
The U.S. labor market reveals solid domestic economic performance, with available jobs at an all-time high. According to economist Anirban Basu, job growth has been more rapid in the West and South, with the fastest year-over-year job growth (August 2017- August 2018) recorded in Orlando, Florida, at 4.1%. With few signs of a incoming recession, the growing economy places pressure on the cost of deploying human capital. Industries will have to work harder to attract and retain necessary skilled workers.
The ongoing growth in demand for construction workers is rendered apparent in data characterizing industry job openings. According to the Bureau of Labor Statistics, a decade ago, the number of job openings for construction workers was roughly a third of what it is today. With the construction industry unemployment rate standing at just 3.6% (as of October), contractors are scrambling for workers. A year ago, the construction industry unemployment rate was 4.7%. Nine years ago, it stood at 17.1% and then rose to 27.1% by February 2010.
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