Construction Companies Are Building – and Hiring – Like Crazy Right Now. Here's Why That's Good For You.

When you think of jobs that are high in demand, what comes to mind? Doctors? Engineers? Data Scientists? We live in a service economy with innovations pushing new fields. However, even as we move further into the 21^st century, there are still many trades just as important now as they’ve always been.

And while construction was slow these past years, workers are now in high demand. It’s a candidate’s market for those with construction skills.

Why Everything Started to Fall Apart

Almost a decade ago the world was once again in financial turmoil. The financial crisis and subsequent subprime mortgage crisis hit a wide variety of industries, from banking and trade to real estate and construction.

During this recession, the prices of American homes plummeted. Not surprisingly, the sudden lack of demand in residential property, coupled with the public’s unwillingness to build, meant the construction industry suffered. All over the country, builders were forced to walk away from their jobs and find more profitable employment in other industries.

It wasn’t just residential property either. Just as with homes, there was no money to improve infrastructure. All across the United States you’ll see the fossils of the economic downturn in the form of half-finished buildings, broken-down schools, and poorly kept roads.

A New Hope for Construction

According to the United States Census, construction started on homes during the crisis was the lowest it had been since 1959. For example, the number of homes started in 2009, 2010 and 2011 was less than half of what it was in 2007. However, by 2014, numbers started to rise, with steady increases in 2015 and 2016.

*Number of housing units in thousands

Why the increase? Well for starters, the economy is recovering and interest rates are low. With people working and lending more affordable, people are buying homes again.

Furthermore, the new administration is promising greater investments in infrastructure and rural America. This comes at an ideal time. Many nonpartisan civil engineers consider the current state of the U.S. infrastructure to be a national crisis. The Center on Budget and Policy Priorities found that local and state spending on infrastructure is at a 30-year low.

In 2013, the American Society of Civil Engineers found that the U.S. has serious infrastructure needs of more than $3.4 trillion. Specifically, $1.7 trillion for transportation, $736 billion for electricity, $391 billion for schools and $131 billion for waterways and related projects.

Long story short, there’s lots of work, and resources are now available to get it done. That being said, while there may be a construction boom, there’s a shortage of labor to fill the demand. It seems that while the industry itself is making a comeback, workers who left during the crash still haven’t returned in sufficient numbers.

The National Association of Home Builders has reported that "the share of builders reporting either some or a serious shortage has skyrocketed from a low of 21 percent in 2012, to 46 percent in 2014, 52 percent in 2015 and now 56 percent in 2016."

More than half of builders are looking for workers. That’s very promising for those with construction skills.

A Candidate’s Market

A shortage of skilled labor plus the high demand for improvements in both residential property and state infrastructure places a lot of options in front of candidates looking for work.

It’s a candidate’s market, meaning those hiring must work harder to attract and retain top talent. This shifts a lot of power into the hands of construction workers who have plenty of options because those hiring are fighting for their talent.

So if you have any experience in construction, whether as a superintendent, project manager, estimator or worker, take a look at what positions you qualify for so you can get back to doing what you’re best at.