Last year marked a milestone for the country’s youngest generation of workers, commonly known as millennials: They overtook baby boomers as the largest workforce segment in America. Employers should be ecstatic that elevated rates of retirement are positioned to be offset by an influx of younger, energetic, tech-savvy workers ready to stimulate productivity.
But in the construction industry, firms continue to wrestle with skills shortages as older workers in occupational categories such as welding and carpentry retire in large numbers with their potential successors disproportionately pursuing jobs in industries such as finance, professional services and health care. In 2002, 11 percent of construction workers were aged 55 or older, according to data from the Bureau of Labor Statistics. By 2015, this share exceeded 20 percent, per the Current Population Survey.
What’s more, despite massive growth in the population of twenty-somethings in recent years, by 2015 the fraction of construction workers between the ages of 20 and 24 was around 7 percent—down from 11 percent a decade ago.
This is hardly where millennials’ impact on construction ends. Continue reading “How Millennials Have Shaped the Construction Industry”
Construction Unemployment Rates Improve in 24 States
WASHINGTON, June 28 – In May, not seasonally adjusted (NSA) construction unemployment rates were down in 24 states on a year-over-year basis, according to analysis released today by Associated Builders and Contractors (ABC). At the same time, the construction industry employed 192,000 more workers than in May 2016, according to data from the U.S. Bureau of Labor Statistics (BLS), and the national NSA construction unemployment rate was 5.3 percent, up 0.1 percent from a year ago.
Continue reading “Nearly 200,000 Construction Jobs Added Since May 2016, ABC Says”
THE ASSOCIATED PRESS – President Donald Trump is ordering more money and a bigger role for private companies in designing apprenticeship programs meant to fill some of the 6 million open jobs in the U.S.
Continue reading “President Trump Signs Executive Order to Double Funds for Apprenticeships”
WASHINGTON, D.C., May 5—National construction employment remained largely unchanged for the second consecutive month, adding 5,000 net new jobs on a seasonally adjusted basis in April, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors (ABC).
The nonresidential construction sector added 3,200 net new jobs in April after adding 8,500 net jobs in March (revised down from 13,300), while the residential sector added just 900 net jobs for the month. Construction employment expanded 2.6 percent on yearly basis, well above the year-over-year growth rate for all nonfarm industries (+1.6 percent).
“Today’s employment report confirms that the U.S. economic expansion remains firmly in place,” said ABC Chief Economist Anirban Basu. “That said, Continue reading “Economic Update: US Construction Employment Remains Steady”