Based on employment data analysis, a new report forecasts new construction activity in the U.S. for 2019 through 2028. In March, construction jobs were the fourth biggest source of employment growth in the nation.
Scholastica (Gay) Cororaton, research economist for the National Association of Realtors, finds that jobs in building construction and specialty trade grew an average five percent from 2016 to 2018, and that there was one housing start per five jobs created. Using this data to predict future activity, Cororaton projects that 2019 will have 56,000 additional housing starts, and there will be 57,000 more in 2020, running at a deficit based on houshold formation and replacement of demolished or outmoded homes.
Job growth continues to increase strongly, with the economy generating 2.5 million jobs in March 2019 from one year ago. Payroll employment rose in March 2019 from one year ago in all industries except for information services, utilities, and retail trade. With the economic recovery now on its 10th year of expansion, payroll employment has increased by 2.3 million annually since September 2010. With the unemployment rate at a low level of 3.9 percent, wages have also been rising faster than inflation in all major industry groups except transportation and warehousing and manufacturing.
