Posted on Wednesday, September 28th, 2016 at 6:45 am
The construction industry contributes to a major portion of the US economy. And the construction staffing agencies are one of the key drivers of growth within the industry. According to an article published in Fortune in 2015, the construction industry in the USA accounts for 20% of the jobs created in the month of April in 2015. The report mentioned that during that particular month, 223,000 new jobs were added. The construction staffing agencies operate within the industry. They have a well-developed network within the industry and have years of expertise in finding the best staffing solution of various organizations within the industry. The Bureau of Labor Statistics (BLS) has projected a very positive job outlook for the construction industry between 2010 and 2020. They have projected that the construction industry is likely to witness job growth at a rate of 21% compared to the overall employment growth rates of 14%.
Here are a few more facts about the construction industry:
1. A report by the Center for Construction Research and Training (CPWR) found that in the year 2010, the construction industry contributed about 3.5% to the total Gross Domestic Product (GDP) of the nation. This was lower than the rates in 2005 (4.9%). Compared to 2006, in 2010, the value of private residential construction dropped by 61%.
2. During the great recession between 2007 and 2009, about 1.1 million long-tenured workers in the construction industry lost employment. However, by 2010, 44% of them were re-employed. Although, 21% of that proportion found jobs in some other sector.
3. According to the Bureau of Labor Statistics (BLS), the unemployment rate in the construction industry has increased to 5.1% (as of August 2016). On an average, the hourly income of a construction worker is $28.22 (as of August 2016).
4. According to a data published by CPWR in 2010, a total number of construction establishments in the USA was about 3.39 million. Out of them, almost 2.66 million construction establishments did not have any payrolls.
5. The report also emphasized that the rate of construction employment has decreased by 2.7 million in 2010. In 2007, the number was 11.8 million while in 2010, it dropped to 9.1 million. During the same period, the number of Hispanic construction workers also diminished by 755,000.
6. Do you know that 12% construction establishments employ day laborers and about 22% of the construction firms do not have full-time employees on their payroll? About 8% of the firms hired temporary employees through staffing agencies.
7. Employment in the construction industry is projected to grow by 2020. It is estimated that it will grow by 1.84 million (about 33%) by 2020. This is more than double of the projected growth rate of the overall economy of the USA.
If you are looking for building construction staffing solutions in Texas, get in touch with us. We are the top construction staffing agency in Texas and can help you gain access to the best talents in the industry. Call us today at 214-935-3626.
Job seekers: Now’s a great time to get into construction