Year 2014 Looks Bright For Construction, Manufacturing EmploymentAssociation of Construction & Development
February 6, 2014 — 1,509 views
Hiring in the US seems to have made a rebound in January from figures that were lowest for the last three years, according to experts.
The outlook for hiring in construction and manufacturing sectors in 2014 looks bright, reports suggest. The Associated General Contractors of America (AGCA) explains in its 2014 outlook report for construction hiring that several firms plan to employ people again this year, while few plan to make layoffs. Only two percent of firms surveyed said they would make layoffs, while 41 percent said they would start hiring.
Improved Performance from Earlier Years
Last year growth figures with specific reference to hiring in construction and manufacturing sectors were a mixed bag, if one were to analyze data from the U.S. Bureau of Labor Statistics. In December, construction hiring fell by 16,000 jobs, a first since May 2013, the Bureau’s numbers say. However, a release from the AGCA says that the trends show a step in the positive direction, when numbers are compared between December to a couple of years before.
Unemployment rate in construction was at 20.7 percent in December 2010, while it was 13.5 percent by the same month in 2012. The figures peg the rate at 11.4 percent at the end of 2013, the lowest rate in the last six years. One of the reasons for the drop in these figures is also due to many workers who opted out of the construction sector. Finding professional and trained workers can be a difficult proposition considering rising demand in the sector, according to the AGCA.
Industrial production gained marginally, which is 0.3 percent in December, according to a news report. Also, production of durable consumer goods category went up 1.1 percent boosting overall output in manufacturing to 0.4 percent. The rate of growth in the manufacturing segment is expected to stay on course in the first quarter of this year, reports say.
A survey taken up by an accounting firm based in Pittsburgh as part of its Manufacturers’ Economic Survey says the outlook for 2014 is positive. The survey report shows that 39 percent of respondents expect that their staff will see an increase in 2014. Customer demand is also expected to rise in 2014 as compared to last year by 70 percent of those surveyed.