US construction industry contributes heavy employment figures in its ongoing economic system by injecting a dosage of 20,000 jobs since last five years that has dropped the unemployment ratio to 7.7%, a lowest ever rate in August since last 7 years, as directed by the study conducted by general contractors association of America.
However, they further expressed their findings in the report that although, the employment rate has breakthrough the records of construction, but the contractors are experiencing trouble searching the best-match for required designation criteria.
The construction based employment has been constantly flourishing and will continue to accelerate with a robust rate, stated by Chief economist of association. The last 12 months has been considered as the prevalent and core determinants for driving the industry’s employment since 2006. In fact, the concentration of respective boost has been expanded into all sectors such as residential buildings, commercial buildings and heavy construction projects.
The total 6,068,000 employment opportunities were generated by construction industry in August 2014, reached to higher point since 2009. Moreover, the gain of 232,000 careers or 4 percent reflecting more than doubled from 1.8 percent growth rate documented in 2009 for total non-farm employments. In addition, the residential project and special contractors aggregately deposited 13,200 jobs since July and added 123,100 employments during 12-months period. In spite of this, commercial buildings and specialty trade contractors employed total workers of 5,500 in august and has managed to engage 76,200 employees during 12 months interval, a 2.8 percent expansion as compared to 2009. Heavy construction contractors added a headcount of 900 specifically august and 32400 or up 3.7 percent over the year.
The above employment data for construction industry published last week pointed out that such improvements will bring certain positives in the industry as well as diminish the unemployment rate. As a matter of fact, the professional and experienced contractors who were highly unemployed in 2007 have been reached to lowest level in 2014, and this will be a biggest challenge for contractors to place experienced engineer for the key post.
The workers who were in search for work past month and previously worked in construction sector dropped to 678,000. This shows, it is the lowest ever slump since 2007, when the contractors were strained to suspend their projects due to scarcity of qualified workforce.
The association experts claimed these employment trends a valuable sign for the industry and further summarize the survey results that around two-third of the contractors are having difficulty for finding skilled engineer for a relevant designation caused by recent employment boom. At the same time, the survey also revealed that one out of four businesses departed from the contract caused by shortage in working groups. The businesses emphasis to elect industry’s officials that assist to get over from these crises and the association has recommended designing effective employment development plan comprised of training and education programs in order to overcome the barriers for hiring technical and professional staff.