Once an industry rocked by the financial crisis in 2008, the construction field has more or less recovered. 2018 was a strong year, but does that mean 2019 will have the same prospects? Here’s what you need to know.
What Can Job Seekers Expect from the Construction Industry in 2019?
Overall, the construction industry is expected to be predominately stable. While this does not sound like exciting news on the surface, it is actually good to hear. The sector, by and large, should keep progressing as it did through 2018, and that was not a bad year.
In fact, 2018 was the strongest year as far as employment numbers since before the financial crash hammered the market in 2008 (Source: Bureau of Labor Statistics). Even incredibly modest growth, which is what many analysts anticipate, could allow the pre-crash numbers from early 2008 to be exceeded. This means that the industry will be at its strongest point in just over a decade, so do not assume that lower growth numbers are a sign of trouble.
Since growth is mainly being classified as stable, hiring likely will be as well. However, since the construction sector has low unemployment (sitting at 3.9 percent at the end of November, the most recent data available) and the labor pool will keep shrinking, opportunities remain plentiful. Additionally, the Bureau of Labor and Statistics anticipate a positive job outlook, with 11 percent growth (when it comes to the number of employment opportunities in the field) between 2016 and 2026. (Source: Bureau of Labor Statistics)
While salaries can vary dramatically depending on your level of experience and specialty, compensation is generally rising for all construction professionals. The average rate across the construction sector, according to the Bureau of Labor Statistics, was over $30.00 an hour in late 2018. That’s nearly a full $1.00 higher than the same period in 2017.
Hot Markets that Plan on Hiring in 2019
While positions may be available in nearly any area in the country, certain cities are seeing growth above the average. Downtown Los Angeles is in a period of revitalization, especially since they secured the 2028 Olympics. Dramatic business and population growth in Texas (especially Austin, Houston, and Dallas) has made numerous cities hotbeds of development as well. (Source: New Home Guide)
However, nearly any major city has potential. Consider looking to Miami, Phoenix, Atlanta, and Memphis for opportunities. Chicago and Washington D.C. are also experiencing growth and an influx of real estate investors. Seattle has been expanding for several years, making it an excellent place to explore as well. (Source: New Home Guide)
Are You Searching for a New Construction Opportunity in 2019?
If you are looking for a new position in the construction field, the experienced professionals at RealStreet can connect you with leading construction employers throughout the area. Contact us to discuss your career goals with one of our recruiters today and see how our complete recruitment and hiring services can streamline your search.