The construction industry has experienced a period of heightened activity over the past several years, driven by significant growth in private residential construction and record increases in public funding for infrastructure projects. With the enactment of key legislations such as the Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act, the federal government has committed to investing over $2 trillion in areas including transportation, energy, manufacturing, broadband, and more over the next decade.
These factors are poised to sustain growth in the industry. Despite already being one of the fastest-growing sectors since the pandemic declaration, the U.S. Bureau of Labor Statistics foresees construction employment continuing to grow at a rate in line with the national average over the next decade. Occupations projected to be particularly sought-after include solar photovoltaic installers (with a projected increase of 22.3%) and highway maintenance workers (anticipated to rise by 7.9%). This high demand for construction workers translates to competitive wages.
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