Good news for those who are looking for a job in the construction industry, unfilled construction jobs are on the rise in 2015, making the construction labor market a great place to start looking if you are unemployed. Typically jobs in the construction field usually decline from March to April, but this year, the open positions in March were the highest since July 2007, and in April they were the third highest since the Recession. Mark Vintner, senior economist at Wells Fargo Securities comments that “home building will be one of the economy’s largest upside surprises in 2015.”
According to the BLS (Bureau of Labor Statistics) survey, “employment in home building/remodeling stands at 2.453 million, broken down as 696,000 builders and 1.757 million residential specialty trade contractors.” To sum it up builders and remodelers added 149,000 jobs on a net basis. Many experts believe that housing and construction jobs are the fastest jobs to bounce back after a recession because of expansion. In fact, the constructions industry was responsible for 20% of employment created in April 2015.
The unemployment rate is not only falling in the residential industry but in the real estate industry as well which will boost the national housing market. According to the National Association of Realtors, “Pending Home Sales Index, based on contracts signed last month, increased 0.9 percent to 112.6, the highest level since April 2006.”
This is still a great time to purchase a new home because all fears of another recession are pacified while they are still not strong enough to cause the Fed to raise interest rates sooner than September 2015. Household formation is going strong, and Americans are ready to become homeowners which is paving the way to the construction of new homes both single-family and multifamily. We can finally see the light at the end of the tunnel in the housing industry job market.