Dive Brief:
- According to the latest projections from the Bureau of Labor Statistics, construction is one of the industries that will add the most jobs — 790,400 — through 2024. However, the BLS report noted that even with this growth, "employment in the construction major sector is not projected to return to the 2006 peak."
- In fourth place for growth across all industries, construction is expected to place behind health and social assistance (3.8 million jobs), professional and business services (1.9 million) and leisure and hospitality (941,200). As a percentage, the construction industry is projected to rank second in growth only behind health and social assistance at 1.2% compounded annual growth between 2014 and 2024, according to the National Association of Home Builders' Eye on Housing.
- As a basis for its construction activity growth projections, the BLS used several economic variables. These include residential fixed investment with a 3.7% annual growth rate, 7.7% for single family and 2.2% for multifamily. The BLS calculated nonresidential structure investment as growing 3% annually.
Dive Insight:
The BLS breaks its report down even further and projects which construction trades will grow the most from 2014 to 2024, according to the NAHB. The BLS expects the number of solar photovoltaic installers to grow by 24.3%, iron/rebar workers by 23.4%, insulation workers by 19.4%, brick masons and block masons by 17.9%, electricians by 13.7%,, and earth drillers by 13.6%.
Aside from expansion in construction and other growth industries, The Wall Street Journal reported, the BLS expects the U.S. labor force to expand slowly as the workforce ages and fewer young people choose to work. In total, the BLS expects the U.S. economy to generate 9.8 million new jobs, an increase of 6.5%, between 2014 and 2024.
The industry has already seen a recent upswing in construction employment. According to the BLS, construction companies added 46,000 jobs in November, the highest number in two years and the most of any other sector. Within the industry, residential specialty contractors saw the greatest gains, with 26,000 new jobs.
