Good news, everyone: The construction market is currently flourishing in some major ways. Wages are through the roof, and there’s a greater demand than ever for the construction industry’s expertise.
How great exactly, though, is the outlook for the industry? And what has contributed to the industry’s recent success?
Let’s take a look at five statistics that illustrate the state of today’s construction market:
1. Construction Workers Are Making Bigger Bucks
As we said above, wages are currently through the roof in the construction industry. And not just for the big guys.
Between 2017 and 2018, construction workers saw a 3.6 percent increase in their wages. This growth outpaced that of many other industries, which only saw an average wage gain of 2.8 percent.
Residential construction workers reaped the most benefits during that same period. They saw a huge wage gain of 5 percent, growth which far surpassed that of the average construction worker.
2. There’s a Major Labor Shortage Right Now
Here’s a not-so-fun fact about the industry:
It’s currently experiencing a major labor shortage. Throughout this year’s first quarter, employers attempted to fill an average of 255,000 jobs per month.
Unfortunately, many of these employers had a rough go of things. An astounding ninety-one percent of those employers reported having a hard time securing talent.
But this shortage isn’t so bad for those working in the field. The shortage has led to the wage increases we spoke of earlier.
3. Construction Spending Is Up
Construction spending has made significant gains over the past year. Overall spending has increased by 5.8 percent since 2017.
Hopefully, this growth continues for some time. And if the next statistic on this list is any indicator, it should…
4. The Demand for Housing Is Growing
Over the last decade, home ownership had become less appealing to Americans. Many young people didn’t see home ownership as a good investment.
But things are looking up now.
Young Americans are now investing in homes. As a matter of fact, 63.9 percent of households were occupied by owners as of late 2017.
And that’s not all.
Many millennials are also looking into home ownership. Recent data shows that single millennials are more likely to own homes than the generations of singles which preceded them.
As more young people invest in homes, the demand for construction work will grow. This growth will likely lead to more wage gains.
5. Construction Management Software Is Evolving
Construction management software is better than ever. Businesses now have more management software options than they’ve had at any point.
These options are helping construction businesses effectively manage their resource tools. Not only that, but these tools are allowing companies to better develop resource estimates.
Some tools are even allowing businesses to locate federal business opportunities and source talent. For more information about these tools, take a look at the functionality these construction tools are providing.
The Construction Market Is Coming Alive
As you can see, the construction market is thriving. Despite some bumps in the road over the past decade, it’s slowly but surely rebounding.
So if you’re thinking of going into the industry? There likely won’t be a better time.
And if you’re already in the industry? Then you’re already on the road to success. We’d like to keep you on that road, so feel free to contact us at any time if you need to elevate your business.