The housing market is continuing its trek toward recovery, and as a result, construction is up in the U.S.
According to investing education website Investopedia, six of the top 10 fastest-growing industries across the country are in the home-construction sector—not surprising considering that new-home construction is on the rise.
There was a 30 percent increase in annual profits in September for real estate and broker offices, while residential building construction reported a 5.3 percent increase in starts for privately owned homes between December 2013 and December 2014. Last year, there was an 8.8 percent rise in the number of single-family residential units that began construction, reaching more than 1 million starts.
Wood product manufacturing such as cabinets, doors, decks, stairs, flooring, and banisters is on the rise—increasing annually by $2 per ton since 2012, making it one of the fastest growing industries in the U.S.
Specifically, contractors who work on exteriors, laying foundations, and framing structures are in demand and theirs was the fourth fastest growing industry segment in 2014.
Similarly, two other fast-growing construction industry segments include those of workers who install utility systems—water, communication, sewage, gas, and electricity—and specialty trade contractors, which includes carpenters, brick and stone masons, tile and marble setters, roofers, drywall installers, sheet-metal workers, and ceiling tile installers.
With the recent growth in residential construction, builders and contractors are now finding themselves short of labor. After the housing bubble collapsed in 2008, many construction workers lost their jobs and sought other career paths.
In an NAHB survey completed in 2014, builders reported a serious shortage of framing crews, rough and finish carpenters, and bricklayers/masons. Additionally, builders said that they were experiencing at least some shortages among all construction employees, including rough carpenters, where there was a shortage of 52 percent. PB