When the recession of 2008 hit, it impacted the construction industry the most. Since much of the financial turmoil was tied to mortgages and home building financing, all new home building in the United States slowed to almost a halt. The spike in construction unemployment in 2008 is best illustrated by a graph published by the Wall Street Journal in 2014 which shows a sharp jump in unemployment when the bottom fell out in 2008.
But as the economic recovery continues, it is strange to note that the construction unemployment rate remains relatively high. According to USA Today, the construction industry lost 2.2 million jobs between late 2007 and 2012. But as the demand for construction increases, the construction unemployment rate remains high. Is there a shortage of construction workers?
Some Workers Have Simply Moved On
When an industry sheds 2.2 million jobs in less than five years, it is generally accepted that those unemployed workers will have to find some way to make a living. BusinessInsider.com suggests that many of the construction workers who were forced to find other employment during the crash have simply moved on and have no desire to move back into construction. If that is the case, then there could be a considerable period of time where new workers are trained and positions are filled.
Some States Are Not Making It Easy
The commonwealth of Massachusetts has a need for new housing, but there is a bottleneck when it comes to approving construction permits. The unemployment rate for construction workers in Massachusetts has been steadily declining, but it is not enough to fill the need for new housing that has been growing since the collapse.
Massachusetts and states like Nevada have had steadily increasing populations for years and there is a desperate need for new housing. But with the state governments slowing down the process, the need for construction workers is still not very high.
There Will Be A Rebound
The Wall Street Journal notes that construction costs in some states are rising which indicates that contractors are trying to lure employees back with higher wages. Construction still remains a relatively high paying career that requires no college degree. With that kind of pedigree, and the costs associated with a college education escalating out of the reach of many Americans, it is expected that the construction field will see an influx of new talent that will refill the ranks and get projects off the ground.
In Massachusetts, you can take advantage of the growth in residential construction projects by utilizing the Massachusetts Contractors Academy to get your construction supervisor’s license. By investing in your Massachusetts supervisor license, you will be in an excellent position to take advantage of the increase in residential construction work and kick your construction career into high gear. When the construction industry starts to see significant positive growth, you can be at the forefront of everything when you have your Massachusetts contractor’s license.
George N Root III is a professional freelance writer who has expertise in topics such as Internet marketing, business, advertising, and personal finance.