In the construction industry, February is normally a high unemployment month because the cold weather tends to put projects on hold. But according to ConstructionEquipmentGuide.com, the unemployment rate for February 2015 was 10.6 percent, which is the lowest since February 2007. There were 6.5 million people working construction jobs in February 2015 and that number is expected to rise considerably as the weather clears up.
February 2015 Was A Good Month For Construction
Figures released by the Bureau of Labor Statistics indicate that the construction industry added 29,000 jobs in February, which is the largest employment increase in February since before the 2009 recession. For the year, the BLS says that there have been 321,000 new construction jobs added around the country and that number is only the beginning for an industry experiencing growth.
Privately-Funded Construction Is The Main Source Of Jobs
It is estimated that 16,700 of the 29,000 new jobs were created in the residential construction fields. According to Associated General Contractors of America chief economist Ken Simonson, the vast majority of growth in the construction industry is expected to remain primarily with privately-funded small and large projects. Highway construction continues to be hampered by inactivity in Washington, D.C. to pass a budget that includes highway funding. Until the Washington gridlock is solved, the construction industry will have a difficult time reaching its full potential in 2015.
Specialty Trades Are In Demand
According to Architect Magazine, specialty trades have been adding a significant portion of the new jobs and that trend is expected to continue as heavy industrial construction begins in the spring. Specialty trades in February 2015 exceeded job growth over December 2014 and January 2015 in the residential areas and maintained a steady pace for the non-residential projects. Since specialty trades tend to pay higher wages, the increase in need for specialty contractors is especially encouraging for construction industry analysts.
Hours And Wages Are Up As Well
More workers does not normally mean more money in February as many construction workers put in partial shifts during the cold weather. But the good news keeps on rolling in as it was estimated that construction workers worked 39.6 hours per week in February 2015 and made an average weekly salary of $1,066.00. These levels are the highest ever recorded for both areas since analysts started keeping these figures in 2006.
Residential construction is prepared to take off in 2015 and you need to maximize your credentials to take advantage of all of the opportunities that are coming your way. Go to the Massachusetts Contractors Academy and start preparing for your residential construction supervisor’s license today.
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George N Root III is a professional freelance writer who has expertise in topics such as Internet marketing, business, advertising, and personal finance.