turnover of employment in the real estate industry, it may soon do so.
In February alone, 193,000 unfilled jobs in the construction industry were available for those looking for work, which is a record high for after the Recession. The estimates for March show an addition of 13,400 workers with an increase of 166,000 compared to March, 2015. All very good news for residential construction.