A look at the current construction industry in numbers

42783707 - construction worker in orange safety waistcoat and helmetIt’s probably safe to say that there’s a bit more uncertainty in the country than usual, and the reports of recent lost jobs in the construction industry can have you feeling a little unsettled. Is this the right career to stick with? What does the future look like for construction?

While no one can predict the future, there are some real numbers that paint of picture of what the industry looks like today and where it’s expected to go in the future. It’s good to arm yourself with real facts and data when you’re making a decision about your career.

According to an article from Construction Dive published in early January, 3,000 jobs were lost in the construction industry in December of 2016. However, there’s been a 1.5% increase in overall jobs in the past year. The jobs that were lost in December were generally from the non-residential sector. The residential sector actually gained jobs.

Also in the last year, wages for those working in the construction industry went up around 3% to hit an average of $28.42 per hour. This is the fastest construction wages have grown since 2009, according to the AGC.

You might think that because jobs are being lost, that means there’s not a lot of room for growth. This isn’t the case. In fact, there is a lot of available work, however, companies are struggling to find skilled people to hire. Once the workforce is strengthened, the sky is the limit! In fact, according to the Dodge 2017 Construction Outlook, the construction industry is expected to prosper this year. The outlook predicts a 5% increase in overall value created by the construction industry this year, which equals more job security and more pay.

When it comes to your next excavation project, rely on Luby Shoring. We’ll help you navigate OSHA safety regulations so you can get the job done quickly, on budget, and safely. We’ll help you determine the right equipment for the job and deliver it quickly. Contact us if you’d like more information on any of our services or rentals. Here’s to a prosperous 2017!

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