19,000 Jobs Added to the Construction Sector in MarchAssociation of Construction and Development
April 15, 2014 — 2,184 views
March was an excellent month for workers in the construction sector. Construction employers added more than 19,000 jobs to the sector in the month alone. It is the highest level the industry has reached since June 2009.
At the same time, unemployment in the industry 19,000 Jobs Added to the Construction Sector in Marchalso came down to its lowest level in seven years. AGC of America (Associated General Contractors of America) has warned that the number of available workers in the construction industry is falling and if the trend continues, there could even be a labor shortage.
The Chief Economist of the association, Ken Simonson said that the rate of hiring in the construction industry had outpaced job growth overall during the last year. He also said that the pickup was well balanced with both residential and nonresidential construction segments adding workers over the last 12 months.
The latest statistics on worker strength in the construction industry
There were 5,964,000 workers in the construction industry in March, 151,000 jobs more than the same time last year. Specialty trade and residential building contractors added 9,100 workers in the month of March and over 103,000 workers in the last 12 months. Non-residential buildings contractors added 9,900 workers in March, for a total of 48,800 since March 2013.
Speaking on the labor shortage, Mr. Simonson said that though most construction contractors have been able to find workers so far, the number of those who are having difficulties finding workers is growing. Long periods of unemployment had caused many experienced workers to leave the industry and look for work elsewhere. He said that urgent public measures are needed to stop the exodus and even attract/train new workers.
Unemployment comes down by drastic levels in construction industry
The number of unemployment workers in the construction industry fell to 11.3 percent in March, from 14.7 percent a year earlier. Most notably, it has fallen by half from March 2010, when it had touched 24.9 percent. At the time, the number of workers in the construction industry had come down by 1.3 million, while just 445,000 jobs have been added.
Mr. Simonson said that by analyzing the kind of projects that had been launched in the last few months, he could say that construction contractors are looking for workers in many kinds of construction work. He also said that manufacturing, oil and gas, and multifamily projects would lead the demand for workers.
The CEO of the association, Stephen Sandherr said that if appointed and elected officials do not act soon to increase the quality and quantity of training schemes for construction workers, many companies will face a tough time managing the demand. As a parting note, he said that the last thing the country needed was a shortage of workers which could potentially damage the prospects of the construction industry, when the economy was improving.