There are excellent job opportunities present in the construction industry for workers who are very skilled. This is the result of the large number of retirement of such workers that has been anticipated over the next decade. The growth of the salaries in this sector is expected to rise to more than 10 percent by the year 2014. This rate of growth can be compared to the 14 percent that has been projected for all the other industries combined. The remodeling activity and quality of construction that are expected to grow in the coming years are being considered as the basis of employment in this sector.
The demand for residential construction will rise due to the increase in the areas that are growing very fast in the south and west. The demand for rental apartments and homes will increase all the more due to the rising numbers of immigrants, apart from the children of baby boomers. Additionally, a demand for large houses filled with more amenities will fuel the desire for move-up houses and indulgence in the expansion and remodeling of old houses. Condominiums and townhouses that are located conveniently in the urban and suburban settings will also become desired properties in the coming years.
Over the decade there will be a rise in employment in the non-residential construction sector. There has been a delay as far as the replacement of various industrial plants is concerned and there are a number of structures that need to be remodeled or replaced. There will be an increase in the need of nursing home construction as well as residential homes for the elders. Various health care facilities will also be needed and schools will have to be built in the West and South because the growth in population in these areas is ever increasing. However, more jobs will be created in the construction industry because of the need to remodel or renovate old schools in certain areas.
There is a projected growth in the civil and heavy engineering construction sector because of the increase in additional highways, street construction, bridges and the repairs and maintenance for preventing any further deterioration to the existing bridges and highways. Most of the voters and legislators in various states are approving the expenditure on construction of roads, which will result in more jobs in the next decade.
The largest segment within the construction industry is the specialty trade contracting and employment in this sector. These are expected to grow according to the growth in demand for subcontractors. Repair construction and improvement of houses will be taken on more than the building of new houses. As far as housing construction is concerned, remodeling will the fastest growing sector. Remodeling as compared to new construction is more labor intensive.
There might be a lot of fluctuations on an annual basis as far as job openings in construction industry are concerned. When the economy does not expand and when interest rates are high, new constructions cut back. With the growth of self-employment in this sector many managers are coming up with their own construction business on a small level.
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