Ever since the recession in 2008, the construction industry has limped through a rough recovery that has lasted almost an entire decade. While challenges still lay ahead for the industry as a whole, the numbers, both in project frequency and residential/commercial spending, have continued to look strong.
This has led to an investment in new technology as well as increased hiring and strong salaries across the board, and the latest numbers put out by the Bureau of Labor Statistics don’t show any indication of the industry growth slowing down any time soon.
Diving Deeper into the Numbers
According to the jobs report released by the BLS this month, the numbers from February are looking good. Overall employment in the industry increased by over 19,000 workers, with more than three-quarters of those gains coming from residential specialty trade contractors (a total of 14,000 jobs added). This brings the employment numbers for the industry up by over 253,000 over the past twelve months. Residential trade contractors make up about half of that total increase.
Salaries are Staying Strong, Too
More good news for the construction industry comes from the annual survey conducted by The National Center for Construction Education and Research (NCCER). Their 2015 Construction Craft Salary Survey revealed that salaries are remaining high for industry professionals.
Project managers and supervisors are leading the way, earning $88,675 and $77,917 per year, respectively. Of the 90 construction groups surveyed, salaries increased overall and ranged from just over $47,000 to almost $89,000.
Overall, the industry looks to be making a strong comeback from the recession that nearly left it bankrupt almost eight years ago.
What Does this Mean for the Future of Construction?
The strengthening U.S. economy and economic recovery have helped to bolster the construction industry overall, and as the industry continues to become stronger, it is likely that we will see a few trends continue on down the line including:
Increases in hiring and new companies
Steadily increasing salaries for most positions
More investment by home and commercial business owners, leading to more projects taken on by companies
Greater technological investments by construction companies, particularly in new equipment and construction project management software
As the construction industry continues to have a better outlook than it has had in the last decade, it will be imperative for companies to keep up with the latest software and tools. At Techware, we provide software packages and training to companies, allowing them to manage their projects, bids, accounting and more. Contact us today to upgrade your software.