The construction industry has a record low employment rate this year, as evidenced by the 33,000 jobs added this April. This is an incredible turnaround considering that the Great Recession was just over a decade ago. But can this growth last, or are we just experiencing the peak of a cycle and the beginnings of a crash? These are the questions that we’ll be answering in this two-part series. For all of your construction-related legal needs, consult with an experienced Colorado Springs construction lawyer at Cotney Construction Law.
The Construction Unemployment Rate
The construction unemployment rate has fallen to 4.7 percent, down 2.2 percent from the previous year and with 256,000 jobs added to the industry since then. Year over year, the construction industry has added 114,300 jobs. There’s been no better time to begin a career in this industry.
The construction industry isn’t alone in this growth. The economy, in general, is on a roll with 20 million jobs added since the Great Recession. The national unemployment rate is currently at 4 percent. All across the nation, workers are enjoying the benefits of steady work and increased payrolls. In particular, the State of Colorado is doing well with an unemployment rate of 3.7 percent. Colorado’s construction industry was one of the largest contributors to the state’s 2,400 nonfarm jobs added in January, while white collar jobs, such as professional and business services, were in decline.
Are We in for Another Recession?
While many believe that another recession is on the horizon, this may not be the case. Consistent job growth paired with low inflation and interest rates makes it clear that things aren’t the same as they were in 2008. However, these positive numbers come with negative consequences and may not be indicative of what contractors are experiencing. While construction workers have unprecedented opportunities in this field, construction firms are struggling to fill needed labor roles. As we move into part two, we’ll be discussing the finer details of a low construction unemployment rate and how construction firms can cope with ever-increasing labor demands.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.