A CLOSER LOOK AT OUR INDUSTRY
Many of us get up in the mornings, go do our jobs as best we can, and come back home without ever really taking a closer look at how we influence the industry we live off of. While doing some research I came across some really interesting information that might help give you a great idea of where we stand in the construction business.
Generally speaking, the construction industry can be divided into three segments. The heavy and civil engineering contractors who build highways, bridges, roads, tunnels and other projects linked to a city’s infrastructure; The construction of buildings segment, which include General Contractors who build residential, commercial and industrial buildings; and the biggest segment of all, us! Specialty trade contractors such as painters, plumbers and electricians make up 64% of the jobs in the construction industry.
Few industries offer the opportunity to own and operate your own business the way the construction sector does. That is why it comes as no surprise that last year about 1.8 million specialty trade workers were self-employed. The ratio of course varies depending on the trade specialty, as certain occupations require more expensive equipment than others. Take a look at the chart below to see the distribution range between trades:
***Statistics and graph courtesy of the Bureau of Labor Statistics
Population growth, deteriorating infrastructure, and aging buildings will generate employment growth in the construction industry. The number of wage and salary jobs in the construction industry is expected to grow 19% through 2018, compared with the 11% that is projected for all other industries combined. The largest number of new jobs, of course, is expected to be in specialty trades area. Check out the table below for current percentages of jobs in specified trades:
***Statistics and table courtesy of the Bureau of Labor Statistics