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Posted: June 15, 2018 |
Imagine a world where the unemployment rate is the lowest it has been since 2000. The unemployment rate for women is the lowest it’s been since 1953. The rates continue to go down, and jobs, wages, and demand continue to rise. What world is this? Surprisingly it’s our world, and happening right here in the United States. With as much political turmoil and disastrous news we continue to see daily, the economy is booming according to a recent Wall Street Journal Weekend article. Rates are at lows that no one predicted and the job market is the best we have seen in years. Demand for workers is so extreme that companies are turning to hire people with less experienced degrees, which is a godsend for those who are unemployed. Within the rising numbers, the construction industry continues to see some of its best numbers in years, and it only seems to be getting better.
According to the Construction Costs 2018 article in the May-June 2018 issue of Design Cost Data magazine, construction is at a 4-5% increase from last year. The article continues to talk about material costs, which are all up from last year as well because of the demand. The article notes that the only downfall to the construction boom is stalled public works projects, but hopefully that changes with the new administration proposals in infrastructure.
The Wall Street Journal article, “Unemployment Rate Falls to 18-Year Low; Solid Hiring in May” also mentions that because of the demand for construction and workers there is a higher turnover rate for some companies. Workers are moving from company to company trying to find the best pay and position because of the need for labor. One Phoenix heating, ventilation, and air conditioning (HVAC) company is now hiring workers who they previously wouldn’t have hired because of their lower skills sets. Because experienced workers having a higher turnover rate, the company is left to go with less experience and potentially training them in other positions to entice them to stay.
Whether you’re a construction worker with years of experience or just getting into the industry, there is no better time. There are no signs that the numbers will go down, and the economy itself is in a great place for it to continue to prosper. For those in the construction industry, it’s a good day to put on a hard hat.”
Information and statistics taken from The Wall Street Journal Weekend, Saturday/Sunday June 2-3, 2018