The economic picture has steadily improved over the last decade but nowhere has it been more evident than in the construction industry. The latest numbers from the New York Building Congress (NYBC) show that not only has employment grown for the 5th consecutive year, but wages are growing right along with it; suggesting that industry wages are meeting job demand. A healthy 2016 and projected growth in 2017 make this a good time to be a hard hat in this city!
A Great Time to be an NYC Hard Hat
For the first time in the last 4 decades, construction industry employment has surpassed 140,000 jobs! In 2016, New York City added 146,200 construction jobs, a 5% increase from 2015’s 139,200 jobs created. This rate of expansion stands out when you factor in that 30% of the newly created jobs went to hard hats living within the five boroughs.
While the sustained growth in job numbers is not new, the recent jump in the average rate of pay holds some promise for the industry going forward. Since 2012, average annual wages typically grew by about 1.9% while last year’s 5.4% increase suggests that wages are finally catching up with job growth in construction. This growth in wages marks the highest percentage increase since 2007 (6.4%) and the first time it grew by more than 3% since 2008.
Related Course: 10-Hour OSHA Construction Safety & Health
This year promises to continue the positive trend of growth in the construction industry. Based on job data from the first six months of 2017, the NYBC anticipates that construction employment will rise to 147,800 jobs. The current boom in construction jobs has been attributed to many factors including sustained demand for both residential and commercial development throughout the five boroughs. The NYBC’s report echoes what we’ve been covering all summer long: there is a wealth of opportunity in construction. Getting the word out will determine whether the industry can keep the momentum going.