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The third annual analysis of construction industry employment trends based on the Bureau of Labor Statistics’ Job Openings and Labor Turnover (JOLT) survey found the construction industry continued its post-recession recovery in 2015.
The report, spearheaded by accounting and advisory firm Marcum LLP, found the total construction employment was above 6.6 million for the first time since 2008. The year averaged 325,500 hires per month—significant gain from the 320,400 average in 2014. December alone saw 314,000 new workers.
In 2015, unemployment was 5.5 percent in July; by December, it reached 7.5 percent. This implies more people were interested in construction work than jobs were available. By January 2016, unemployment rose higher to 8.5 percent, likely due to weather restrictions.
“The JOLT survey is consistent with the notion that construction’s recovery will continue through 2016 and contractors will continue to hunt for talent,” said the report’s author, chief construction economist at Marcum, Anirban Basu. “Most economists agree the chance of near-term recession remains remote. However, clouds are forming in the longer-term forecast horizon. The outlook for 2017 and 2018 is decidedly murkier. The good news is that many construction firms have ample backlog to remain busy. But, if the economy truly weakens in 2017, the implication is that backlog will begin to shrink, which may translate into bigger issues for many contractors in 2018.”
To read the full report, click here.
