A competitive market is a profitable one, so it has to be great for building owners and managers to see a recent construction report from the Bureau of Labor Statistics. In the most recent report, it was found that the U.S. construction industry added 39,000 new jobs in January, including 12,700 new nonresidential jobs.
On Contractor magazine, one of our sister sites, Associated Builders and Contractors Chief Economist Anirban Basu said this report is evidence that economic momentum will continue through 2015.
“While the U.S. dollar—which spiked in response to this jobs report—will slow export growth and federal spending dynamics will remain a brake on momentum, consumer spending will remain a powerful, forward-moving force,” Basu said. “Capital spending should accelerate in most economic segments, though the oil sector will be among the noteworthy exceptions. Interest rates remain incredibly low, which serves as another important tailwind for nonresidential construction this year.
"A continuation of strong job creation, significant wage growth, and a post-recession high in labor force growth all make today's jobs report one that economists didn't dare to dream about," said Basu. "Consider that the national economy has added over 200,000 jobs for 11 consecutive months, and job creation over the past calendar year is as fast as it has been since the middle of 1999."
How do you think the construction and building economy will look this year? Are you optimistic? Visit the HPAC Engineering Facebook page and let us know!