Since the economic downturn in 2008, the housing market has crept to a halt. This contributed to hundreds of thousands of jobs being lost in the construction industry – 425,000 jobs to be exact. This is a whopping 44% downsize from the August 2006 numbers, which showed to employ 966,000 people in construction. In February of this year, records show that hiring in the construction field has increased by 1.1%. For some, that may not seem like much, but it’s definitely better than nothing at all.
According to economic forecasters, the construction industry will never see a comeback to its prior state before the bubble housing malaise. So far, there’s evidence showing a bit of sunshine for the construction industry that has seen too much rain. This is especially so given that there has been an increase of construction jobs being handed out in the Golden State. Yes, it’s being done in moderation and gradually, but the numbers are there in coastal areas.
There’s been a lot of construction developments going on in urban areas of California, along the coastal cities like San Jose, Los Angeles and Orange County. Here is a closer look at the construction job growth in California:
- Orange County – Looking at the year-over-year construction job growth in Orange County shows that numbers were down in February. But between November 2010 and August 2011, there was positive growth occurring here. This is when Irvine County decided to test the housing market, which proved to be successful. Since August 2011, there was a pullback in the amount of construction jobs that were available, likely due to global scares and the John Wayne Airport expansion that totaled around a half billion dollars. There’s expected to be a rise in country in Orange County thanks to the next phase of home and apartment construction at the new village Sendero in South County.
- Los Angeles County – As of February 2012, Los Angeles county has seen a 4.7% overall annual growth in construction jobs. This was led by a growth in residential construction (remodeling and new building for apartments mostly), which was at 12%. It’s expected that there will be more urban home construction going on in the future.
- San Jose – In February 2012, there was a 10.1% increase in constructions jobs (year-over-year basis). This was led by a 12% growth in Specialty Trade Contractors, who were mostly working on residential construction projects.
- Oakland Metro – In the Oakland Metro, which consists of Contra Costa and Alameda County, the construction growth was up by 2.7% annually. This was led by a 4% increase in specialty trades.
To make the future of the construction field even brighter, a Harvard University study came to a conclusion that 2012 will be a year of lots of construction/remodeling work. Maybe this will be a year of “awakening” for the construction field – we’ll see!