Employment is Rising and Single-Family Homes Are Under Construction

New jobs reports and the falling unemployment rate have brought about a positive economic outlook of many Americans in the U.S. The employment growth is a big reason for both the real estate and housing industries’ latest boom both with new construction homes for sale as well as resale homes for sale. The strong job reports have encouraged many to believe there is not a “double dip” recession looming so many are relieved and feel confident in purchasing a new home. Everything from apartment buildings (multi-family homes) to single-family homes are under construction everywhere you turn in the country.

The rise in household formation by millenials as well college grads that have finally been able to get a job has led to new houses being built which has attracted workers in the construction industry. Employment in the field of construction reflects an average of 20% of the jobs that have been recently created. The American Association of General Contractors showed 80% of construction firms planned to hire this year. JOLTS survey showed an increase of 36% in the number of construction job openings year-over-year.

Mark Vintner, senior economist at Wells Fargo Securities says, “Home building will be one of the economy’s largest upside surprises in 2015.”

This is very good news for those looking for employment in the construction industry. Contractors are desperately seeking those who are skilled in all areas of construction which include part time and full time employees as well as sub-contractors. Vintner points out that overall, nationwide, there is a shortage of skilled construction workers. The American Association of General Contractors also reports that 87% of construction firms are having difficulty filling positions. Moody’s Analytics Adam Ozimek believes the shortage is due to lack of wage growth in the construction industry. However with the decline in unemployment, the job market will soon become an “employees’ market” instead of a employers’ market, which should drive up competitive hourly and salary wages. For the construction industry, this should put many out-of-work carpenters, builders, plumbers, electricians, and day laborers back to work with a healthy salary. Ron Lee Homes has been following this construction employment trend in St. Tammany Parish by expanding its services to include remodeling as well as custom home construction. To build your new, custom home today, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.

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