U.S. Construction is on the Rebound After Great Recession
After a decade of stalled construction due to the Great Recession, the construction industry is surging in 43 states. It is contributing to more of the economy than it did in 2010.
This surge is contributing to a demand for skilled workers and growth of domestic product. U.S. gross domestic product has grown by 21% since 2011. Construction in 2016 has contributed $650 billion to the U.S. economy.
The only states that have not experienced construction-related growth since 2010 are Alabama, Alaska, Arizona, Maine, Mississippi, New Mexico, and Wyoming. Three of the seven states have seen a slump in their economies due to the slow down in the energy industry. The others are related to slow population growth.
"Population growth accounts for a great deal of construction work," said Alex Carrick, economist for ConstructConnect.
Last month, 6.7 million people were employed in the construction industry. In January 2011, the low of the construction slump, only 5.4 million people were in the industry. At the construction peak, 7.7 million people were employed in the construction industry.
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