U.S. Construction Industry Experiences Biggest Boom Since Recession Amid Increased Job Growth
|Business is booming in the U.S. construction industry, as spending rolls towards a staggering $1 trillion volume in 2015. This will mark the best year for construction volume since 2007, prior to the beginning of the Great Recession.
Last year at this time, the construction spending was less than impressive, rising by a mere 0.1% during the month of May. According to data released by the U.S. Commerce Department last year, construction spending fell in May after a 0.8% increase in April.
This year, construction volume in April, the latest month for which data has been made available, has already risen by 9.7% over March and totaled an impressive $81 billion. The data from the U.S. Census Bureau compiles monthly data trends and uses them to predict volume for the year.
In the event the $1 trillion threshold is reached, 2015 will be the best year for the construction volume since the Recession began nearly seven years ago.
An upswing in construction volume is also reflective of last month’s solid job growth, which revealed the economy is slowly gaining momentum after a sluggish start in 2015. According to an article published June 5 by Fox News Latino, U.S. employers added a solid 280,000 jobs in May, many of which were in industries vital to the Latino community such as construction, healthcare, and hospitality.
Unfortunately, there’s a catch. While an increase in construction spending and steady job growth are positives for the Latino community, a report released last month revealed startling statistics regarding young Latino construction workers.
According to the joint report conducted by the American Society of Safety Engineers (ASSE) and the National Institute for Occupational Safety and Health (NIOSH) young Hispanic and Latino construction workers face a greater risk of injury or death on the job than any other racial or ethnic group in the U.S.
Only 25% of employees in the U.S. feel their workplace is clean enough, a fact which can be tied to the construction and post construction cleaning industries. While construction workers face several occupational hazards on the job, construction debris may contribute to the injuries and death disproportionately experienced by so many young Latino construction workers.