Forecast: Construction Employment to Improve in 2013

Construction employment in 20132012 was dismal at best for adding new construction jobs.  Fortunately, one forecast is predicting a decided uptick in construction hiring this year.

In a recent article in the Washington Post, Patrick Newport, an economist at international research firm IHS Global Insight said, “Construction companies will add 140,000 jobs this year, up from a meager 18,000 in 2012.” If correct, 2013 construction job growth would mark a 678 percent increase in hiring over last year, a number I think we can all live with.

A report from the Bureau of Labor Statics would seem to suggest that job growth has already started with a surge of 30,000 new construction jobs in December. Though this number is significant, construction unemployment still rose in December by 1.3 percent over the previous month to 13.5 percent. Year over year however, construction unemployment fell by 2.5 percent; a trend we hope continues moving forward.

“Resurgent demand for new housing construction and modest growth in private commercial construction are helping create some new construction jobs,” said Associated General Contractors of America Chief Economist Ken Simonson. “Now that the threat of the fiscal cliff has been—temporarily—relieved, construction unemployment should continue to slowly rise in 2013.”

Again, we remain hopeful for a brighter future.

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