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Construction Employment Trends Suggest Jobs Are On The Rise

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When the construction industry is going strong, it's easy to forget about the tough times that can happen when construction is down. But how is the market doing right now? Current numbers show that the industry is on the rise. How do current trends point to improvement in the industry and how will that affect your business planning for the upcoming year? Here are a few things to keep in mind as you go through the planning process.

The Bureau of Labor Statistics has recently reported that the construction industry saw growth of 11,000 new jobs in October alone. But what does that mean compared to previous performance? With this increase, the total construction jobs in the United States is at 6,679,000, which is the highest it's been since the housing bubble and economy crashed in December of 2008.

Construction Guys Lifting CoinsBut where are these jobs coming from and where should you focus your efforts? The Associated General Contractors of America reported that residential construction grew by 4,500 jobs, showing strong growth in new home construction and renovation, while the commercial construction sector saw an additional 6,700 new hire jobs. This ties in with a projected increase in new construction project starts of 5% in the next year, bringing industry spending to $713 billion, as well as an 8% expected increase in overall construction spending.

How does this compare to last year? This October saw a 3% increase in construction employment compared to October of 2015. The average hourly wage was also up by 3.2% compared to the same time last year at $28.39, reflecting a rate not quite 10% higher than the private sector average of all industries. But where does all this leave your business and what should you plan for the upcoming year?

First, you'll want to take a solid look at your business. Do you have the tools and equipment you need to take advantage of the upswing in construction jobs? Are they in good condition or is it time to upgrade so that you can enjoy faster production to gain even more profitable jobs? What about additional equipment you'll need to bring on more workers to get these jobs done?

Coins In A JarNext, consider your employees. If you want to grow your business with the current upswing, you'll need to hire more workers. To manage those workers, you'll want to start training your future supervisors and recruiting the best possible foremen to oversee the work sites you'll be on. If you're planning on promoting from within, the quiet time during the winter is the best possible time to start moving those prospects into training and small supervisory roles so you can see how they'll do overall. You'll also want to start looking for new entry-level and experienced workers to fill out your crews.

With these improvements in the job market, you can be sure that this year will be a busy one in the construction industry. Do you have everything you'll need for your upcoming projects? At Wallboard Building Supply, we understand that when construction is busy, you need all the help you can get. That's why we can deliver your order onto your job site and up to 110 feet in the air, saving you precious time and manpower. Please feel free to contact our experienced associates today to get a quote, place an order or schedule a delivery.

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Sources:

http://www.constructiondive.com/news/construction-employment-climbs-to-8-year-high-as-firms-add-11k-jobs-in-octo/429799/

http://www.constructionmagnet.com/news/new-construction-starts-expected-to-increase-5

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Wallboard Supply Company is a third generation, family run business that has been serving New England's building needs since 1970. Bob Filion started the company with a commitment to provide quality drywall and finishing products with unmatched customer service. The company has grown over the years, expanding its' product range, but never wavering from its' core values.