Job Growth to Finally Boost Homebuilding?
Article by Daily Real Estate News | December 14, 2015
The construction industry is poised for one of the largest leaps in employment growth over the next decade, according to the Bureau of Labor Statistics. The construction sector is expected to add 790,400 jobs through 2024 – the fourth highest job growth projection among major industries, according to BLS.
The health and social assistance sector leads with a projected 3.8 million job gain, followed by professional and business services (1.9 million), and the leisure and hospitality sector (941,200).
“In percentage terms, the construction sector ranks second in terms of expected growth,” the National Association of Home Builders reports on the findings. “The construction industry is expected to experience 1.2 percent compounded annual growth for jobs over 2014-2024. Only the health and social assistance industry (1.9%) exceeds this growth rate.”
However, even with the uptick, employment in the construction sector still would not be pushed above 2004 levels. From 2004 to 2014, about 837,800 construction jobs were lost on a net basis.
Within the construction occupation, some of the top-growing jobs expected overt he next decade include solar photovoltaic installers (24.3% total growth over 10 years), iron/rebar workers (23.4%), insulation workers (19.4%), brickmasons and blockmasons (17.9%), electricians (13.7%), and earth drillers (13.6%).
BLS also offers projections on other real estate-related occupations over the 2014-2024 period, including forecasts of a net job growth of 349,800 (6.2%) for building and grounds maintenance occupations; 25,300 (8.1%) for property and real estate managers; 9,000 (6.7%) for architects; 2,200 (3.8%) for interior designers and 10,900 (2.6%) for real estate brokers and sales agents.
Source: “Construction Sector a Leader for Job Growth Over the Next Decade,” National Association of Home Builder’s Eye on Housing Blog (Dec. 8, 2015); REALTOR® Magazine Online, Daily Real Estate News 121415
Kenneth Bargers, REALTOR® | Pilkerton Realtors
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