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Construction continues to be integral part of job market

Posted on Mar 9, 2015

Previously hit hard by the mortgage crisis, diminished housing market and subsequent recession, the construction industry is now back on its feet as one of the fastest-growing industries in America today. According to new data by the Labor Department, contractors added around 290,000 jobs in construction last year. This is one of the reasons why the unemployment rate fell .2 percent from 5.8 to 5.6 percent total.

Economist Diane Swonk of Mesirow Financial gave USA Today one explanation. “[jobs in construction are] well-paying jobs that don’t require an enormous amount of schooling,” she said.
Construction especially had significant growth in South Florida, growing faster this past year than any other sector. Attributed to the significant increase in skylines and homes, South Florida had nearly 68,000 more jobs than it had last May.

Single-family housing construction had a modest increase, while multifamily building skyrocketed. This is particularly in states like Florida and California, though these patterns also reflect in other states across the country to attribute to the high percentage of job increase. New York, for example, has a well-known and prominent real estate market, with people like Andrew Farkas at the forefront. Though he is known for his successful company Insignia, he has branched off for a sequel with his other company, Island Capital Group.

Though it is hard to predict what the upcoming construction job trends will be like, some say it will continue to increase. Several thousand jobs were added–particularly in Southern Florida–as recently as December to make the 2014 construction job market so prominent, leading people to believe that the pattern will continue.