Construction Unemployment Down in All 50 States
The not seasonally adjusted (NSA) national construction unemployment rate plunged 4.6% in December 2021 from a year ago, from 9.6% to 5%, while all 50 states had lower unemployment rates over the same period, according to the U.S. Bureau of Labor Statistics. This substantial improvement occurred even as the omicron variant was sweeping the nation.
While not fully recovered to its pre-pandemic level, national NSA construction employment was 163,000 higher than in December 2020. Seasonally adjusted construction employment was only 96,000, or 1.3%, below its February 2020 peak, before the impact of the pandemic began to affect the employment numbers. This beat national seasonally adjusted nonfarm payroll employment, which, though improving, was still 2.2% below its February 2020 peak as of December 2021.
The national NSA construction unemployment rate of 5% was unchanged in December 2021 from its December 2019 reading. Over that same period, 34 states had lower construction unemployment rates and 16 states had higher rates.
The five states with the lowest December 2021 estimated NSA construction unemployment rates were:
1. Nebraska: 1.3%
2. Indiana and Utah (tie): 1.5%
4. Georgia: 1.6%
5. Oklahoma: 2%
The states with the highest December 2021 estimated NSA construction unemployment rates were:
46. New Jersey: 8.3%
47. Michigan: 8.6%
48. North Dakota: 9%
49. New York: 9.5%
50. Alaska: 10%
It’s a Material World
“Seizing the Opportunities Ahead: The 2022 Construction Materials Outlook” has been newly released by FMI Advisors. The report includes projections for 2022, including which materials might see growth, such as gravel and concrete—in fact, federal funding for highways and streets is projected to increase by up to 55%.
Positive predictions include a significant increase in baseline road funding, a continued boost in the housing market, incentivized sustainable construction and a tightened labor market as spending expands.
Inflation, pandemic inefficiencies and the mergers and acquisitions landscape are all potential concerns for the year.
Mainly, due to a large influx of funding, FMI believes 2022 will see “strong, sustained demand for construction materials as projects to repair, maintain and modernize infrastructure kick off in 2022 and continue beyond 2026, addressing a massive backlog of repair needs.”
Read the full report at fmicorp.com.
How Lucrative Are the Skilled Trades, Really?
As the skilled worker shortage continues to grip the United States (68% of contractors have struggled to hire new workers), Porch Research has made a study of which contracting jobs make the best careers.
Some key findings include:
- Based on pay, job growth and ease of entering the occupation, electricians are the best contractor job of 2022.
- Solar photovoltaic installers are poised to see 52% job growth in the next 10 years.
- Landscape architects are, on average, the best-paid contractors ($70,630 per annum).
- Carpenters are the largest and most-established segment among contractors, with nearly 700,000 employed in the occupation.
Contractors Should Integrate Balance, Technology
Workers value work/life balance, reveals research conducted by TRUCE Software. In TRUCE’s second annual workforce survey, 31% of respondents said enforcing work/life boundaries is the best way to attract, retain and empower employees. Forty-three percent of respondents believe they are solely responsible for managing the blurred lines between work and personal life, although the majority of these are people over the age of 45.
Offering the latest technology is another way to do so. Fifty percent of those surveyed said that work-related technology would increase productivity (a reduction of 10% from last year) and 21% believe technology will attract and retain employees.
For the full report, visit trucesoftware.com.
Contractors Prefer In-Store Purchases and Reward Programs
Forty percent of contractor purchases are made online and 60% are made in-store or via distributors, according to a survey of 250 contractors (sponsored by B2B Loyalty Specialist Reward Paths and undertaken by The Wise Marketer). Nearly 90% of those surveyed prefer to be rewarded for all purchases.
Titled “Drilling Down: 2022 Contractor’s Loyalty Report,” these are other key findings:
- 72% of contractors currently participate in loyalty marketing programs.
- 78% of participants prefer discounts made on purchases and billing credits versus 18% who would rather accrue points or miles for future redemption.
- For programs that offer merchandise rewards, the top-rated categories are tools (60%), electronics/computers (52%), home appliances (30%) and mobile phones (26%).
- Half (50%) of respondents said they would share earned rewards with their employees.
On the Job: Survey of National Postings
Which industries have the most job openings, overall? This was the questions Grand Canyon University sought to answer in its analysis of 2021 LinkedIn data.
The survey concluded:
- Hospital and healthcare is hiring more than any other industry (1.8 million postings).
- Financial services is the industry with the second-highest number of postings (1.1 million postings).
- All states except Alabama, D.C., Virginia and Wyoming had healthcare as the top hiring industry. These outliers had top industries of retail, information and technology services and construction.
Access the full report at gcu.edu.
